Vegan Yogurt market research study in brief
The business intelligence study for the Vegan Yogurt market provides an extensive synopsis of essential aspects involving the product classification, important definitions, and other industry-specific parameters. The report also covers the key factors associated with the current events such as alliances, mergers & acquisitions, and new product launches.
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Additionally, the Vegan Yogurt market study puts forth a rigid basis for collecting a cluster of insights that potential customers can use to enhance their revenues and reduce costs. The illustration of data on Vegan Yogurt market segmentation by type, application, and geography offers a critical viewpoint of, what manufacturers are eyeing for the stipulated timeframe.
The vegan yogurt market is expected to continue its bullish run, driven by a combination of macroeconomic and industry-specific factors. Gains have been driven by vegan yogurt’s availability in a variety of flavors, and the ubiquitous health and wellness trend. These factors helped vegan yogurt sales increase by over 30,000 metric tons in 2018 over 2017, according to recent analysis by Fact.MR.
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The Fact.MR study opines that almond yogurt remains the bestseller, accounting for more than half of total vegan yogurt sales in 2018. The trend is expected to prevail as vegan yogurt companies continue to introduce new almond-milk based yogurt products to meet consumers’ taste preferences while enhancing the vegan yogurt’s nutritional value.
The adoption of veganism by famous celebrities and athletes has also added to the cause. Coupled with the endorsement from renowned health institutions and its potential cancer-preventing benefits, vegan products have garnered widespread popularity around the globe.
Households Account for 80% Consumption of Vegan Yogurt
Fact.MR finds that over 80% of vegan yogurt is consumed in households. Further, the compact packaging of vegan yogurt allows the consumer to eat it on-the-go, making it an attractive snacking option for busy consumers.
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The use of vegan products in food chains and restaurants is gradually gaining traction; the study found moderate growth in the utilization of vegan yogurt and products in the food service industry. Although households dominate overall consumption, demand for vegan yogurt from households and HORECA is growing at comparable rates.
Quick and Easy Ingredient Procurement a Boon for Companies
Vegan yogurts utilize soy, almond, coconut or other plant-based milk for production. These ingredients are easily available, saving processors the volatilities associated with other ingredients. Moreover, the use of plant-based milk for the production of yogurt does not entail the rearing of cattle which has led to a lot of controversies in recent times.
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The study opines that the Asia Pacific excluding Japan (APEJ) will remain the largest market for vegan yogurt globally. The APEJ market is likely to reach US$ 3.5 billion in revenues by 2019-end. Asia Pacific is home to some of the most populous countries on the planet and the evolving consumer needs and preferences promise formidable growth prospects in the region.
The Fact.MR report tracks the vegan yogurt market for the period 2018-2027. According to the report, the vegan yogurt market is projected to grow at 4.8% CAGR through 2028.
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