The global vegan yogurt market was valued at USD 5.2 billion in 2022 and is projected to expand at a CAGR of 8.2% from 2023 to 2030. Vegan yogurt is a dairy-free alternative to traditional dairy-based yogurt. It is made from plant-based ingredients such as almonds, soybeans, oats, and cashews. The increasing prevalence of veganism and the growing health concerns among consumers are expected to drive the market growth. The vegan yogurt products are gaining popularity as they are free of animal-derived ingredients, such as lactose, and offer a variety of health benefits.

The growing demand for dairy-free food and beverages is driving the growth of the vegan yogurt market. Consumers are increasingly opting for vegan yogurt products due to their health benefits, such as improved digestion, weight loss, and improved heart health. Furthermore, the launch of new vegan yogurt products with unique flavors and ingredients is propelling the market growth. For instance, in October 2021, Ripple Foods launched a new line of yogurt products that are made from its flagship pea protein-based milk alternative.

The growing preference for plant-based dairy products is driving the market growth. Consumers are increasingly opting for plant-based alternatives to dairy products as they are more nutritious and better for the environment. Furthermore, the growing awareness about the health benefits associated with vegan yogurt is also driving the market growth. For instance, vegan yogurt is a good source of probiotics, which helps improve digestion and reduce inflammation.

The growing number of supermarkets, hypermarkets, and convenience stores are providing easy access to vegan yogurt products. Furthermore, the increasing demand for on-the-go vegan yogurt products is driving the market growth. For instance, in April 2021, Silk, a subsidiary of Danone, launched a new range of oat-based vegan yogurt pouches in the U.S. The pouches are available in a variety of flavors, such as blueberry, peach, and strawberry.

In addition, the increasing number of product launches with unique flavors and ingredients is driving the market growth. For instance, in October 2021, Oatly, a plant-based food and beverage company, launched a new line of vegan yogurt products, which are made from oats, barley, and spelt. The company’s range of flavors includes original, strawberry, raspberry, banana, and mango. Moreover, the increasing focus of key players on expanding their product portfolio is expected to further support the market growth.

The vegan yogurt segment accounted for a share of around 54.1% in 2022. The growth of the segment is driven by rising health concerns among health-conscious consumers, increasing availability of vegan yogurt products in retail stores, and growing demand for dairy-free products with health benefits. According to an article published by the International Dairy Journal, in June 2020, the vegan yogurt market is expected to rise exponentially due to its increasing health benefits, such as offering immunity-boosting nutrients and probiotic bacteria.

The frozen yogurt segment is expected to expand at the fastest CAGR of 8.4% over the forecast period. Growing demand for frozen vegan yogurt products among health-conscious consumers is boosting the growth of the segment. According to an article published by the International Dairy Journal, in July 2019, the frozen vegan yogurt market is expected to gain further traction due to rising trends in snacking culture and the preference for vegan-friendly products. In addition, increasing product innovation by manufacturers is anticipated to drive the segment’s revenue over the forecast period.

The supermarkets and hypermarkets segment is estimated to account for the largest market share in 2022. The growth of the segment is mainly driven by the increasing availability of vegan yogurt products in supermarkets and hypermarkets. Moreover, the convenience of shopping in these stores, the wide range of products, and competitive pricing are among the key factors augmenting the growth of the segment. Moreover, the growing preference for online shopping is expected to drive the online distribution channel over the forecast period.

The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. The rising penetration of internet services and the growing preference for online shopping are among the key factors driving the growth of the segment. Moreover, the availability of a wide range of vegan yogurt products and discounts offered by various e-commerce websites are among the major factors contributing to the growth of the segment. Furthermore, the growing popularity of social media platforms is expected to further drive the growth of the segment.

The plant-based yogurt segment accounted for the largest revenue share of 73.2% in the year 2022. The growing trend of veganism across the world is driving the demand for plant-based products. The rising number of health-conscious consumers and the increased awareness about the nutritional benefits of vegan yogurt are key factors driving the market. Furthermore, companies are introducing new flavors and varieties in vegan yogurt to attract new customers. For instance, in October 2020, Silk, a brand of WhiteWave Foods, launched 12 new vegan flavors such as Coconut Strawberry, Blueberry Almond and Chocolate Marshmallow. These activities are likely to boost the segment in the forecast period.

The dairy-based yogurt segment is anticipated to expand at the highest CAGR of 7.2% over the forecast period. The rising demand for low-calorie and lactose-free yogurt among health-conscious consumers is driving the demand for the segment. Moreover, the increasing trend of yogurt-based smoothies and shakes has increased the demand for dairy-based yogurt. Companies are also launching products with health benefits such as probiotics, vitamins, and minerals. For instance, in June 2020, Danone launched Danone Activia, a probiotic yogurt with a combination of two probiotic cultures Bifidobacterium animalis subsp. Lactis DN-173 010 and Streptococcus thermophilus. These activities are likely to boost the segment in the forecast period.

Europe dominated the market and accounted for the largest revenue share of over 46.5% in 2022. This growth can be attributed to the increasing awareness about veganism and the rising health consciousness among consumers in the region. Moreover, the presence of leading manufacturers such as Dannon, Alpro, and The Coconut Collaborative, who are continually introducing new vegan yogurt products, is further contributing to the growth of the market in Europe.

North America is expected to witness the second-fastest growth in the coming years. Increasing demand for plant-based dairy alternatives due to the growing vegan population in the region is fuelling the growth of the market. Moreover, the presence of prominent players, such as The Coconut Collaborative, Daiya Foods, and Oatly, is further expected to drive the growth of the market in the region. For instance, in April 2021, Daiya Foods launched its new vegan yogurt line in the U.S. and Canada.

In this part of the vegan yogurt products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your vegan yogurt products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a vegan yogurt products business comes from the sale of products, as well as other possible sources of income such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.

Projecting Expenses

In this section, all the regular expenses related to keeping the vegan yogurt products business running will be described. The list of operating expenses includes ingredients and supplies, wages, packaging, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the vegan yogurt market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Alpro launched the Alpro Soya Organic Unsweetened Yogurt, a plant-based yogurt made with organic soya beans.

– In August 2022, Danone launched the vegan yogurt range, including the Alpro Coconut, Almond and Rice Yogurt, in the UK and Ireland.

– In October 2022, Kite Hill launched a range of almond and coconut-milk based vegan yogurts, including the Greek Style and Coconut Based Yogurt.

Some of the prominent players in the vegan yogurt market include:

– Danone SA
– Alpro
– Kite Hill
– So Delicious Dairy Free
– Wallaby Yogurt Company
– Dream Plant-Based
– Turtle Mountain, LLC
– Elmhurst
– Ripple Foods
– Forager Project

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vegan yogurt products market based on type, distribution channel, and region:

1. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Soy Yogurt
– Coconut Yogurt
– Almond Yogurt
– Cashew Yogurt
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Hypermarkets & Supermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Major Drivers of the Vegan Yogurt Market?
[A]: The major drivers of the vegan yogurt market include the increasing awareness of health benefits associated with vegan diets, growing demand for plant-based products, increased demand for convenience and a shift towards more sustainable lifestyles. Additionally, the increasing number of vegan restaurants and grocery stores offering vegan yogurt products, rising consumer disposable incomes, and the availability of a wide range of vegan yogurt products are also expected to fuel market growth.

[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is one of the key growth strategies adopted by market players to gain a competitive edge in the vegan yogurt market. Companies are focusing on introducing new vegan yogurt flavors, textures and packaging to attract more consumers. Additionally, product extensions such as vegan ice cream, vegan cream cheese and vegan yogurt drinks are also gaining traction in the market.

[Q]: Who are the Key Players in the Vegan Yogurt Market?
[A]: Key players in the vegan yogurt market include The Danone Group, WhiteWave Foods Company, Hain Celestial Group, Alpro, Kite Hill, Earth’s Own, Silk, So Delicious Dairy Free, Daiya Foods, and Follow Your Heart.

[Q]: Which Region Offers the Largest Opportunity for Sales of Vegan Yogurt?
[A]: North America is expected to be the leading region in terms of revenue contribution in the vegan yogurt market, followed by Europe. The large presence of vegan-based fast food outlets, health-conscious consumers, and a large number of vegan-based product launches in North America is driving the market in the region.

[Q]: What are the Different Types of Vegan Yogurt Available?
[A]: The different types of vegan yogurt available in the market include soy-based, coconut-based, almond-based, cashew-based, oat-based, and other nut-based vegan yogurts. Additionally, vegan yogurt is also available in a variety of flavors, such as plain, fruit, and savory.