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Plant-Based Yogurt Market to Reach $12,200.4 Million, Globally, by 2032 at 9.2% CAGR: Allied Market Research
The plant-based yogurt industry is one of the fastest-growing segments in the dairy alternative market. It is made from plant-based ingredients like soy, almond, or coconut milk and it is a great alternative to traditional dairy yogurt as it provides protein, calcium, and potassium when compared to dairy yogurts.
The global plant-based yogurt market growth is attributed to the rise in the vegan and lactose-intolerant population, the increase in investment and innovation by food companies, and the growth in concern related to environmental sustainability. On the other hand, the less affordability due to high price, and inconsistency of taste and texture restricts market growth. Moreover, the technological advancements in the food processing industry to create prolific opportunities in the upcoming years.
Based on raw material, the coconut segment held the highest market share in 2022, accounting for more than two-fifth of the global plant-based yogurt market revenue, and is estimated to maintain its leadership status throughout the forecast period. The demand for coconut-based yogurt substitutes has increased because of the rise in health-conscious customers who choose dairy-free diets since it offers a dairy-free and allergen-friendly option that matches with consumer dietary preferences. Furthermore, medium-chain triglycerides, which are recognized for their potential health benefits, are an ingredient in coconut yogurt, which has increased its appeal. On the other hand, the soy segment would display the fastest CAGR of 11.2% during the forecast period.
Based on flavor, the original/plain segment held the major market share in 2022, contributing to more than one-third of the global plant-based yogurt market revenue, and is projected to maintain its lead position throughout the forecast period. Owing to growing public interest in plant-based diets and goods and increased customer concern for their health and the environment, original/plain flavor plant-based yogurt is a well-liked substitute for dairy products. Additionally, the popularity of vegan and dairy-free lifestyles has increased the market's consumer base. By providing plant-based yogurt in its original/plain flavor, manufacturers can accommodate a wide range of palate preferences while introducing a variety of commodities. However, the strawberry segment would showcase the fastest CAGR of 10.6% from 2023 to 2032.
Based on distribution channel, the supermarket/ hypermarket segment held the highest market share in 2022, accounting for more than one-third of the global plant-based yogurt market revenue and is projected to rule the roost by 2032. The majority of vegan and dairy-free goods are bought in large retail spaces like supermarkets. Owing to its extensive assortment of plant-based goods, supermarkets are the primary retail locations for plant-based yogurt. The goods being sold have a variety of flavors and come from different companies. Plant-based yogurt is available in stores in a variety of tastes, including vanilla, strawberry, and blueberry. The availability of many brands of plant-based yogurt products in various packaging is a major driver of the segment's growth. Along with baking and cooking, the health and dietary part also includes plant-based yogurt. Furthermore, the online store segment would cite the fastest CAGR of 10.2% from 2023 to 2032.
Based on region, the North America segment held the highest market share in 2022, accounting for more than two-fifth of the global plant-based yogurt market revenue, and is projected to retain its dominance throughout the forecast period. The adoption of vegan and dairy-free products has seen a substantial change in consumer behavior in the area. Additionally, a significant surge in the number of vegan consumers in North America is driving up demand for plant-based yogurt products. Customers' growing knowledge of the health benefits of consuming plant-based yogurt has increased demand for dairy-free products. The Asia-Pacific region, however, would exhibit the fastest CAGR of 10.2% during the forecast timeframe.
The report analyzes these key players in the global plant-based yogurt market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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