Plant-Based Yogurt Market: Market Outlook
Plant-based products are nothing but those products which do not contain ingredients directly or indirectly related to animals. Milk is derived from different cereals, legumes, nuts, or seeds and then different products like yogurt, cheese, butter, ice-cream, dressing sauces, cream, and many more. The Mediterranean who wants to find the balance between meat consumption and dairy products are mostly preferring such plant-based products. Plant-based yogurt has a high nutritional value, and most importantly now they are available in a variety of flavors.
Plant-based yogurts are lactose, gluten-free, low on sugar but rich in Probiotics and Vitamins like B12. Soy, coconut, and cashew-based yogurt have gained more attention from consumers because of its texture which almost resembles dairy yogurt. Elizabeth Fisher, CEO of Lavva yogurt, made yogurt in 2017-18 using pili nut and coconut milk which is high in fats, helped her recover from stage four Ovary Cancer (a compliment to her treatment). Comparatively low on Calcium, Vitamin D, added sugar, thickening additives, nut allergy, and others become restraining factors for plant-based yogurt market.
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Plant-Based Yogurt Market: Market Dynamics
Increase in demand for Plant-based yogurt due to a decrease in dairy product consumption
The Rising number of lactose and gluten intolerance, the sour taste of dairy yogurt, and allergy of cow milk are being the reason for the reduced consumption of dairy products. In return, increase in demand for plant-based yogurt knowing its functional value.
Increase in demand for Plant-based Yogurt due to increased Flexitarians and Veganism
Flexitarians are open to exotic flavors. They love to experiment with their diet and prefer new flavors of yogurt. Growing concerns about animal welfare in also increasing the percentage of veganism in the overall customers. These factors are driving the plant-based yogurt market.
Manufacturers offering unique features in Plant-based yogurt to drive sales
Producers of plant-based yogurts are offering not only a variety of yogurts bases but also amazing flavors like strawberry, blueberry, coffee, peach, etc. They are also coming up with innovative flavors like sea-salt chocolate or turmeric golden. These yogurts are best-liked by weight and health-conscious, gourmet, and kids.
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Plant-Based Yogurt Market: Segmentation
On the basis of nature, the global Plant-Based Yogurt market has been segmented as
On the basis of source type, the global Plant-Based Yogurt market has been segmented as
- Adzuki Beans
- Fava beans
- Pseudo Cereal
On the basis of flavor, the global Plant-Based Yogurt market has been segmented as
On the basis of application, the global Plant-Based Yogurt market has been segmented as
On the basis of the distribution channel, the Plant-Based Yogurt market has been segmented as
- Specialty Stores
- Convenience Store
- Online Retailing
On the basis of end-use, the Plant-Based Yogurt market has been segmented as
- Household Retail
- Food Service
On the basis of region, the global Plant-Based Yogurt market has been segmented as
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific
- The Middle East and Africa
Plant-Based Yogurt: Key Player
In the market currently, WhiteWave Services, Inc., Green Valley organics, Hain Celestial, Danone, General Mills Inc., Stonyfield Farm, Inc., Ripple Food, Daiya Foods, Nancy’s Yogurt, Califia Farms, Kite Hill, Yoconut Dairy Free, COYO Pty Limited, Chobani LLC, Granarolo Group, GOOD KARMA FOOD,Inc., etc have dominant position.
Global Plant-Based Yogurt Market: Opportunities:
Tier 1 companies may introduce a new yogurt with a variety of flavors and additional functional value, to gain a competitive advantage over one another. Since there is an increase in demand, new players may enter the market with unique ideas and offering products in different segments to get the edge over tier 1 players. Instead of investing a huge amount into animal farming, entrepreneurs may invest in plant-based products facilities. USA FDA had announced to assist and promote innovative dairy alternative, plant-based products, which will bolster the entry of new players.
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Plant-Based Yogurt: Regional Outlook:
Due to trendy Veganism and an increased number of Mediterranean, the plant-based yogurt market is skyrocketing in the North American and the European markets. Social media promotions are helping to increase the sale and it is considered to remain the same for upcoming years. Health benefits and distinctive tastes offered by plant-based yogurt is attracting consumers from developing economies of Asia. Plant-based products have already penetrated India, Brazil, China, and other countries to great extent. The Middle East and African market slowly showing positive inclinations towards plant-based yogurt, and it will be better in the future due to its multiple application in the food industry.
COVID-19 Impact on Global Plant-Based Yogurt Market:
Medical studies have proved that products enrich with proteins, vitamins A, B12, C, and D, minerals help boost the immune system. Plant-based yogurt contains such necessary functional elements. And hence, it has shown a positive impact on the sale of plant-based yogurt. Demand has shown a positive outlook, whereas the lack of raw material and shutdown has shown a negative impact on the supply side, but in the future, COVID-19 will have a moderate influence on the plant-based yogurt market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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