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.
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.
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.
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.