The global vegan yogurt market size was valued at USD 3.10 billion in 2023 and is projected to grow from USD 3.70 billion in 2024 to USD 16.76 billion by 2032, exhibiting a CAGR of 20.75% during the forecast period of 2024-2032. Asia Pacific dominated the vegan yogurt market with a market share of 46.13% in 2023. Moreover, the vegan yogurts market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 3.31 billion in 2032, driven by the increasing acceptance of vegan culture and growing product launches in new flavors.

The vegan yogurt market is witnessing proliferating growth, owing to the rise in vegan culture and the need to replace dairy products with alternative plant-based Yogurt. Plant-based Yogurt has high market potential, attributed to the upsurging concerns for the environment and the health benefits of plant-based protein, further generating growing momentum across the globe. In addition, the growing lactose-intolerant population, especially in the European and Asian regions, and growing expenditure on plant-based products, such as hemp milk-based Yogurts or flax seed Yogurt, also drive the market growth of vegan Yogurts segments.

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Segmentation

Almond Segment to Dominate Due to High Nutritional Benefits

The vegan yogurt market is categorized by source into almonds, soy, oats, and others. The almond segment is projected to lead the market, driven by increasing awareness of its rich nutritional profile, which includes healthy fats, fiber, and essential vitamins. This makes it a preferred choice among health-conscious consumers.

Supermarkets/Hypermarkets Segment to Hold the Largest Share Due to Consumer Convenience

Based on distribution channels, the market is segmented into supermarkets/hypermarkets, convenience stores, online sales channels, and others. The supermarkets/hypermarkets segment is expected to dominate, as it provides consumers with the convenience of accessing a diverse range of products in a single location.

Report Coverage

This report offers a comprehensive analysis of key market segments and emerging trends. It examines the factors driving and restraining market growth, evaluates regional developments, and assesses the impact of COVID-19. Additionally, it highlights strategies adopted by leading industry players.

Drivers and Restraints

Expanding Product Offerings with New Flavors to Accelerate Market Growth

The growing demand for plant-based alternatives, fueled by the rising vegan population and increasing cases of lactose intolerance, is driving the vegan yogurt market. Innovation in product flavors is further propelling market growth. For instance, Soyarich Foods introduced “Yofu” in flavors such as apple cinnamon, cherry, and mango, incorporating real fruit pulp without preservatives or artificial colors. This trend of product diversification is anticipated to support market expansion.

However, factors like inefficient manufacturing practices and high production costs may pose challenges to market growth.

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Regional Insights

Surging Population Growth to Drive Market Expansion in Asia Pacific

Asia Pacific is anticipated to dominate the vegan yogurt market, supported by a rapidly growing population, high prevalence of lactose intolerance, and rising disposable incomes. In 2021, the region’s market was valued at USD 963.05 million and is expected to secure a significant share of the global market in the coming years.

In North America, increasing awareness of dairy alternatives and a rising preference for vegan products are key factors fueling market growth. Similarly, in Europe, the emphasis on sustainable, eco-friendly, and innovative food solutions is expected to boost demand for vegan yogurt.

Competitive Landscape

Leading Companies Focus on Product Innovations to Strengthen Brand Presence

Key players in the market are prioritizing product innovation and new launches to enhance their brand image. For instance, in March 2022, AYO introduced a new range of almond milk yogurt in multiple flavors, designed for use in desserts, dips, and smoothies. Such innovations contribute to expanding a brand’s global footprint.

Beyond new product offerings, companies are leveraging acquisitions, mergers, partnerships, and research & development initiatives to solidify their market position.

Key Players Profiled in the Report

  • Danone S.A. (France)
  • General Mills Inc. (U.S.)
  • Oatly A.B. (Sweden)
  • Forager Project (U.S.)
  • Coyo Pty Ltd (U.S.)
  • Nancy’s Probiotic Foods (U.S.)
  • Chobani Global Holdings (U.S.)
  • Kite Hill (U.S.)
  • Daiya Foods Inc. (Canada)
  • GT’s Living Foods LLC (U.S.)

Key Industry Development

June 2022: So Delicious launched a new line of coconut milk yogurts infused with botanical extracts. The range features three flavors—mango with ginger and turmeric extracts, mixed berry with chamomile extract, and elderberry extract. These yogurts are also enriched with live probiotics, catering to the growing consumer demand for functional and plant-based products.

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