“Global Plant-based Yogurt Market to reach a market value of USD 7.9 Billion by 2031 growing at a CAGR of 13.6%”
The Global Plant-based Yogurt Market size is expected to reach $7.9 billion by 2031, rising at a market growth of 13.6% CAGR during the forecast period.
A high level of innovation in food products characterizes the North American market. This yogurt is available in various options, including different bases (almond, coconut, and oat), flavors, and formulations, catering to diverse consumer preferences. Consequently, the North American region would acquire nearly 30% of the total market share by 2031.
Increasing consumer health consciousness is a major driver for the market. Many individuals are adopting vegan and vegetarian diets to address health concerns such as heart disease, diabetes, and obesity. In addition, ethical considerations and animal welfare are significant motivators for adopting vegan and vegetarian diets. Thus, rising trends of vegan and vegetarian diets are driving the market's growth.
Additionally, Food processing advancements, including improved extraction and fermentation technologies, enable more efficient and higher-quality production of this yogurt. Likewise, as consumers become more aware of health and wellness, including dietary preferences like veganism and lactose intolerance, the demand for plant-based alternatives, including yogurt, increases. Hence, expansion of the food processing industry worldwide is driving the growth of the market.
However, the production of this yogurt often involves higher costs than traditional dairy yogurt. These yogurts are made from alternative bases such as almonds, cashews, coconuts, and oats. The higher production costs of these yogurts often lead to higher retail prices than traditional dairy yogurts. In conclusion, the higher cost of this yogurt is hampering the market's growth.
Based on flavor, the market is divided into flavored yogurt and non-flavored yogurt. The non-flavored yogurt segment procured 26% revenue share in the market. Non-flavored yogurts are often perceived as healthier because they typically contain fewer added sugars and artificial ingredients.
By distribution channel, the market is divided into B2C and B2B. The B2B segment procured 29% revenue share in the market in 2023. Businesses such as restaurants, hotels, and institutions often require bulk purchases of this yogurt for their operations.
On the basis of source, the market is segmented into soy, almond, coconut, oat, and others. In 2023, the almond segment attained 23% revenue share in the market. Almond-based yogurts are known for their mild, slightly nutty flavor and creamy texture. This makes them an appealing choice for consumers who enjoy a subtle, pleasant taste and a smooth consistency in their yogurt.
Free Valuable Insights: Global Plant-based Yogurt Market size to reach USD 7.9 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed 38% revenue share in the market in 2023. Europe has a strong trend towards health and wellness, with consumers increasingly seeking healthier food options. This yogurt is perceived as a healthier alternative to dairy yogurt, aligning with European consumers’ focus on nutrition and well-being.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 2.9 Billion |
| Market size forecast in 2031 | USD 7.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.6% from 2024 to 2031 |
| Number of Pages | 251 |
| Number of Tables | 449 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Flavor, B2C Type, Distribution Channel, Source, Region |
| Country scope |
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| Companies Included | General Mills Inc., Danone S.A., Nancy’s Yogurt, Nush Foods, Califia Farms LLC, Nestlé S.A., The Hain Celestial Group, Inc., Kite Hill and Chobani LLC |
By Flavor
By Distribution Channel
By Source
By Geography
This Market size is expected to reach $7.9 billion by 2031.
Rising trends of vegan and vegetarian diets are driving the Market in coming years, however, Higher cost of plant-based yogurt restraints the growth of the Market.
General Mills Inc., Danone S.A., Nancy’s Yogurt, Nush Foods, Califia Farms LLC, Nestlé S.A., The Hain Celestial Group, Inc., Kite Hill and Chobani LLC
The expected CAGR of this Market is 13.6% from 2024 to 2031.
The B2C segment led the Market by Distribution Channel in 2023; thereby, achieving a market value of $5.4 billion by 2031.
The Europe region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3 billion by 2031.
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