by Vegan yogurt provides comparable nutritional value to dairy yogurt such as protein, calcium and vitamins while being lactose and dairy-free. It is suitable for people with dairy or lactose allergies, intolerance or following a vegan or plant-based diet. Vegan yogurt products taste similar to dairy yogurt and are available in various fruit flavors. Rising health awareness about the benefits of plant-based and vegan diet has led to increased demand for vegan yogurt globally.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the global vegan yogurt market is the use of innovative ingredients to offer different flavors and textures to vegan yogurts and cater to changing consumer preferences. For example, many companies are developing yogurt products with superfoods and herbs extracts to provide additional health benefits. Availability of vegan yogurt in convenient on-the-go packaging formats such as squeezable tubes, single-serve cups are supporting their rising popularity as a nutritious snack or breakfast meal.
Porter’s Analysis
Threat of new entrants: Low. Established brands have strong brand recognition and distribution networks increasing barriers.
Bargaining power of buyers: High. Large retail chains can negotiate lower prices from suppliers and offer own label vegan yogurts.
Bargaining power of suppliers: Moderate. Fewer suppliers compared to dairy yogurt which increases negotiating power of large producers.
Threat of new substitutes: High. Consumers have many alternatives including plant-based milks, smoothies which can replace vegan yogurt consumption.
Competitive rivalry: Intense. Major players compete on taste, variety and branding to attract health conscious consumers.
Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth over the forecast period. North America accounts for the major market share currently due to rising vegan population but Asia Pacific is emerging as the fastest growing regional market.
Regional Analysis: North America currently dominates the global vegan yogurt market holding over 35% share in 2024 lead by U.S. The presence of major producers and health awareness is driving sales in the region. However, Asia Pacific region is anticipated to witness the fastest growth over the forecast period with nations like India and China emerging as lucrative markets.
Key Players: Key players operating in the vegan yogurt market are Danone, Chobani, General Mills, Hain Celestial Group, Kite Hill, Califia Farm and Stonyfield Farm yogurt. These brands offer various flavors, pack sizes and textures to attract health conscious customers looking for dairy free alternatives.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
