Global Plant-Based Yogurt Market: Overview
Plant-based yogurt is a product that does not contain ingredients associated with animals. It is derived from milk that is obtained from nuts, legumes, cereals, soy, or seeds. Plant-based yogurt was been considered a niche product for the last decade, however, things have changed and people are opting for plant-based yogurt owing to its nutritional value and availability in several flavors. Plant-based yogurts are rich in vitamins & probiotics and are gluten-free as well as low in sugar.
Global Plant-Based Yogurt Market: Growth Factors
A decrease in the consumption of dairy products due to lactose intolerance or allergy to cow milk and rising inclination of the population toward veganism due to a rise in concerns regarding animal welfare are the factors driving the growth of the global plant-based yogurt market. Additionally, the wide range of flavors offered by the manufacturers to meet the demand of flexitarians is also fostering the growth of the market. Moreover, plant-based products are also associated with numerous health benefits. For instance, soy-based products are associated with a lower risk of some cancers. Also, the consumption of soy protein is associated with reduced blood cholesterol. This is adding up to the growth of the market. Furthermore, animal welfare organizations such as PETA, working to reduce and/or completely ban the use of animal products to fulfill a nutritional need is further boosting the growth of the market. However, the high cost of manufacturing may hinder the growth of the market. On the other hand, the introduction of new flavors by the key players to be competitive in the market will spur the growth of the global plant-based yogurt market during the forecast period.
Globally, there are unprecedented effects on health, the economy as well as social life due to the outbreak of covid-19 caused by a coronavirus. The industries are at standstill due to the pandemic. The food & beverages industry is no exempt from this as raw materials are scarce, shortage of labors due to disruption in the supply chain, and strict rules to stay at home by the government. However, with lifting lockdowns, there is steady growth for the global plant-based yogurt market as they have a long shelf-life and are considered healthier food.
Global Plant-Based Yogurt Market: Segmentation
The global plant-based yogurt market is bifurcated by nature, flavor, source type, distribution channel, end-use, and region. Based on nature, the market is divided into organic and conventional. Based on flavor, the market is bifurcated into regular, coconut, vanilla blueberry, cherry, coffee, strawberry, peach, and others. Based on source type, the market is classified into cereals, nuts, legumes, pseudocereal, and seeds. Based on the distribution channel, the market is categorized by retail, food service, discounters, modern trade, e-commerce, and others. Based on end-use, the market is bifurcated by household retail and foodservice.
Global Plant-Based Yogurt Market: Regional Analysis
Europe is estimated to dominate the global plant-based yogurt market in terms of revenue in the predicted period followed by North America. The growth in Europe is attributed to a rise in the number of Mediterranean & flexitarians, promotions through social media, the presence of major key players, and a large number of the population using an online distribution channel. On the other hand, Asia Pacific region is anticipated to grow with the highest CAGR and will register as the fastest-growing region due to the rising number of veganism, an increasing population with lactose intolerance, and allergic to cow milk. Moreover, increasing awareness of gluten-free products with high nutritional value are the factors contributing to the growth of the market in this region. The market in the Middle East and Africa is also growing at a steady rate due to the inclination of people toward plant-based products and the wide use of plant-based yogurt in the food industry.
Global Plant-Based Yogurt Market: Competitive Players
Some of the major players operating in the global plant-based yogurt market are General Mills Inc., Danone S.A., Oatly AB, Lyrical Foods, Inc., TRIBALLAT NOYAL, Stonyfield Farm, Inc., COYO Pty Ltd., The Coconut Collaborative, Valsoia S.p.A, King International Operations Pty Ltd, Trader Joe’s, and Granarolo S.p.A.
Global Plant-Based Yogurt Market: Regional Segment Analysis
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