Vegan Yogurt Market Growth Analysis by 2028
General Mills continued to be bullish about Kite Hill, a vegan company that specializes in manufacturing plant-based yogurt and cheese. Kite Hill secured additional funding of US $40 million from 301 Inc. a General Mill’s venture capital firm. Kite Hill aims to use this funding for expanding its factory capacity.
Danone, the leading French yogurt maker, acquired WhiteWave Foods in 2017. With a US $10 billion payment in cash, Danone acquired the Colorado-based company which owns a range of plant-based food and beverages manufacturing brands in Silk®, So Delicious®, Alpro®, and Vega™ brands.
Ripple launched its first ever vegan Greek yogurt line in 2018 with its major constituent being its proprietary pea-based protein Ripptein. The pea-based composition of the yogurt aims to free the vegan product from common allergens in nuts, soy, gluten, lactose, and other common allergy-causing agents.
The report on the vegan yogurt market also features detailed profiling of key market players. The key market players profiled in the report include Hain Celestial Group Inc., Stonyfield Farm Inc., Daiya Foods Inc., Good Karma Foods Inc., Hudson River Foods, Nancy’s Yogurt, Kite Hill, and COYO Pty Ltd.
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Vegan Yogurt Market Remains a Fragmented Landscape
Considering the nature of the product, the vegan yogurt market continues to witness a high level of fragmentation, with unorganized players maintaining their strong presence. The level of fragmentation is higher also on account of the fact that many emerging countries in the Asia Pacific are among the leading producers and consumers of vegan yogurt. Lax regulations, stronghold over domestic supply chains, and intimacy with local tastes and preferences are the key factors that can be attributed to the growth of the unorganized sector in vegan yogurt market. Unorganized players hold a healthy 43% revenue share of the market; small players also make up 42% of total share.
The organized segment of the vegan yogurt market is also highly fragmented, with a number of players vying for consumer attention. . Rising lactose intolerance is driving vegan yogurt companies to launch high-quality and nutritious products in the market. Growing demand has also led processors to increase their production capacity. Meeting the varied tastes and preferences, without compromising on the nutritional quotient, remains a key focus area for vegan yogurt companies.
Almond-milk Based Yogurt the Most Preferred Variant
Due to its low cholesterol and unsaturated fat content, almond milk is emerging as the most preferred non-dairy alternative for the production of vegan yogurts. Apart from being devoid of cholesterol, almond milk yogurt can help reduce bad cholesterol owing to the presence of polyunsaturated fatty acids in its composition. Furthermore, consumption of almond yogurt has been linked with maintaining eye health, immunity, and digestive health.
Almond yogurt’s vitamin E-rich makeup provides for 50% of a human being’s daily vitamin requirement. With its high vitamin E content, almond yogurt provides the nourishment required to maintain healthy and glowing skin. The array of benefits offered by almond-milk based yogurt has created a spike in the demand for the alternative yogurt variant. An increasing number of vegan yogurt companies have been taking note of the growing popularity of almond yogurt and are launching novel vegan yogurts with almond-milk as its basic manufacturing ingredient.
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Fear of Developing Antibiotic Resistance Creating Dent in Consumer Confidence
The use of antibiotics and hormones to increase milk production in cows and other cattle is suspected to be one of the major causes of the development of antibiotic resistance in humans. A booming number of superbugs that are resistant to most antibiotics have emerged in the recent past. The discovery has been closely linked to the use of hormones and antibiotics in dairy and meat farming. Further, stories of inhumane treatment of animals on farms have sparked global outrage. Stories of separating new-born baby calves from their mothers to the slaughtering of cows unable to produce milk were made public, resulting in a backlash against meat and dairy products.
Inefficient manure management techniques, coupled with increased manure produce is leading to the pollution of natural waterways and aquifers. The contamination of waterways and natural sources of water is gradually starting to take a toll on the health of the people situated in the vicinity of the dairy farms. The indirect impact of dairy farming on human health and environment has further fuelled avoidance of dairy products. An overall grim view of dairy farming practices has resulted in an increasing number of people choosing non-dairy vegan products over dairy products.
Regulatory Authorities Address Ambiguity Surrounding Vegan Products and Dairy Substitutes
Consumers around the world are uncertain regarding the nutritional and processing attributes for terming a product as vegan. Further, using labels such as milk, cheese, and yogurt for non-dairy substitutes has created confusion among consumers who often mistake the nutritional content of vegan products to be equivalent to their dairy counterparts.
Regulatory authorities around the world have stepped in to alleviate some of the consumer concerns. For instance, the US Food and Drug Administration (FDA) is scrutinizing the standards of identity laid down for using dairy names for non-dairy products. The regulatory authority has issued a request for information (RFI) to garner feedback on how consumers use dairy substitutes and the way they comprehend terms like milk, yogurt, and cheese. Through the survey, FDA plans to promote innovations in the production of vegan yogurt and other plant-based products. In a similar vein, the European Union has announced it would establish a definition of vegan food in 2019 which will lay the groundwork for labeling any product as vegan. With the definition, EU aims to educate the consumers as well as lay down proper guidelines for companies involved in the production of vegan foods and beverages. Budding companies, as well as old market players, can leverage the information to streamline their strategies to tap into the extensive vegan consumer market base.
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An Exponential Rise in the Global Vegan Population
A rapid spike in the global vegan population has bolstered the demand for vegan yogurts across the world. More than 5% of the American population now identifies themselves as a vegan and recent trends suggest a likely gain is on cards as numerous people have expressed their interest in switching to a completely vegan diet. With over 300% increase in the number of vegans in the country, UK is now home to over 500,000 vegans. Germany which is the largest producer of vegan food products has over 1 million vegans. In China, the government has released new dietary guidelines promoting the reduction of meat consumption and adoption of plant-based diet. These initiatives are likely to bode well for ushering in the vegan revolution in China.. The increasing demand for vegan yogurt and other vegan products is being led by millennials who have been instrumental in promoting and expanding the vegan movement around the world.
Vegan Yogurt Market – Definition
Vegan yogurt, an alternative to dairy-based yogurt, is usually made from milk substitutes obtained from soy, coconut or almond. The raw materials in soy, coconut, and almonds are ground together with water to produce vegan yogurt which is rich in probiotics making it a healthy snack and an alternative for lactose intolerant population.
Vegan Yogurt Market – About the Report
Fact.MR has published a new report on the vegan yogurt market, which features exclusive information about the vegan yogurt market along with the market forecast for the period 2018-2028. The study on vegan yogurt market offers an elaborate coverage of all the market aspects impacting the vegan yogurt market.
Vegan Yogurt Market – Market Structure
The vegan yogurt market report offers a detailed market breakdown on the basis of volume, value, Y-o-Y growth, and CAGR. The report segments the market on the basis of region, end use application, sales channel, and product type.
For more information on this report, please visit: https://www.factmr.com/report/2478/vegan-yogurt-market
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