Global Plant-Based Yogurt Industry to 2026 – Veganism and Flexitarians Drive Growth – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–That “Plant-Based Yoghurts Market – Forecasts from 2021 to 2026” Report has been added ResearchAndMarkets.com Offer.

The plant-based yogurt market is expected to register a CAGR of 25.43% during the forecast period to reach a market size of US$3,613.232 million by 2026, up from US$739.651 million in 2019.

companies mentioned

  • lava

  • Springfield Creamery Inc

  • Califia farms

  • Forager project

  • Chobani

  • Group Danone

  • epigamy

  • Decan food

  • dragon hill

  • Yoplait

As the name suggests, plant-based yogurt is made with milk derived from almonds, cashews, coconut, flaxseed, plantain, oats, peas, and others. These yogurts contain plant-based versions of gut-boosting live probiotic cultures that offer multiple health benefits.

The recent change in nutrition trend is one of the major drivers of plant-based yogurt market. Consumption of dairy-based products has slowed in North America due to nutritional and health issues, leading to a shift to an alternative food source. Plant-based yoghurts are lactose-free, gluten-free, and low in sugar, but high in probiotics and vitamins.

Second, lactose intolerance discourages people from consuming dairy products. Plant-based yogurt has supported market expansion. Third, these yogurts are multi-sourced and come in a variety of flavors, which has further fueled their sales.

Additionally, the plant-based yogurt market has attracted significant investment from entrepreneurs as the commercial dairy industry has faced some setbacks in the coming years. Commercial agriculture has also benefited from the growth of this market.

Geographically, the North American region is expected to dominate the market as it hosts multiple players and the increasing adoption of plant-based diets. In terms of sales channels, the offline segment holds the larger share as people prefer to buy products off the shelf. But the pandemic has increased the proportion of online sectors as restrictions have been imposed. After taste, the flavored segment gained market share as manufacturers experimented with flavor and essence.

growth factors

Veganism and Flexitarians

The adoption of a vegan lifestyle has led to a switch to a plant-based diet over the years. The vegan yogurt market has seen a remarkable push for these changes. Growing concerns about animal welfare are also increasing the proportion of plant-based diets in the crowd. While another dietary habit of flexitarians is interested in trying exotic flavors. These yogurts are made from special sources in different flavors that increase the demand for its products.

Growing health concerns

Plant-based yogurts are packed with health benefits. These yoghurts are most popular with weight and health conscious people, foodies and children, while manufacturers are constantly coming up with innovative flavors. In addition, the growth of lactose and gluten intolerance and animal milk allergies are reducing dairy consumption, particularly in developed regions. In return, the demand for plant-based yoghurt is increasing due to its functional values.

limitations

Plant-based yoghurts are comparatively more expensive than normal yoghurts because their production costs are higher. The market is spreading in the industrialized nations because they have high purchasing power. But it has yet to realize its full potential in developing countries. As purchasing power continues to rise, demand has increased slightly. The high price is a major limitation for this otherwise thriving market.

Impact of COVID-19 on Plant Based Yogurt Market

There were also delays in the distribution channels due to the restrictions and bans imposed. On the demand side, it has had a positive impact on plant-based yogurt sales. Studies have shown that products enriched with proteins, vitamins and minerals strengthen the immune system, and plant-based yogurt contains such necessary functional elements. Thus, the pandemic had a moderate impact on the plant-based yogurt market.

Segmentation:

By distribution channel

  • Offline

  • Supermarket

  • general store

  • specialty shop

  • On-line

To taste

  • regular

  • With taste

  • Sugar free

By end users

According to geography

  • North America

  • United States of America

  • Canada

  • Mexico

  • South America

  • Brazil

  • Argentina

  • Other

  • Europe

  • United Kingdom

  • Germany

  • France

  • Spain

  • Other

  • Middle East and Africa

  • Saudi Arabia

  • Israel

  • Other

  • Asia Pacific

  • Japan

  • China

  • India

  • Indonesia

  • Taiwan

  • Thailand

  • Other

For more information about this report, see https://www.researchandmarkets.com/r/p9c1jm

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