Surging trend of veganism is expected to boost the growth of the global dairy-free yogurt market during the forecast period of 2023 to 2032

January, 2022/MRFR Press Release/- Market Research Future has published a report on the global dairy-free yogurt market.

Market Highlights

Dairy-free Yogurt Market is projected to reach USD 13.9256 billion by 2032, growing at a CAGR of 5.10% from 2023 to 2032.

Yogurt produced from non-dairy sources such as plant-based milk is marketed as dairy-free yogurt across the globe. Several market players fortify their dairy-free yogurt with probiotic cultures to enhance its nutritional benefits and in turn increase its sale. Dairy-free yogurts containing probiotics help in improving the digestive and gut health. Califia Farms (US) provides a probiotic drinkable yogurt that contains almost 10 billion live, active probiotics in each cup. The market players are expected to witness lucrative opportunities during the upcoming years through the launch of dairy-free yogurt targeted at children.

Based on product type, the global dairy-free yogurt market has been segmented into soy, coconut, rice, almond, and others. The soy segment is expected to garner the highest revenue share in the global dairy-free yogurt market owing to the increasing consumption of soy milk among the consumers. However, the coconut segment is anticipated to grow with the highest CAGR and gain market dominance during the forecast period due to the increasing production of coconut milk and rising awareness regarding the benefits of consuming coconut milk and coconut milk derivatives.

The global dairy-free yogurt market has been segregated, by category, into conventional and organic. The conventional segment is expected to gain the major share, in terms of revenue, of the global dairy-free yogurt market. The segment’s dominance can be attributed to the maximum cultivation of plants through conventional farming techniques by the use of chemical fertilizers and pesticides. The organic segment is anticipated to register the highest growth rate during the forecast period owing to the rising inclination of consumers towards organic products as they are produced without usage of chemical fertilizers or pesticides. Thus, the demand for dairy-free yogurt produced from organically grown plant sources is increasing across the globe.

Based on packaging type, the global dairy-free yogurt market has been segmented into tubs, pouches, and others. The tubs segment is expected to garner the highest revenue share of the global dairy-free yogurt market and shall continue its dominance during the forecast period. A majority of market players offer their products in tubs as it is a convenient form of packaging and offers ease to consumers while consuming it.

By distribution channel, the global dairy-free yogurt market has been segmented into store based and non-store based. The store based segment has further been segregated into hypermarkets & supermarkets, convenience stores, and others. The store based segment is expected to garner the highest revenue share in the global dairy-free yogurt market due to the increasing shelf space for vegan products in supermarkets & hypermarkets and convenience stores. However, the non-store based segment is expected to project the fastest CAGR during the forecast period due to the increasing penetration of e-commerce in the food retail. Moreover, the adoption of consumer friendly business models by e-commerce retail players is propelling the consumers to opt for non-store retail channels.

The global dairy-free yogurt market has been segmented by region, into North America, Europe, Asia-Pacific, and Rest of the World.

North America is expected to lead the global dairy-free yogurt market owing to the surging trend of veganism in the region. In addition, the rising preference of consumers towards healthy plant based food is also fueling the region’s growth in the global market.

Asia-Pacific dairy-free yogurt market is anticipated to be the fastest-growing during the forecast period due to the changing lifestyle of people, rising impact of western culture, and high prevalence of lactose intolerance in the region.

Segmentation

The global dairy-free yogurt market has been segmented on the basis of product type, category, packaging type, distribution channel, and region.

The global dairy-free yogurt market has been divided, by product type, into soy, coconut, rice, almond, and others.

Based on category, the global dairy-free yogurt market has been segregated into conventional, and organic.

Based on form, the global dairy-free yogurt market has been classified as tubs, pouches, and others.

By distribution channel, the global dairy-free yogurt market has also been segregated into store based and non-store based. The store based segment has further been segregated into hypermarkets & supermarkets, convenience stores, and others.

Key Players

Some of the key players in the global dairy-free yogurt market are Danone S.A. (France), COYO Pty Ltd (Australia), Forager Project (US), The Coconut Collaborative (UK), Lavva (New York), Good Karma Foods, Inc. (US), Granarolo SpA (Italy), Daiya Foods Inc. (Canada), NANCY'S (US), Hain Celestial (US).