Meticulous Research®, a leading global market research firm,
recently published a report titled Vegan Yogurt Market—Global Opportunity
Analysis and Industry Forecast (2024-2031). The report projects that the
vegan yogurt market will reach $8.85 billion by 2031, growing at a compound
annual growth rate (CAGR) of 16.5% from 2024 to 2031.
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The market's growth is driven by several key factors,
including the rising vegan population, increasing awareness of health and
wellness, a high prevalence of lactose intolerance, and continuous product
innovations from manufacturers. However, challenges such as higher product
prices and strong consumer loyalty to animal-based dairy products may slow
growth.
Additionally, growing investments in plant-based industries,
along with government support in emerging markets in the Asia-Pacific and Latin
American regions, present significant growth opportunities for market players.
The industry also faces challenges like fluctuating raw material prices. A key
trend in the market is the rising demand for clean-label products, as consumers
seek transparency and simplicity in ingredients.
Key Market Players:
The vegan yogurt market is characterized by a moderately
competitive scenario due to the presence of many large- and small-sized global,
regional, and local players. The key players operating in vegan yogurt market
are Danone S.A. (France), Daiya Foods Inc. (Canada), General Mills Inc. (U.S.),
Nancy's Probiotic Foods (U.S.), COYO Pty Ltd. (Australia), Chobani, LLC (U.S.),
Kite Hill (U.S), The Hain Celestial Group Inc. (U.S.), Stonyfield Farm, Inc.
(U.S.), Forager Project LLC (U.S.), KaTech Ingredient Solutions GmbH (Germany),
Epigamia (India), and Oatly A.B. (Sweden), among others. The market is
segmented by product type, flavor, and distribution channel, with regional and
country-level analysis of competitors.
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Market Segmentation:
- By
Product Type: The almond milk segment is expected to hold the largest
share of the market in 2024. Almond milk’s popularity stems from growing
consumer demand for nut-based, lactose-free products, as well as its
nutritional profile, which includes more fiber and less sugar and salt
compared to dairy yogurt. Its lower saturated fat content further enhances
its appeal.
- By
Flavor: Chocolate-flavored vegan yogurt is anticipated to capture the
largest share in 2024. This is largely due to shifting consumer
preferences, especially among younger demographics like children and young
adults, who prefer indulgent yet healthier options like chocolate-flavored
yogurt.
- By
Distribution Channel: Supermarkets and hypermarkets are expected to
dominate the vegan yogurt market in 2024, driven by their convenience,
wide product range, and dedicated shelf space for vegan products. Consumer
interest in checking product ingredients also supports this trend.
Regional Insights:
The report also covers a comprehensive analysis of major
geographic regions, including North America (U.S., Canada), Europe (Germany,
U.K., Spain, Italy, France, Netherlands, and others), Asia-Pacific (China,
India, Japan, Australia, South Korea, Indonesia, and others), Latin America
(Brazil, Mexico, Argentina, and others), and the Middle East & Africa
(Saudi Arabia, UAE, and others).
Asia-Pacific is expected to lead the global vegan yogurt
market in 2024, driven by a large vegetarian population, growing interest in
plant-based diets, increased health awareness, and rising investment in the
vegan food sector. North America, Europe, Latin America, and the Middle East
& Africa will follow in market share, with each region exhibiting unique
drivers of growth.
This report offers valuable insights for industry players
and stakeholders looking to capitalize on the expanding vegan yogurt market.
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