The vegan yogurt market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 18.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Vegan yogurt is a plant-based substitute for dairy yogurt typically made from soy, coconut, almond or other plant milks. It offers similar texture and taste to traditional dairy yogurt and is a rich source of protein and probiotics. Increasing awareness about dairy intolerance and health and fitness trends are driving consumers to opt for vegan yogurt as a dairy alternative.

Market Dynamics:
The vegan yogurt market is witnessing high growth owing to rising health and fitness consciousness among consumers globally. The increasing prevalence of lactose intolerance and milk allergies have made consumers switch to non-dairy and plant-based options like vegan yogurt. Additionally, growing vegan population and veganism trend has boosted demand for vegan substitutes like vegan yogurt. Furthermore, plant-based yogurt offer similar nutrition profile as dairy yogurt and are rich in protein and probiotics, which appeal to health-conscious consumers. Manufacturers are introducing innovative flavors and formats like single-serve cups to attract new consumers. However, high prices of vegan yogurt compared to dairy yogurt may hamper market growth.

SWOT Analysis
Strength: Vegan yogurt contains no milk and dairy products. This allows people with lactose intolerance or milk allergies to consume yogurt. Vegan yogurt is also suitable for people following plant-based or vegan diets. It provides similar probiotic benefits as regular yogurt. Vegan yogurt's production requires fewer resources than dairy yogurt, making it more environmentally friendly.
Weakness: Vegan yogurt lacks some nutrients found in dairy yogurt like calcium and vitamin B12. The taste and texture of some vegan yogurts may not match dairy yogurt. There is limited awareness about vegan yogurt in some regions.
Opportunity: Increasing health consciousness and rising vegan population across the world present opportunities for growth. Innovation in vegan yogurt flavors and product varieties can attract more consumers. Emerging markets in Asia Pacific hold strong potential for vegan yogurt sales.
Threats: Stiff competition from dairy yogurt and alternative dairy-free products like oat milk. Fluctuations in prices of raw materials used in vegan yogurt production can increase production costs. Strict regulatory compliance for labelling plant-based products as yogurt in some countries.

Key Takeaways
The Global Vegan Yogurt Market Size is expected to witness high growth, exhibiting CAGR of 18.5% over the forecast period, due to increasing consumer demand for plant-based dairy alternatives. North America currently dominates the vegan yogurt market owing to rising vegan population. Europe also captures a significant share on account of growing health awareness. The Asia Pacific region is anticipated to offer lucrative opportunities with countries like India and China emerging as high growth markets.

Regional analysis
The Asia Pacific region is fast becoming a major market for vegan yogurt driven by increasing health consciousness and growing veganism in countries such as India, China, Japan, and Australia. The vegan population has expanded rapidly fueled by issues regarding animal welfare, environmental protection, and religious beliefs in the region. This presents ample opportunities for vegan yogurt manufacturers to cater to unmet demand.

Key players
Key players operating in the vegan yogurt market include Barambah Organics Pty Ltd., Blue Diamond Growers, Daiya Foods Inc. (Otsuka Pharmaceutical Co. Ltd.), Dean Foods (Dairy Farmers of America), General Mills Inc., Granarolo S.P.A., The Hain Celestial Group Inc., Vitasoy, White Wave Foods (Danone), Danone S.A., Oatly A.B., Forager Project, Coyo Pty Ltd., Chobani Global Holdings, and Kite Hill. These players are engaging in new product launches, facility expansion and partnerships to strengthen their market position.

Read More: https://www.dailyprbulletin.com/vegan-yogurt-market-trends-growth-and-regional-outlook-2023-2030/