The vegan yogurt market is expected to continue its bullish run, driven by a combination of macroeconomic and industry-specific factors. Gains have been driven by vegan yogurt’s availability in a variety of flavors, and the ubiquitous health and wellness trend. These factors helped vegan yogurt sales increase by over 30,000 metric tons in 2018 over 2017, according to recent analysis by Fact.MR. The Fact.MR report tracks the vegan yogurt market for the period 2018-2027. According to the report, the global vegan yogurt market size is projected to grow at 4.8% CAGR through 2028.
The vegan yogurt market report addresses the below-mentioned queries:
- Why are vendors shifting away from traditional methods of manufacturing vegan yogurt?
- How does the global vegan yogurt market looks like in the next five years?
- Which end use industry is expected to surpass segment by the end of 2028?
- What innovative products are being introduced by the players in the global vegan yogurt market?
- Which regions are showing the fastest market growth?
Households Account for 80% Consumption of Vegan Yogurt
Fact.MR finds that over 80% of vegan yogurt is consumed in households. Further, the compact packaging of vegan yogurt allows the consumer to eat it on-the-go, making it an attractive snacking option for busy consumers.
The use of vegan products in food chains and restaurants is gradually gaining traction; the study found moderate growth in the utilization of vegan yogurt and products in the food service industry. Although households dominate overall consumption, demand for vegan yogurt from households and HORECA is growing at comparable rates.
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Companies Look Towards Vegan Yogurt As ‘Mindful Choices’ Trend Drives the Food Industry
Companies in the food processing and production industry are looking to capitalize on the ‘mindful choices’ trend. On account of the popularity of the trend, multiple small and large companies are launching new vegan products to consolidate their position. The fierce competition induced in the market as a result of the growing demand for vegan products is expected to lower pricing and encourage innovations in the field. Numerous researches have linked serious health risks with the consumption of dairy products in the recent past. Increasing awareness about the potential side effects of dairy products is inducing a shift towards vegan products. This is also providing an impetus to the growth of vegan yogurt market. The opportunities emerging in this sector are not lost on F&B companies who are introducing more vegan products to capitalize on the situation.
