Global Plant based Yogurt Market Size, Share Report, Analysis, Trends, Growth, 2030

Global Plant based Yogurt Market Insights

According to a report from Zion Market Research, the global Global Plant based Yogurt Market was valued at USD 538.47 Million in 2023 and is projected to hit USD 1656.65 Million by 2032, with a compound annual growth rate (CAGR) of 13.3% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Global Plant based Yogurt Market industry over the next decade.

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On a global scale, millennials' growing preference for dairy-free products is predicted to expand the market for plant-based nutritional products like vegan yogurts. Lactose-free, gluten-free, and low in sugar, plant-based yogurts are high in probiotics and vitamins like B12. Consumers have become more interested in soy, coconut, and cashew-based yogurt because of its texture, which is similar to dairy yogurt.

Plant-Based Yogurt Market: COVID-19 Impact Analysis

Demand has shown a positive outlook, whereas the lack of raw material and shutdown has shown a negative impact on the supply side, but in the future, COVID-19 will have a moderate influence on the plant-based yogurt market. The demand side has shown a good impact, however, the supply side has shown a negative impact due to a lack of raw materials and a shutdown, although COVID-19 will have a mild impact on the plant-based yogurt industry in the future.

Plant-Based Yogurt Market: Growth Factors

Reduced use of dairy products is due to an increase in lactose and gluten intolerance, the sour taste of dairy yogurt, and cow milk allergies. Increased demand for plant-based yogurt as a result of its functional value. For decades, dairy consumption has been declining, with each generation drinking less milk than the one before it. Plant-based diets are fast gaining favor among the public, with many people trying to replace dairy products, including vegan yogurt.

Vegan yogurts with live bacteria and cultures provide the same digestive benefits as dairy yogurt. Plant-based yogurt manufacturers provide a wide range of yogurt bases as well as delicious flavors including strawberry, blueberry, coffee, and peach. They're also experimenting with new flavors, such as sea-salt chocolate and turmeric golden. Weight-conscious and health-conscious people, as well as gourmets and children, choose these yogurts.

Global Plant based Yogurt Market: Report Scope

Source Segment Analysis Preview

In 2019, the soy segment had the highest revenue share, surpassing 45%. Furthermore, when compared to dairy-based yogurt, these seed-based yogurts are a great source of protein. Yogurt made from soy helps the body lower cholesterol and blood sugar levels. These advantages are boosting demand for soy-based vegan products, propelling the market forward.

Over the predicted period, rice yogurt is expected to have enormous potential. Customers have been flocking to the product since rice milk is thought to be the least allergic to all dairy milk replacements.

Distribution Channel Segment Analysis Preview

Because of the growing use of smartphones among millennials around the world, the online channel is predicted to develop at the fastest rate. These channels have the potential to give more convenience and shopping ease. E-retailers' many features, including value-added services like discounted prices, cash-on-delivery, and cashback, are likely to boost the online channel's growth in the future years.

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Plant-Based Yogurt Market: Regional Analysis Preview

European region held a share of around 30% in 2024. The favorable attitude toward plant-based foods among consumers in developed countries such as Germany, the United Kingdom, and France, as a result of an increased number of campaigns on social media and satellite television channels, is expected to maintain the region's dominance.

Asia Pacific region is projected to grow at a CAGR of over 20% during the forecast period. Strong exposure to soy yogurt in countries like Japan, owing to increased domestic knowledge of gluten-free goods, is expected to continue to be a driving force in the coming years. Furthermore, the growing number of lactose intolerant persons and consumer inclination for a vegan diet has fueled the market's rise in the region.

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Plant-Based Yogurt Market: Competitive Landscape

Some of the key market players in plant-based yogurt are 

• Hain Celestial
• Danone
• General Mills Inc.
• Stonyfield Farm. Inc.
• Daiya Foods Inc
• Good Karma Foods. Inc.
• Hudson River Foods
• NANCY'S
• Kite Hill
• COYO Pty Ltd.
• Chobani LLC 
• among others.

Companies are also focusing on launching new products to enhance their product offerings and gain a competitive advantage in the market. Companies have recently begun investing in the online distribution channel to expand their consumer reach.

The global plant-based yogurt market is segmented as follows:

By Source

• Soy
• Almond
• Rice
• Others

By Distribution Channel

• Hypermarkets & Supermarkets
• Convenience Stores
• Specialty Stores
• Online

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa