The plant-based yogurt market is projected to witness a CAGR of 25.43% during the forecast period to reach a total market size of US$3,613.232 million by 2026, increasing from US$739.651 million in 2019.
As the name suggests, plant-based yogurt is made of milk extracted from almonds, cashews, coconut, flax seeds, plantains, oats, peas, etc. These yogurts contain plant-based versions of gut-boosting, live probiotic cultures which provide several health benefits.
The recent change in the dietary trend is one of the foremost drivers of the plant-based yogurt market. The consumption of dairy-based products has slowed down in the North-American owing to diet and health concerns, leading to relocation to an alternative source of nutrition. Plant-based yogurts are lactose, gluten-free, low on sugar but rich in probiotics and vitamins. Secondly, lactose intolerance discourages people from consuming dairy products. Plant-based yogurt has aided the market expansion. Thirdly, these yogurts are extracted from several sources and are available in various flavors which have driven their sale further. Additionally, the plant-based yogurt market has drawn significant investment from entrepreneurs as commercial dairy industries have been subjected to some drawbacks in the coming years. The commercial farming sector has also benefitted from the growth of this market.
Geographically, the North American region is expected to dominate the market as it houses several players and the growing adoption of plant-based diets. By distribution channel, the offline segment holds the larger share as people prefer to buy on-shelves products. But the pandemic has increased the share of the online sectors as restrictions were imposed. By flavor, the flavored segment was gathering market share as producers experiment with taste and essence.
The adoption of a vegan lifestyle has been on a spree over the years bringing a shift to a plant-based diet. The vegan yogurt market has witnessed a notable push for these changes. Growing concern for animal welfare is also increasing the percentage of plant-based diet among the masses. While another dietary habit of flexitarians is keen to try on exotic flavors. These yogurts are made from peculiar sources in different flavors which are increasing the demand for its products.
Plant-based yogurts are laden with health benefits. These yogurts are best-liked by weight and health-conscious, gourmet, and kids while producers are constantly coming up with innovative flavors. Moreover, the growths of lactose and gluten intolerances, allergy to animal-based milk are reducing the consumption of dairy products, especially in the developed regions. In turn, increasing the demand for plant-based yogurt due to its functional values.
The plant-based yogurts are comparably high-priced than the regular yogurts as their cost of production is higher. The market is proliferating in the developed nations as they have a high purchasing power. But it is yet to capture its full potential in developing nations. As the purchasing power continues to rise, there has been a marginal increase in its demand. The high price is a major limitation for this otherwise flourishing market.
The distribution channels also witnessed lags due to the restrictions and lockdowns imposed. While on the demand side, it has shown a positive impact on the sale of plant-based yogurt. Studies have revealed that products enriched with proteins, vitamins, minerals help boost the immune system and plant-based yogurt contains such necessary functional elements. Thus, the pandemic had a moderate impact on the market of plant-based yogurt.
|Market size value in 2019||US$739.651 million|
|Market size value in 2026||US$3,613.232 million|
|Growth Rate||CAGR of 25.43% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Sales Channel, Flavor, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Lavva, Springfield Creamery Inc, Califia Farms, Forager Project, Chobani, Groupe Danone, Epigamia, Dean foods, Kite Hill, Yoplait|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global plant-based yogurt market?
A1. Plant-Based Yogurt Market was valued at US$739.651 million in the year 2019.
Q2. What will be the plant-based yogurt market size by 2026?
A2. The plant-based yogurt market is projected to reach a market size of US$3,613.232 million by 2026.
Q3. What are the growth prospects for the plant-based yogurt market?
A3. The global plant-based yogurt market is projected to witness a CAGR of 25.43%during the forecast period.
Q4. What factors are anticipated to drive the plant-based yogurt market growth?
A4. The recent change in the dietary trend is one of the foremost drivers of the plant-based yogurt market.
Q5. Which region holds the largest market share in the plant-based yogurt market?
A5. Geographically, the North American region is expected to dominate the plant-based yogurt market as it houses several players and the growing adoption of plant-based diets.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Plant-based Yogurt Market Analysis, By Sales Channel
5.2.2. Convenience Stores
5.2.3. Specialty Stores
6. Plant-Based Yogurt Market Analysis, By Flavor
7. Plant-based Yogurt Market Analysis, By End-users
7.1. Food Services
8. Plant-based Yogurt Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.4.1. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
9. Competitive Intelligence
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.2. Springfield Creamery Inc
10.3. Califia Farms
10.4. Forager Project
10.6. Danone SA
10.8. Dean Foods
10.9. Kite Hill
Springfield Creamery Inc
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