Vegan Yoghurt Market Share Surges Amidst Health and Sustainability Trends 2030
The worldwide demand for gluten-free, organic, natural, and plant-based or vegan food products has ignited a monumental shift in the food industry, particularly impacting the meat and dairy sectors. This transformation has been further propelled by a growing conversation around sustainability and plant-based alternatives that prioritize both the environment and human health in the long run.
Plant-based food products, once associated with elite spending patterns, have diversified their offerings, making them more accessible to a broader consumer base. Vegan yoghurt, a nascent but rapidly expanding segment, has notably outperformed the broader vegan food industry over the past five years, amassing a market worth exceeding US$ 600 million.
Vegan yoghurts, derived from ingredients such as almond, cashew, coconut, flaxseed oats, and sometimes peas, are renowned for their gut-boosting and live probiotic cultures. As the number of health-conscious consumers continues to rise, companies are making substantial investments in product innovation to cater to this demand.
According to the Plant Based Foods Association, the United States alone has witnessed a remarkable 39% surge in the consumption of plant-based yoghurt, projected to reach a market value of US$230 million by the end of 2025. This surge has been driven, in part, by a 3% decline in the consumption of conventional yoghurt in 2019. Additionally, the increasing prevalence of lactose intolerance, affecting approximately 30 million to 50 million Americans, has further bolstered the demand for vegan yoghurt.
Almond Milk Derived Yoghurt: A Popular Choice
Vegan yoghurt sourced from almond milk is poised to hold a substantial share of the market during the forecast period. The low cholesterol levels and unsaturated fat content of almond milk offer digestive and immunity benefits, driving the segment’s growth.
Fruit-Flavored Vegan Yoghurt: A Rising Star
The fruit-flavored vegan yoghurt segment is expected to witness the fastest growth during the forecast period. Millennials and children’s preferences for this product, along with a wide array of offerings from manufacturers, are anticipated to leave consumers spoiled for choice.
E-retail Reshaping Sales Amidst COVID-19
Vegan yoghurt producers are strategically targeting convenience stores and e-retailers to market their products. With the ongoing COVID-19 pandemic affecting physical shopping habits, e-retail is projected to maintain its lead with the highest compound annual growth rate (CAGR) during the forecast period, offering a secure and convenient purchasing option for consumers.
Europe Sets the Standard for Plant-Based Consumption
Europe is estimated to claim the largest share of the market, closely followed by North America. European countries, especially the UK, are at the forefront of driving demand for plant-based products, representing a significant portion of the European meat substitutes market at around 40%.
A Growing Market with Vast Potential
The market’s growth is expected to skyrocket as it remains in the early stages of its life cycle. Developing nations, in particular, are poised to experience favorable growth as the market continues to expand.
Innovation and Expansion Remain Key to Success
Major players in the industry, including Green Valley Organics, YOSO, The Oatly AB, Granarolo Group, INC., Vitasoy, Amande Cultured Almond Milk, Daiya Foods Inc., Yoplait USA GOOD KARMA FOODS, INC., Barambah Organics Pty Ltd., WhiteWave Services, Inc., among others, are continuously introducing new products to stay relevant in the ever-evolving market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/vegan-yoghurt-market
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