The global plant-based yogurt market size stands at a valuation of US$ 4,489.87 million in 2023. Forecasts suggest a consistent upward trend as consumers have become informed that plant-based alternatives can deliver the same or even more minerals and protein than dairy products. Therefore, the market is on track to surpass US$ 15,398.39 million by 2033, with a projected CAGR of 13.1%.
The vegan and dairy-free food alternatives business is rapidly developing as more people choose them. With increasing environmental and health concerns, plant-based yoghurt provides a nutritional and environmentally sustainable alternative. Market growth is being driven by continuous product innovation and rising customer demand for moral and plant-based dietary options.
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The oatmilk plant-based yoghurt was introduced in 2019 by the European company Springfield Creamery, Inc. It is gluten-free, contains billions of probiotics per serving, and has 30–50% less sugar than similar brands. 2016 saw the introduction of three types of plant-based coconut milk yoghurt from the American company Anita’s Yoghurt, including plain, mango, and blueberry. There are no additives, preservatives, or extra sugar in any of the goods.
The FMI study delves deeper into the prevailing dynamics to offer interesting insights into the plant-based yogurt market. Some of these are:
Yoghurt made from plants is offered in a variety of flavours, including vanilla, blueberry, raspberry, strawberry, and peach. Over the projected period, the strawberry flavour is anticipated to expand at the greatest CAGR of 14.7%. The largest markets for plant-based yoghurts are predicted to continue to be in Europe and North America. The market for plant-based yoghurt in these regions will be significantly boosted by global corporations’ acquisitions and alliances. Customers now view organic plant-based yoghurts as a wholesome substitute for regular yoghurt. Yoghurts made from organic plants are predicted to grow at a rapid 13.1% CAGR during the projection period.
Consumers are becoming more aware of healthier ways of living. As a result they prefer eating healthy and spending more on functional food than to spending on medical treatments. Increasing focus on health and wellness among consumers due to COVID-19 outbreak is expected to provide pace to plant-based yogurt market over the forecast period.
“Plant-based diet is trending and manufacturers are capitalizing on this opportunity by offering delicious plant-based yogurts in the market. The plant-based yogurt is becoming a promising alternative to conventional yogurts and are likely to witness significantly high demand in the coming years. Manufacturers are focussing on product quality, product innovations, and consistent product availability. They are also partnering with various retailers to make their products available across the world.” said a lead analyst at FMI
Increasing Demand for Plant-based Products Boosts Growth Prospects
Plant-based yogurts are manufactured from sources such as legumes, seeds, nuts and grains, especially from soy, coconut, almond, and oats, which are all plant-based. Since the demand for plant-based ingredients and products is skyrocketing in the food and beverage industry, the non-dairy yogurt market is expected to witness significant growth.
Besides this, the increasing incidences of health issues associated with dairy products, increasing vegan and flexitarian population, and growing concern about animal welfare is leading to increasing market prospects for plant-based yogurts.
According to the Plant-based Food Association, in 2019 plant-based yogurts generated maximum sales in U.S. than other plant-based products such as milk, cheese, and butter among others. According to a Forbes report, animal milk and dairy products sales are declining rapidly with almost 11% drop as predicted in sales between 2015 and 2020.
Market Segmentation
The global plant-based yogurt market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Nature
Conventional Organic
Product Type
Cereal Type Oat Rice Corn Spelt Legume Soy Pea Peanut Lupin Chick Pea Nut Almond Coconut Hazelnut Pistachio Walnut Cashew Pili Nut Seed Sesame Flax Hemp Sunflower Pseudo Cereal Quinoa Teff Amarnath Cassava
Flavour
Regular Vanilla Strawberry Blueberry Cherry Peach Raspberry Coconut Coffee Others
Price Range
Economic Mid-Range Premium
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