The Global Plant-based Yogurt Market size is expected to reach $7.9 billion by 2031, rising at a market growth of 13.6% CAGR during the forecast period.
A high level of innovation in food products characterizes the North American market. This yogurt is available in various options, including different bases (almond, coconut, and oat), flavors, and formulations, catering to diverse consumer preferences. Consequently, the North American region would acquire nearly 30% of the total market share by 2031.
Increasing consumer health consciousness is a major driver for the market. Many individuals are adopting vegan and vegetarian diets to address health concerns such as heart disease, diabetes, and obesity. In addition, ethical considerations and animal welfare are significant motivators for adopting vegan and vegetarian diets. Thus, rising trends of vegan and vegetarian diets are driving the market's growth.
Additionally, Food processing advancements, including improved extraction and fermentation technologies, enable more efficient and higher-quality production of this yogurt. Likewise, as consumers become more aware of health and wellness, including dietary preferences like veganism and lactose intolerance, the demand for plant-based alternatives, including yogurt, increases. Hence, expansion of the food processing industry worldwide is driving the growth of the market.
However, the production of this yogurt often involves higher costs than traditional dairy yogurt. These yogurts are made from alternative bases such as almonds, cashews, coconuts, and oats. The higher production costs of these yogurts often lead to higher retail prices than traditional dairy yogurts. In conclusion, the higher cost of this yogurt is hampering the market's growth.
A high level of innovation in food products characterizes the North American market. This yogurt is available in various options, including different bases (almond, coconut, and oat), flavors, and formulations, catering to diverse consumer preferences. Consequently, the North American region would acquire nearly 30% of the total market share by 2031.
Increasing consumer health consciousness is a major driver for the market. Many individuals are adopting vegan and vegetarian diets to address health concerns such as heart disease, diabetes, and obesity. In addition, ethical considerations and animal welfare are significant motivators for adopting vegan and vegetarian diets. Thus, rising trends of vegan and vegetarian diets are driving the market's growth.
Additionally, Food processing advancements, including improved extraction and fermentation technologies, enable more efficient and higher-quality production of this yogurt. Likewise, as consumers become more aware of health and wellness, including dietary preferences like veganism and lactose intolerance, the demand for plant-based alternatives, including yogurt, increases. Hence, expansion of the food processing industry worldwide is driving the growth of the market.
However, the production of this yogurt often involves higher costs than traditional dairy yogurt. These yogurts are made from alternative bases such as almonds, cashews, coconuts, and oats. The higher production costs of these yogurts often lead to higher retail prices than traditional dairy yogurts. In conclusion, the higher cost of this yogurt is hampering the market's growth.
Driving and Restraining Factors
Drivers
- Rising trends of vegan and vegetarian diets
- Expansion of the food processing industry worldwide
- High incidence of lactose intolerance and dairy allergies
Restraints
- Higher cost of plant-based yogurt
- Shelf life and preservation issues
Opportunities
- Integration with meal kits and subscription services
- Expansion of distribution channels
Challenges
- High competition with dairy alternatives
- Consumer scepticism about processing
Flavor Outlook
Distribution Channel Outlook
By distribution channel, the market is divided into B2C and B2B. The B2B segment procured 29% revenue share in the market in 2023. Businesses such as restaurants, hotels, and institutions often require bulk purchases of this yogurt for their operations.
Source Outlook
On the basis of source, the market is segmented into soy, almond, coconut, oat, and others. In 2023, the almond segment attained 23% revenue share in the market. Almond-based yogurts are known for their mild, slightly nutty flavor and creamy texture. This makes them an appealing choice for consumers who enjoy a subtle, pleasant taste and a smooth consistency in their yogurt.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed 38% revenue share in the market in 2023. Europe has a strong trend towards health and wellness, with consumers increasingly seeking healthier food options. This yogurt is perceived as a healthier alternative to dairy yogurt, aligning with European consumers’ focus on nutrition and well-being.List of Key Companies Profiled
- General Mills Inc.
- Danone S.A.
- Nancy’s Yogurt
- Nush Foods
- Califia Farms LLC
- Nestlé S.A.
- The Hain Celestial Group, Inc.
- Kite Hill
- Chobani LLC
Market Report Segmentation
By Flavor
- Flavored Yogurt
- Non-Flavored Yogurt
By Distribution Channel
- B2C
- Hypermarkets & Supermarkets
- Specialty Stores
- Online
- Others
- B2B
By Source
- Soy
- Almond
- Coconut
- Oat
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Plant-based Yogurt Market by Flavor
Chapter 5. Global Plant-based Yogurt Market by Distribution Channel
Chapter 6. Global Plant-based Yogurt Market by Source
Chapter 7. Global Plant-based Yogurt Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- General Mills Inc.
- Danone S.A.
- Nancy’s Yogurt
- Nush Foods
- Califia Farms LLC
- Nestlé S.A.
- The Hain Celestial Group, Inc.
- Kite Hill
- Chobani LLC
Methodology
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