The global vegan yogurt market is expected to reach USD 2.53 billion by 2025. Shifting preferences towards plant-based protein products as a result of rising concerns over glutamic disorders in developed markets including the U.S., UK, France, and Germany is projected to increase the demand for vegan yogurt over the coming years.
Moreover, rising consumer awareness about the harmful effects of artificial additives and preservatives has spurred the food & beverage manufacturers to reduce the sugar content in food products. To this end, manufacturers in the U.K plan to cut down the sugar content by 20.0% in the yogurt category by 2020. Vegan yogurt is expected to remain one of the favorable choices among food and nutrition companies on account of the absence of synthetic chemical content.
The demand for vegan yogurt in the Asia Pacific is expected to exceed USD 900 million by the end of 2025. The number of lactose intolerant people have been increasing in the countries of the Asia Pacific region. This population segment is driving the market for alternative dairy products including vegan yogurts.
India and China are projected to remain one of the key demand centers owing to the booming population and the rising awareness about the health benefits of vegan food. Also, the changing food habits among working-class professionals as a result of increased awareness towards protein enriched food products is expected to add to the growth of vegan yogurt in the near future.
Conventional stores are expected to foresee revenue growth at a CAGR of more than 15.0% from 2017 to 2025. In January 2019, Chobani announced plans to launch a new vegan yogurt product across grocery stores located in the U.S. The product is claimed to be gluten-free, which is derived from natural and non-GMO ingredients and have 25.0% less sugar content as compared to its dairy counterparts. The company will launch this product in the variants of strawberry, blueberry, mango, vanilla, peach, and vanilla chai flavors.
Europe is expected to witness revenue growth, growing at a CAGR of 17.4% from 2017 to 2025. This growth is attributed to the increasing demand for dairy alternatives in countries such as Germany, the UK, Spain, and France. Furthermore, the favorable policies by European Commission on promoting the consumption and production of organic label products is expected to promote the scope of vegan yogurt product forms over the next eight years.
Health and wellness trend is fast catching up in the Asia Pacific region also. Availability in a variety of flavors and compact packaging which allows for on-the-go consumption has established it as an attractive snacking option for time-pressed working professionals in the Asia Pacific region. Usage of vegan product including yogurt in food chains and restaurants has also added to the demand in the market.
In the past few years, competition in the vegan yogurt market has increased considerably. Companies are innovating products, expanding their product portfolio, and launching new flavors to strengthen their market presence. For instance, Danone sells yogurts in strawberry, vanilla, chocolate, lemon and meringue flavors. Some of the key companies in the market include Danone, Hain Celestial, Stonyfield Farm, Inc., Daiya Foods Inc, General Mills Inc., Hudson River Foods, Inc., GOOD KARMA FOODS, INC., NANCY'S., COYO Pty Ltd., Kite Hill, and Chobani, LLC.
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Hexa Research has segmented the global vegan yogurt market report based on product, distribution channel, and region:-
Segmentation by product
• Almond
• Soy
• Rice
• Others
Segmentation by distribution channel
• Convenience store
• Specialty store
• E-retailer
• Hypermarket/Supermarket
Segmentation by region
• North America
• U.S.
• Europe
• Germany
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Middle East & Africa
Key players analyzed:
• Hain Celestial
• Danone
• General Mills Inc
• Stonyfield Farm Inc.
• Daiya Foods Inc
• GOOD KARMA FOODS, INC.
• Hudson River Foods, Inc.
• NANCY'S
• Kite Hill
• COYO Pty Ltd.
• Chobani, LLC