Plant-based Yogurt Companies to Introduce New Flavors and
Packaging Formats to Boost Brand Presence
The plant-based yogurt market analysis offered by Fact.MR
scrutinizes key growth factors impacting the demand in the market.
The report provides in-depth insights covering key factors such as
drivers, opportunities, key players' strategies, and sales outlook.
In addition to this, the study analyzes latest trends across
various segments such as product type, end-use, sales channel, and
region.
NEW
YORK, Aug. 11, 2022 /PRNewswire/ -- The
global plant-based (vegan) yogurt market is likely to
grow at nearly 5% CAGR during the assessment period 2018 to 2028,
according to Fact.MR's analysis. Growing fad of veganism along with
increasing preference for healthy food products is anticipated to
boost the demand for plant-based yogurt.
According to a study, the number of people who follow a
plant-based diet has risen 340% in the U.K. Further, 1.62 million
people in the U.S. consider themselves as vegan, as per the
Veganbits. As more consumers turn to veganism, demand for
plant-based yogurt is likely to witness an upsurge over the
upcoming decade.
Growing concerns over dairy-based yogurt due to animal cruelty
is another factor anticipated to drive sales of plant-based yogurt
in the market. Further, rising incidence of lactose intolerance
coupled with surging health consciousness is driving the adoption
of vegan food products, fueling sales.
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According to the U.S. National Institute of Health (NIH), nearly
30 million Americans have some degree of lactose intolerance by the
time they reach 20 years of age. The level of lactose intolerance
in Belgium, Cyprus, Norway, and Netherlands is above 10% according to another
report.
Moreover, increasing use of antibiotics and other stimulants to
boost milk production artificially will create conducive
environment for plant-based yogurt companies. The use of
antibiotics is poorly regulated in several countries, creating
challenges for food safety.
The surge of antibiotic resistance continues to be a cause of
concern for the healthcare community. Plant-based yogurt is devoid
of antibiotics and other chemicals which has led to positive
perception among consumers. This factor is also likely to provide a
boost to plant-based yogurt sales during the assessment period.
Key Takeaways:
- By product type, almond yogurt is likely to be the most
preferred flavor as it is low in cholesterol and high in Vitamin
E
- In terms of end-use, the household segment accounts for 80% of
total sales of plant-based yogurt.
- Asia Pacific excluding
Japan (APEJ) is anticipated to be
the largest market for plant-based yogurt, with China and India leading the growth through 2022.
- The U.S. plant-based yogurt market is expected to dominate
North America during the forecast
period with growing trend of veganism in the country.
- The U.K. and Germany are
expected to be the most remunerative market in Europe through 2022 & beyond.
Growth Drivers:
- Increasing concern about animal safety and preference for foods
that do not involve animal-cruelty is driving the demand for
plant-based yogurt
- Rising lactose intolerance is likely to boost the demand for
alternative yogurts such as plant-based yogurt
- Concern for antibiotic-free food products is facilitating the
demand for plant-based yogurt in the market
Restraints:
- Relatively higher cost of plant-based yogurt than the
dairy-based is expected to inhibit the growth in the market.
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Competitive Landscape:
Leading plant-based yogurt market players are focusing on
introducing distinctive flavors and formats to create a
differentiating image for their brand. They are also investing in
endorsements by celebrities who are known for their vegan
lifestyle.
Influencer-based marketing is a key strategy for plant-based
yogurt market players. Plant-based yogurt manufacturers are also
collaborating with end users to create new types of products and
gain competitive edge.
For instance,
- In March 2022, AAK, Chr. Hansen,
Givaudan, and Ingredion came together to create a plant-based
yogurt base. The companies employed plant-based proteins,
specialised protein binders, and flavour enhancers to develop the
yogurt base
- In November 2021, Danone
announced it will be switching dairy factory to plant-based Alpro
owing to shifting diets of consumers
Key Companies Profiled by Fact.MR
- General Mills Inc.
- The Hain Celestial Group Inc.
- Danone
- Stonyfield Farm Inc.
- Daiya Foods Inc.
- Good Karma Foods Inc.
- Hudson River Foods
- Nancy's Yogurt
- Kite Hill
- COYO Pty Ltd
More Valuable Insights on Plant-based Yogurt Market
In the latest study, Fact.MR offers a detailed study on global
plant-based yogurt market for the forecast period of 2018 to 2028.
This study also highlights key drivers promoting the sales of
plant-based yogurt with analysis across below segments:
By Product Type:
- Soy Yogurt
- Almond Yogurt
- Coconut Yogurt
- Others
By End-use:
By Sales Channel:
- Direct
- Indirect
-
- Modern Trade
- Convenience Store
- Specialty Store
- E-Retailers
- Other Retail Format
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Plant-based Yogurt
Market:
- What is the projected value of the plant-based yogurt market in
2018?
- At what rate will the global plant-based yogurt market grow
until 2028?
- Which are the factors hampering the growth in the plant-based
yogurt market? Which region is expected to lead in the global
plant-based yogurt market during 2018-2028?
- Which are the factors driving the plant-based yogurt market
during the forecast period?
- What is the expected market value of the plant-based yogurt
market during the forecast period?
Explore Fact.MR's Coverage on the Vegan & Plant-based
Industry
Plant-based Supplement Market: The global plant-based
supplement market is likely to grow at a steady pace during
2022-2032 on account of increasing preference for safe supplements.
North America is likely to be a
leading exporter of plant-based supplements over the forecast
period, opines Fact.MR.
Plant-based Cheese Market: The global plant-based cheese market
is set to grow at 15.5% CAGR between 2021 and 2031. Growing
preference for low-calorie cheese along with lactose intolerance is
likely to boost sales of plant-based cheese over the forecast
period.
Plant-based Breads Market: The global plant-based breads market
is likely to grow at over 7% CAGR during the forecast period
2021-2031. Increasing trend of veganism and growing concerns for
animal cruelty is one of the key factors spurring the sales in the
market.
Vegan Supplements Market Share & Trends: In Europe, around
1% of consumers claims to be vegan while near about 3% are
vegetarian. Yet the vegan supplements market is trending heavily in
Europe with growing consumer
emphasis on improving their quality of life.
Vegan Egg Market: Sales of vegan eggs will represent
approximately 2%-5% of overall demand in the global
plant-based food market. In 2021, sales of vegan eggs in
North America are expected to be
valued at US$ 476.6 Mn, accounting for
approximately 32% of global sales.
Check it Out More Reports by Fact.MR on Food & Beverage
Industry
https://www.factmr.com/industry/food-and-beverage
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