Vegan Yogurt Market To Reach $5.1 Billion, Globally, By 2032 At 8.9% CAGR: FMI

Global vegan yogurt market are slated to increase at a robust 8.9% CAGR, reaching a market valuation of US$ 5.1 Bn in 2032.

Increasing incidence of lactose intolerance among consumers is resulting in lesser consumption of milk-based products. As a result, plant-based diet has grown in popularity among the consumers, with many people trying to replace dairy products with plant-based alternatives, including yogurt.

This has led to high demand for vegan yogurts which contain live probiotics and cultures and provide the same digestive advantages as dairy-based yogurts.

Hemp milk yogurt and flax yogurt, for example, are high in fatty acids, natural omega-3, and fiber. Many other vegan yogurt variants are enriched with minerals and vitamins to improve their nutrient level. These products are as rich, creamy, and smooth as regular yoghurt, and they don’t require any flavor or texture adaptation.

Vegan yogurt manufacturers have been experimenting and developing different bases and distinctive flavors to promote these yogurts as mainstream products. Furthermore, milk obtained from grains, seeds, and nuts such as coconut, hazelnuts, macadamia, almond, pistachios, pili, and cashew are used to make vegan yoghurt. Flax, soy, and hemp seeds, as well as cereals like oats, are also used to make vegan yoghurt.

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“Wide availability of vegan yogurt at online channels, along with growing popularity of veganism in emerging economies will continue driving the vegan yogurt market over the forecast period,” says the FMI analyst.

Key Takeaways:

• By flavor, demand in the chocolate segment is expected to remain high over the forecast period.
• Based on the product type, sales in the almond mil vegan yogurt segment are forecast to gain traction over the assessment period.
• In terms of sales channel, the offline segment is expected to account for a dominant share of the market through 2032.
• The North America vegan yogurt market is expected to grow at a 8.5% CAGR through 2032.
• East Asia vegan yogurt market is expected to emerge as a lucrative pocket with sales growing at a high rate.

Competitive Landscape

Leading players operating in the global vegan yogurt market are aiming to expand their presence in developing countries to gain a competitive edge. They are also investing in research and development to improve their product portfolios by adding innovative flavors. For instance:

• Danone, a leading French yogurt company, acquired WhiteWave Foods, a Colorado-based company for its range of plant-based food and beverages manufacturing brands such as Alpro®, So Delicious®, Silk®, and Vega™.

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Vegan Yogurt Market by Category

By Product Type:

• Soy Milk Yogurt
• Coconut Milk Yogurt
• Almond Milk Yogurt
• Rice Milk Yogurt

By Flavour:

• Chocolate
• Strawberry
• Banana
• Pineapple
• Mango
• Lemonade
• Peach

By Sales Channel:

• Offline Sales Channel
  • Supermarkets/Hypermarkets
  • Departmental Stores
  • Convenience Store
  • Other Sales Channel
• Online Sales Channel
  • Company Website
  • E-commerce Platform

By Region:

• North America
• Latin America
• Europe
• Middle east and Africa
• East Asia
• South Asia
• Oceania

Explore More Valuable Insights

Future Market Insights, in its new report, offers an impartial analysis of the global vegan yogurt market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

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The study offers compelling insights based on product type (soy milk yogurt, coconut milk yogurt, almond milk yogurt, and rice milk yogurt), flavor (chocolate, strawberry, banana, pineapple, mango, lemonade, and peach), sales channel (offline sales channel (supermarkets/hypermarkets, departmental stores, convenience store) and online sales channel (company website and e-commerce platform)), across seven major regions.

Explore wide-ranging Coverage of FMI’s Food and Beverage Market Insights Landscape

Spirits Market – The global spirits market is estimated at US$ 56 Bn in 2022 and is projected to reach US$ 92.9 Bn by 2032, at a CAGR of 5.2% from 2022 to 2032.

Champagne Market – The global champagne market is expected to reach a market valuation of US$ 7.0Bn by the year 2022, accelerating at a CAGR of 5.08% by 2022-2032, to reach a value of US$ 11.5Bn by 2032.

Vegan Flour Market – The global vegan flour market is expected to reach a valuation of US$ 1.1 Bn in 2022, with sales growing at a CAGR of 6.5% over the forecast period. Against this backdrop, the market valuation is set to top US$ 2.08 Bn by 2032.

Whiskey Market – Whiskey sales are likely to account for ~14.9% of the demand in the global alcohol beverages market, valued at US$ 542.6 Bn in 2021.

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