Global Plant-based Yogurt Market: Market Outlook
Plant-based yogurt is generally made from soy, almond, coconut, flax milk, and other plant-based sources. The plant-based yogurt products witnessing increased demand owing to increasing vegan and vegetarian population. The wider variety of plant-based yogurt allows the consumer more choice and more exciting flavors, as well as ensuring that their dietary requirements are met. Plant-based yogurt is comparatively low in saturated fats, cholesterols, and sugar than dairy yogurt also provides additional nutritional content such as protein, carbohydrates, dietary fibers, etc. Plant-based yogurt can be mixed with smoothies, shakes, marinades, and fruits. The plant-based yogurt promotes digestion and immune health benefits which are a key driver of the plant-based yogurt market. The food service industry is one of the largest end-user of the plant-based yogurt products in the making of different dishes, shakes, and drinks. With the developing science and technology, plant-based yogurt can be used in the many food and beverage products in the upcoming years.
Global Plant-based Yogurt Market: Market Dynamics
The increasing popularity of the dairy-free trend has resulted in a large number of consumers shifting their preference toward plant-based products. Consumers of plant-based products seek lactose-free, gluten-free, and non-GMO products. The ongoing trend of low-fat non-dairy products such as milk, cheese, butter, and cream is enabling the manufacturers of plant-based yogurt to introduce plant-based yogurt products that are low fat, non-GMO, and lactose-free with different flavors and taste characteristics. Plant-based yogurt products also contain the same nutritional content, flavor, appearance which can fulfill the traditional taste and nutritional requirements of consumers. The manufacturers also providing sugar and fat-free plant-based yogurt products to attract highly health-conscious consumers across the globe. Millennials and Generation Z are the main consumers of plant-based yogurt products as they show an inclination towards experimenting and trying out new products. The emerging markets have comparatively low penetration of plant-based yogurt products as compared to the established market. The manufacturers have lucrative opportunities in the emerging markets in the plant-based yogurt market.
Global Plant-based Yogurt Market: Market Segmentation
On the basis of nature, the global plant-based yogurt market has been segmented as,
On the basis of source, the global plant-based yogurt market has been segmented as,
On the basis of end-use, the global plant-based yogurt market has been segmented as,
Based on the distribution channel, the global plant-based butter market has been segmented as,
On the basis of Regions, the global plant-based yogurt market has been segmented as,
Global Plant-based Yogurt Market: Key Players
Several key players are engaged in the business of the global Plant-based yogurt market are General Mills Inc., Danone, Daiya Foods Inc., Hudson River Foods, Kite Hill, The Hain Celestial Group Inc., Stonyfield Farm Inc., Good Karma Foods Inc., Nancy's Yogurt, COYO Pty Ltd., Califia Farms, and others.
Opportunities for the Key Players in the Global Plant-based Yogurt Market
The consumption of plant-based yogurt in the South Asian and East Asian countries is expected to grow in the upcoming years due to the increasing demand for plant-based yogurt in the foodservice industry. Besides, the increasing number of health-conscious consumers and increasing veganism is also fueling the growth of the global plant-based yogurt market in these regions. However, at present, the consumption of plant-based yogurt is more in European countries. This is a result of the increasing number of people suffering from lactose intolerance as well as a high concentration of health-conscious people in these regions. North America region is the leading consumers of the plant-based yogurt market. The consumers of these regions are highly health-conscious as compared to other regions, also the number of vegan consumers is increasing rapidly. The high disposable incomes and awareness about health beneficial products are driving the demand for plant-based yogurt markets in these regions.
COVID 19 Impact on Global Plant-based Yogurt Market
As the COVID-19 effect is rising on the food and beverages industry, the food and beverage companies across the world, from cafe and restaurant owners to big-name food manufacturers and retailers continue to feel the impact of COVID-19. The governments across the world in different countries are allowing the sale of essentials goods such as grains, vegetables, fruits, spices, and bakery. Besides the lack of manpower, social distancing, and the reduced supply of the raw material is impacting the production of the plant-based yogurt. Also the disrupted supply chain and retail sector is further affecting the growth of the plant-based yogurt market. These factors are expected to leave larger footprint on the global plant-based yogurt market for at least next couple of years.