The consumables that do not contain any direct or indirect animal content are known as plant-based products such as milk extracted from different types of cereals, seeds, nuts, legumes, etc. Also, the products such as cream, cheese, dressing sauces, and yogurts are now-a-days extracted from plants. The people looking for a balance between dairy and meat consumption are turning towards such plant-based products. One such product in demand is plant-based yogurt, experiencing a significant consumption across the world.
There are several factors behind the rising demand in the global plant-based yogurt market. The product is high in nutrients, rich in vitamin B12, probiotics, low-sugar, gluten-free, and has minimum lactose. Among several flavors available in the market, the cashew-based, coconut, and soy flavors are experiencing higher demand over its other products. This is attributed to their textures that resembles to the dairy yogurt. Another factor contributing to the growth in the global plant-based yogurt market are increasing number of people suffering from gluten intolerance, lactose allergic, GERD diseases, and allergic to cow’s milk. These factors had reduced the sale of dairy yogurt, where plant-based yogurt market gained significant traction in a very less time due to their functional value.
Manufacturers are launching various flavors in their plant-based yogurt range to attract customers across the globe. Some of the trending flavors are peach, coffee, blueberry, and strawberry. Companies are also innovating unique product flavors like turmeric golden and sea-salt chocolate. These are low-fat, high nutrients yogurt range preferred by fitness enthusiasts and kids.
The global plant-based yogurt market is broadly divided into product type, application, and region. The product type segment is classified into coconut yogurt, almond yogurt, soy yogurt, and others. The global market on the basis of application is divided into HoReCa and household.
Geographically, Europe and North America are foreseen to lead the global plant-based yogurt market within the forecast period. This is attributed to the rising trend of veganism and increasing number of manufacturing companies in the regions. Besides, social media marketing is also significantly contributing to regional growth. The leading regions are trailed by Asia Pacific, projecting a promising growth scope in future.
The global plant-based yogurt market is led by the players like Green Valley organics, WhiteWave Services, Inc., Hain Celestial, Danone, Stonyfield Farm, Inc., General Mills Inc., Ripple Food, Nancy’s Yogurt, Daiya Foods, Califia Farms, Yoconut Dairy Free, Kite Hill, COYO Pty Limited, Granarolo Group, Chobani LLC, and GOOD KARMA FOOD, Inc. To cite, Lyrical Foods Inc., in 2020, came up with two new plant-based yogurts, named Kite Hill Blissful and Kite Hill Sour Cream Alternative. The former is a coconut-based and the latter is a mix of coconut & almond milk yogurt.