As per the latest report by IMARC Group, titled "Vegan Yogurt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global vegan yogurt market size reached US$ 2.5 Billion in 2022. Vegan yogurt is a nutritious alternative to traditional dairy yogurt that caters to the needs of the vegan population. Unlike dairy yogurt, it is made from plant-based sources, such as almonds, soy, coconuts, flax, hemp, oats, peas, and cashews, making it an excellent option for people with lactose intolerance. One of the key benefits of vegan yogurt is its nutrient profile. It is a rich source of essential vitamins, minerals, amino acids, and healthy fats vital for maintaining a healthy body. Additionally, it helps minimize inflammation and boost metabolism. Currently, it is available in a wide variety of flavors, including vanilla, strawberry, raspberry, and mixed berry.
Global Vegan Yogurt Market Trends:
The primary factor boosting the global vegan yogurt market is the growing health and wellness consciousness among consumers. This is further supported by the increasing prevalence of lactose intolerance and milk allergies among people. Moreover, the rising demand for plant-based products due to environmental concerns and the expansion of veganism and vegetarianism as lifestyle choices are providing a significant boost to the market growth. Furthermore, the easy availability of a wide range of flavors and varieties of vegan yogurt and the escalating demand for dairy-free alternatives are fueling the market growth. In line with this, key market manufacturers are developing novel vegan yogurt formulations to cater to diverse dietary needs. They are also using aggressive marketing techniques and promotional campaigns to increase brand awareness and consumer loyalty, which, in turn, is accelerating market growth. Apart from this, the expansion of distribution networks and the inflating consumer per capita income are propelling the market growth. Looking forward, the market value is projected to reach US$ 6.6 Billion by 2028, expanding at a CAGR of 18% during 2023-2028.
- By the source, the market is divided into almond, soy, coconut, and others.
- Based on the flavor, the market is segregated into vanilla, strawberry, mixed berry, raspberry, peach, and others.
- On the basis of the application, the market has been classified into frozen dessert, food, beverages, and others.
- By the distribution channel, the market is categorized into hypermarkets and supermarkets, convenience stores, online stores, and other.
- Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined with some of the key players being Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.p.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone).
|Base Year of the Analysis
||Source, Flavor, Application, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.p.A., The Hain Celestial Group Inc., Vitasoy and White Wave Foods (Danone)
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