Plant-based Yogurt Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[225+ Pages Report] According to Facts and Factors, the global plant-based yogurt market size was valued at USD 2.49 billion in 2022 and is anticipated to grow to USD 9.27 billion by the end of 2030. The plant-based yogurt market industry is anticipated to grow with a CAGR of 17.93% during the forecast period.

Market Overview

Plant-based yogurt is a great alternative to traditional yogurt prepared from animal milk. It is a dairy-free alternative and is highly popular among people with dairy allergies or lactose intolerance. Additionally, these are high in demand among the people following vegan diets or simply prefer plant-based products for environmental, health, or sustainability reasons. These yogurts are prepared from a wide variety of plant sources like almond, soy, coconut, and others.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based yogurt market size is estimated to grow annually at a CAGR of around 17.93% over the forecast period (2023-2030).
• In terms of revenue, the global plant-based yogurt market size was valued at around USD 2.49 billion in 2022 and is projected to reach USD 9.27 billion by 2030.
• Probiotic and nutritional benefits are driving the growth of the global plant-based yogurt market.
• Based on the nature, the organic segment is growing at a high rate and is projected to dominate the global market.
• Based on the product type, the soy segment is projected to swipe the largest market share.
• Based on the flavor, the vanilla flavor segment is the fastest-growing segment of the global market.
• Based on the price range, the premium price range segment accounts for the largest share of the global market.
• Based on the sales channel, the retail food service segment accounts for the largest share of the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• Probiotic and nutritional benefits are likely to drive the growth of the global market.

Plant-based yogurts are fortified products with loaded vitamins and probiotics required to maintain human health. Therefore, the increasing awareness among people regarding the immense benefits of a plant-based diet is likely to further drive the growth of the global plant-based yogurt market.

Moreover, manufacturers and big brands are highly encouraging plant-based yogurt products by increasing awareness with intensive marketing campaigns and product labeling. Social media has become a powerful weapon to create brand awareness and attract a large customer base, which in turn is likely to increase the sales of plant-based yogurt in the coming years.

For instance, Dariya Foods Inc. said to extend its production capacity in 2018 to align with the surging demands from plant-based products. The company is making moves to expand its operations from Vancouver to British Columbia.

Restraints

• Taste and texture challenge is likely to hamper the growth of the global market.

Mimicking the exact taste and texture of animal-based yogurt in the plant-based alternatives is a big challenge for manufacturers. Consumers are sometimes a little dissatisfied with the consistency and taste, which in turn is likely to limit the growth of the plant-based yogurt market in the coming years.

Additionally, the retailers hold a limited stock of plant-based products because of the low awareness among people, which is further likely to slow down the market growth.

Opportunities

• Consumer education is likely to foster growth opportunities in the global market.

As consumers are becoming more aware of the health and environmental benefits of plant-based products, they are more likely to adopt plant-based yogurt into their regular diets, which is likely to widen the scope of the plant-based yogurt market industry.

For instance, Soyarich Foods revealed the launch of Yofu in October 2020. The product is available in various flavors like apple cinnamon, cherry, mango, and others. The product is an innovative plant-based yogurt alternative with no added preservatives and colors.

Challenges

• Cultural preferences and supply chain disturbance is a big challenge in the global market.

Dairy products are deeply rooted in certain cultures and culinary practices. Therefore, overcoming cultural preferences is a big barrier for the manufacturers, which in turn is likely to negatively impact the growth trajectory of the global plant-based yogurt market. Moreover, the disturbance in the supply chain due to the global crisis further challenges the companies operating in the industry.

Segmentation Analysis

The global plant-based yogurt market can be segmented into nature, product type, flavor, price range, sales channel, source, and region.

By nature, the market can be segmented into organic and conventional. The soy segment is projected to register a notable growth in the forthcoming years. The plant-based food products are gaining immense popularity among consumers. People are more inclined towards dairy alternative products such as soy yogurt, which is significantly propelling the demand in the segment. Soy-based yogurt helps in maintaining the sugar levels in the human body and also lowers cholesterol.

By product type, the market can be segmented into soy, almond, rice, and others. The organic segment accounts for the largest share of the global plant-based yogurt market. Organic plant yogurts are derived from ingredients that are grown and sourced without the use of genetically modified organisms, herbicides, pesticides, synthetic chemicals, or artificial fertilizers. These products adhere to organic farming practices.

Moreover, the products labeled as organic are required to align with the organic certification standards, thereby ensuring the high quality of products. Also, the segment has a broader appeal to consumers, particularly the ones who prioritize organic farming practices and environmental sustainability.

By flavor, the market can be segmented into coffee, coconut, raspberry, peach, cherry, blueberries, strawberry, vanilla, and others. Vanilla flavor plant-based yogurt is a leading segment in the plant-based yogurt market industry because of its creamy and slightly sweet taste.

People use it as a base for various toppings and mix-ins. Also, the strawberry flavor segment is expected to grow steadily in the forthcoming year because it is people's classic favorite and offers a fruity flavor.

By price range, the market can be segmented into premium, mid-range, and economic. The premium price range segment is expected to see a high growth rate during the forecast period. The premium quality products are of higher quality with unique and exotic flavors.

Also, these products are majorly organic or specialty-certified. People are more inclined towards premium plant products because of their higher nutritional profile. Health-conscious consumers are more willing to pay premium prices for superior-quality products.

By food service, the market can be segmented into e-commerce, independent small grocers, convenience stores, modern trade, retail food service, and others. The retail food service segment is likely to dominate the plant-based yogurt market industry during the predicted period.

The retail food service section within the retail stores or in-house cafes offers innovative and unique plant-based products that are likely to attract a broader customer base. Moreover, shoppers looking for refreshments or a quick bite during shopping are usually willing to try an innovative food product, which is likely to further propel the demand for plant-based yogurt in the retail food service segment.

Report Scope

Regional Analysis

• North America to lead the global market during the projected period

North America accounts for the largest share of the global plant-based yogurt market because of the ongoing transformation in recent years. The demand for plant-based yogurt in the region is growing significantly because of the increasing number of vegetarians, vegans, and health consumers, along with individuals facing dairy allergy or lactose intolerance.

Moreover, the region has a wide variety of plant-based yogurt options made from different sources like oats, coconut, soy, almond, and others. Such a diversity in products attracts a broader customer base and caters to their different taste, dietary needs, and preferences.

Also, well-established food companies and startups are coming up with innovations by introducing new flavors and formulations along with improving the quality of the products, which in turn is likely to propel the growth of the regional market.

Asia Pacific is expected to grow steadily in the forthcoming years because of the fast-changing dietary preferences of people, along with the increasing health consciousness and environmental concerns. Also, the region is a hub for diverse cultures, thereby helping manufacturers to come up with unique offerings to cater to the diverse preferences of people.

Moreover, the regional market is highly driven by lactose-free vegan diets, which are likely to widen the scope of plant yogurt. For instance, Stonyfield Farm Inc. launched a vegan yogurt drink in 2020 in a range of flavors like strawberry, blueberry, and pomegranate. It's the first ever kind of drink available in North America.

Competitive Analysis

The key players in the global plant-based yogurt market include:

• Danone
• Chobani
• Yoplait
• Califia Farms
• Alpro
• Forager Project
• Kite Hill
• Nush
• Daiya
• Coyo
• The Coconut Collaborative
• Siggi's
• Good Karma Foods
• Stonyfield Organic
• Hudson River Foods
• General Mills Inc.

For instance, Lyrical Foods Inc. 2020 partnered with various US-based retailers, Wegmans, FoodKick, and Instacart, to offer a range of plant-based yogurts.

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

By Nature Segment Analysis

• Organic
• Conventional

By Product Type Segment Analysis

• Soy
• Almond
• Rice
• Others

By Flavor Segment Analysis

• Coffee
• Coconut
• Raspberry
• Peach
• Cherry
• Blueberries
• Strawberry
• Vanilla
• Others

By Price Range Segment Analysis

• Premium
• Mid-Range
• Economic

By Sales Channel Segment Analysis

• E-Commerce
• Independent small grocers
• Convenience stores
• Modern Trade
• Retail Food Service
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America