Vegan Yogurt Market Anticipated to Witness High Growth Owing to Rising Health Consciousness
Vegan yogurt is a dairy-free alternative yogurt made from plant-based milk such as coconut, almond, soy and oats. It provides various health benefits such as high calcium and vitamin content, ease of digestion and is lactose-free. Vegan yogurt has a creamy texture and flavor similar to dairy yogurt making it a suitable substitute for consumers avoiding dairy or following a plant-based diet. The demand for vegan yogurt is increasing owing to rising health consciousness, growth in vegan population and intolerance to dairy products among consumers.
The Global vegan yogurt market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vegan yogurt market are Met Fods, Cocos Organic, Hain Celestial, EasiYo Product Limited, Danone, General Mills Inc., Stonyfield Far, Inc., Daiya Foods Inc.m Good Karma foods, Inc.m Hudson River Foodsm NANCY'S, Kite Hill, COYO Pty lTd., Nush Foods, Chobani, LLC, Barambah Oraganics Pty Ltd., Blue Diamond Growers, Dean Foodsm General Mills Inc., and Granarolo S.P.A.
The key opportunities in the market include product innovation and launch of vegan yogurt with exotic flavors and additional health benefits. Companies are focusing on offering new vegan yogurt products fortified with plant-based proteins, prebiotics and probiotics. The market is also witnessing increasing investments and facility expansions by key players to meet the growing global demand.
The market is well-positioned for global expansion especially in Asia Pacific and Latin America owing to growing health awareness. Rising working population, urbanization and changing dietary preferences are fueling the demand for vegan yogurt in emerging economies.
Market Drivers
The main driver for the Vegan Yogurt Market Growth is the rising health consciousness among consumers regarding the nutritional benefits of plant-based diets. Vegan yogurt provides calcium, vitamins, probiotics and is free from dairy, lactose, cholesterol and hormones. This is appealing to the rising number of individuals adopting veganism or reducing dairy consumption.
Market Restrain
The key restraint is the higher price of vegan yogurt compared to dairy yogurt that puts off price-sensitive consumers. Production of vegan yogurt also requires sophisticated equipment and processes to replicate the taste and texture of dairy yogurt, increasing the costs. This poses a challenge for widespread adoption.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
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