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Vegan Yogurt Market: Overview

Vegan yogurt market has evolved on the back of the growing preference of plant-based diets. In several parts of the globe, various varieties of plant-based diets have spiraled in popularity. At both ends of the spectrum comprising consumers and manufacturers vegan yogurt is become new way to adhere to sustainable diet patterns. Vegan yogurt is become increasingly preferable to conventional dairy yogurt due to its health benefits; dairy products have dwindled in consumption worldwide due to decreasing sheen of dairy products. On the other hand, vegan yogurt products show texture and consistency comparable to the conventional diary ones, which have enabled manufacturers in the vegan yogurt market increase their penetration world over.

Some of the popular vegan products used in making yogurt are grain, seeds, and nuts. Some of the common ones used are soy, almond, hemp, oats, and coconut. Vegan yogurt varieties are gaining shelf access in convenience stores and specialty stores in developing economies of the world.

Vegan Yogurt Market: Key Trends

Care for Environment Propels Popularity: One of the key market propositions that vegan yogurt fuels is consumption of environmental- and earth-friendly food products. Plant-based diets have risen in popularity on the back of this trend. Food producers in the vegan yogurt market have found a huge avenue in such products to portray that they are conscious of the environmental footprint of packaged food products.

Health Benefits of Plant-based Protein Generate Momentum to Demand: The prevalence of health conditions arising due to milk allergies is one of the key aspects for the health benefits of vegan yogurt. The nutritional benefits in reducing cardiovascular risks is also a key driver for the demand in the vegan yogurt market. The popularity is boosted by increasing trend of fortification of vegan yogurt with vitamins and minerals. An example is products fortified with omega-3 fatty acids.

Rise in Launches Opens Exciting Avenues: Eyeing the competitive gains from this plant-based food product category, startups and emerging players alike are expanding their product portfolio to developing regions of the world. They increasingly portray these initiatives as a way to fight off climate change. The use of sustainable packaging for their products has further boosted the prospects in the vegan yogurt market.

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Vegan Yogurt Market: Competitive Analysis and Key Developments

Epigamia, an India-based startup, announced in July 2020 that it recently launched dairy-free coconut milk yogurt especially to cater to the needs of Indian population. To this end, it has also added to its Series C round funding. Two key points of attraction can be that the vegan yogurt products are bereft of preservatives and also contain high load of probiotics. The company is trumpeting on the high sustainable quotient of their products in the food sector. Rise in numbers of vegan restaurant chains has expanded the avenue of capitalization for such companies.

A growing body of research has been trumpeting on the benefits of plant-based diets among worldwide population. Demand for vegan yogurt has gained a robust impetus due to this. The growing penetration of plant-based products in the convenience food industry will offer copious revenues to new entrants. Top players are also coming out with new pricing strategies to garner competitive gains in the vegan yogurt market.

Vegan Yogurt Market: Regional Assessment

While Europe and North America have been lucrative markets, Asia Pacific market is expected to expand at rapid pace in the next few years. These regional markets have gained shares from the growing awareness of the benefits of plan-based diets along with the rise in prevalence of milk-based allergies in the regional populations. Of note, Asian nations have been witnessing rise in exciting product launches in recent years, which has boosted their role in the global vegan yogurt market. 

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Vegan Yogurt Market