The non-dairy yogurt market is valued at nearly US$ 6.77 Bn in 2021. The market is projected to grow at a CAGR of 5.8% through 2032 with a projection value US$ 12.2 Bn by 2032.
Stimulated by innovations in flavored yogurt varieties, global non-dairy yogurt market is set for an upward growth trend over the course of next decade. non-dairy yogurt market will be primarily driven by rise in inclination towards the consumption of plant-based products. The trend of natural and organic is also significantly contributing to the growth of non-dairy yogurt market.
In contrast to its conventional counterpart, organic non-dairy yogurt would account for a third of global market value in 2022. This share is however expected to expand in the near future, attaining the market value of over US$ 3 Bn at the end of projection period. The demand for flavored non-dairy yogurt continues to rise owing to widespread availability and innovations in terms of taste.
Key Takeaways – Non-Dairy Yogurt Market Study
- The demand for coconut yogurt will increase at a CAGR of ~5.8% during the forecast period (2022-2032).
- Demand for global soy non-dairy yogurt in global market roughly equates the value of US $ 2 Bn and will account for 2/5th share in total market revenue in the near future.
- Sales of non-dairy yogurt is foreseen to be higher in countries of South Asia and East Asia.
- Organic non-dairy yogurt is yet to enter the mainstream.
- Increasing demand for natural and organic plant-based food products among consumers resulted in the increased usage of non-dairy yogurt in the food and beverages industry.
- The population allergic to nuts and seeds may remain a longstanding penetration challenge facing non-dairy yogurt market players.
- Consumers’ choices nowadays reflect healthy and cost-effective preferences along with social and moral values, where non-dairy yogurt offers ethical and environmentally-friendly products to these consumers.
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Increasing incidences of lactose intolerance are translating into substantial demand for lactose-free, plant-based dairy products. These products that are witnessing high demand include soy yogurt, almond yogurt, coconut yogurt, oat yogurt, and rice yogurt.
What Does Competitive Landscape Analysis Reveal?
Key manufacturers are focusing to increase expenditure for research and development activities to introduce innovative non-dairy yogurt flavors. These manufacturers are also strategizing for portfolio expansion and supply chain management to improve their foothold around the world. Plant-based dairy products as a concept are practically unfamiliar in rural areas and certain cities in developing countries, are signifying comparatively low growth prospects of the non-dairy yogurt market in many countries. This scenario is anticipated to change in the next coming years on the account of macro factors which includes Internet penetration, which has been prompting the unification of media and food culture.
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Non-Dairy Yogurt Market Segmentation
Product:
- Soy Yogurt
- Almond Yogurt
- Coconut Yogurt
- Oats Yogurt
- Rice Yogurt
- Pea Yogurt
- Others
Nature:
- Organic
- Conventional
Form:
- Drinkable Yogurt
- Spoonable Yogurt
Flavor:
- Plain/Unflavored
- Flavored
Sales Channel:
- B2B (HoReCa & Other Food Services)
- B2C
- Modern Grocery Retailers
- Hypermarket/ Supermarket
- Convenience Store
- Specialty Store
- Online Retailers
- Wholesalers
- Other Retail Forms
The report covers exhaustive analysis on:
How much is the Non-dairy Yogurt market current worth?
At what CAGR is the market expected to grow?
How was the performance in the last five years?
What are the key trends boosting Non-dairy Yogurt sales?
How are market players reacting to the new developments in the market?
Which are the major countries driving demand for Non-dairy Yogurt?
Who are the major players in the Non-dairy Yogurt market?
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