Plant-Based Yogurt Sales Soar as More Consumers Prefer Plant-based Products amid COVID-19 Pandemic, Says FMI in a New Study

The growing popularity of the vegan lifestyle and the significant downside of commercial animal agriculture is directing the companies to invest in plant-based yogurts and consecutively driving the plant-based yogurt market. The global plant-based yogurt market is anticipated to surpass a market valuation of US$ 5.0 Bn by 2030, recording a CAGR of 10% during the forecast period, 2020-2030.

Key Developments & Product Innovation

Plant-based yogurt manufacturers are conducting several studies for innovation in texture, taste, and flavors. They are preparing yogurt from various new bases, such as oat or hemp to exclusive flavors like blueberry and mango.

Lyrical Foods, Inc., earlier in 2020, set up two innovative plant-based products, which incorporate Kite Hill Blissful and Kite Hill Sour Cream Alternative. The former is a coconut milk-based yogurt, while Kite Hill Sour Cream is produced with a mix of coconut milk and almond milk.

European manufacturer, Springfield Creamery, Inc., in 2019, established oatmilk plant-based yogurts that are gluten-free and present billions of probiotics per serving, it comprises 30-50% less sugar as compared to competitors brands.

The demand for plant-based products and ingredients is rapidly growing in the food & beverage sector, the non-dairy yogurt market will foresee significant expansion. Apart from this, the rising occurrences of health issues related to dairy products, rising flexitarian, and vegan population, and rising animal welfare concern is boosting the market prospects.

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Key Takeaways of the Market Study

  • Based on flavors the global market includes raspberry, blueberry, vanilla, peach, and strawberry among others. Among these, the strawberry flavor will expand at the highest 14.7% CAGR during 2020-2030.
  • Customers are witnessing organic plant-based yogurts as a healthy and nutritious alternative to conventional yogurts. Organic yogurts are anticipated to foresee a higher CAGR of 13.1% throughout the assessment period. Customers are getting more aware of a healthier lifestyle. Consequently, they favor eating healthy and expending more on functional food as compared to medical treatments.

COVID-19 Impact analysis

Growing focus on wellness and health amid customers because of the COVID-19 outbreak is projected to boost the market for plant-based yogurt in the approaching years.

Regional Insights

Europe and North America keep on to be the majorly lucrative markets for plant-based yogurt particularly and plant-based products in general. Changing dynamics nevertheless is favoring expansion in East Asia. The regions are projected to stay dominant in the global markets. Partnerships and acquisitions by big giants would offer substantial momentum to the market all over these regions. The increasing health awareness among customers is essential to the veganism growth in the APAC market. Inevitably this will bolster development prospects for the market

Competitive Landscape

The biggest market share stays with top companies, which generally belongs to the U.S. and Europe. Companies are expanding their product portfolio by increasing their operations to other regions by fortifying their distribution channels. Multinational companies are centering on the extension of their production facilities, acquiring local players, and partnerships that will go together with their product offerings.

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