The vegan yogurt market is expected to continue its bullish run, driven by a combination of macroeconomic and industry-specific factors. Gains have been driven by vegan yogurt’s availability in a variety of flavors, and the ubiquitous health and wellness trend. These factors helped vegan yogurt sales increase by over 30,000 metric tons in 2018 over 2017, according to recent analysis by Fact.MR.
The Fact.MR study opines that almond yogurt remains the bestseller, accounting for more than half of total vegan yogurt sales in 2018. The trend is expected to prevail as vegan yogurt companies continue to introduce new almond-milk based yogurt products to meet consumers’ taste preferences while enhancing the vegan yogurt’s nutritional value.
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Vegan Yogurt Market Remains a Fragmented Landscape
Considering the nature of the product, the vegan yogurt market continues to witness a high level of fragmentation, with unorganized players maintaining their strong presence. The level of fragmentation is higher also on account of the fact that many emerging countries in the Asia Pacific are among the leading producers and consumers of vegan yogurt. Lax regulations, stronghold over domestic supply chains, and intimacy with local tastes and preferences are the key factors that can be attributed to the growth of the unorganized sector in vegan yogurt market.
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Almond-milk Based Yogurt the Most Preferred Variant
Due to its low cholesterol and unsaturated fat content, almond milk is emerging as the most preferred non-dairy alternative for the production of vegan yogurts. Apart from being devoid of cholesterol, almond milk yogurt can help reduce bad cholesterol owing to the presence of polyunsaturated fatty acids in its composition. Furthermore, consumption of almond yogurt has been linked with maintaining eye health, immunity, and digestive health.
Vegan Yogurt Market – Market Structure
The vegan yogurt market report offers a detailed market breakdown on the basis of volume, value, Y-o-Y growth, and CAGR. The report segments the market on the basis of region, end use application, sales channel, and product type.
The report on the vegan yogurt market also features detailed profiling of key market players. The key market players profiled in the report include Hain Celestial Group Inc., Stonyfield Farm Inc., Daiya Foods Inc., Good Karma Foods Inc., Hudson River Foods, Nancy’s Yogurt, Kite Hill, and COYO Pty Ltd.
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Households Account for 80% Consumption of Vegan Yogurt
Fact.MR finds that over 80% of vegan yogurt is consumed in households. Further, the compact packaging of vegan yogurt allows the consumer to eat it on-the-go, making it an attractive snacking option for busy consumers.
The use of vegan products in food chains and restaurants is gradually gaining traction; the study found moderate growth in the utilization of vegan yogurt and products in the food service industry. Although households dominate overall consumption, demand for vegan yogurt from households and HORECA is growing at comparable rates.
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