The global Vegan Yogurt Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 18.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegan yogurt is a dairy-free alternative to traditional yogurt made from plant-based milks like soy, coconut or almond. It provides similar taste and health benefits like probiotics for digestion. The rising concerns over animal welfare and increasing cases of lactose intolerance are fueling the demand for vegan yogurt.
Market key trends:
The growing popularity of plant-based diets and veganism especially among millennials and Generation Z is a key trend driving the vegan yogurt market. There is a rising awareness about the health impacts of dairy consumption such as risk of diseases like diabetes, heart disease, and certain types of cancers. Consumers today are looking for sustainable and ethical food options and vegan yogurt meets these preferences well. Innovations in ingredients and tastes with the introduction of flavors like berries, chocolate and tropical fruits have made vegan yogurts very appealing. The entrepreneurial efforts of startups and increased investments from dairy giants in vegan dairy production is translating into wider availability of these products in retail stores and online channels.
Segment Analysis
The global vegan yogurt market can be segmented based on product type, pack and distribution channel. Based on product type, plant-based yogurt is anticipated to hold the largest market share and is expected to continue its dominance in the forecast period. Plant-based yogurt is gaining popularity amongst consumers due to rising awareness about health benefits associated with plant-based products.
Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth, exhibiting CAGR of 18.5% over the forecast period, due to increasing awareness about health benefits associated with plant-based and dairy-free products.
Regional analysis North America dominates the global market and is expected to remain the fastest growing region during the forecast period. This is attributed to high awareness about vegan diets and prevalence of lactose intolerance in the region.
Market size The global vegan yogurt market size was valued at US$ 3.6 Bn in 2023. The market is anticipated to surpass US$ 10 Bn by 2030 driven by rising health consciousness amongst consumers.
Key players Key players operating in the vegan yogurt market are Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.P.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone), Danone S.A., Oatly A.B., Forager Project, Coyo Pty Ltd., Chobani Global Holdings, and Kite Hill.
Read More: https://www.ukwebwire.com/vegan-yogurt-market-size-share-and-growth-forecast-2023-2023/
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