Global Vegan Yogurt Market is expected to grow at a CAGR of 16.20% during the forecast period from 2019-2026

As per the report published by Fior Markets,the global vegan yogurt market is expected to grow from USD 870.11 Million in 2018 to USD 2.89 Billion by 2026, at a CAGR of 16.20% during the forecast period from 2019-2026.The Europe region led the global vegan yogurt market with a market share of 30.14% in 2018 because in countries like United Kingdom and France there is a high demand for flavored yogurt.Also, the market for vegan yogurt is anticipated to increase in the Asia-Pacific region in the coming years due to the factors such as growing awareness among the consumers with regards to the health benefits of the vegan yogurt along with the rise in the disposable income.

"Vegan Yogurt Market by Product (Soy, Almond, Coconut and Others), Distribution Channel, End-User, Regions",and Global Forecast 2019-2026.

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Major players in the global vegan yogurtmarket are Danone, The Hain Celestial Group Inc., Daiya Foods Inc., Stonyfield Farm Inc., Kite Hill, COYO Pty Ltd, Good Karma Foods Inc., Blue Diamond Growers, Califia Farms, Ripple Foods, Nancy's Yogurt, Forager Project and Yoconut Dairy Free among others.Vegan yogurt is lactose-free yogurt which is free of milk proteins and it is a good option for those with lactose intolerance or milk allergy. The vegan yogurt will gain huge demand due to its health benefits. It has the following benefits such as it minimizes inflammation protection from free radicals, helps in increasing the metabolism which in turn leads to weight loss, and improves the bowel function. It also helps in absorbing the minerals. Vegan yogurt is rich in vitamins, amino acids, minerals, and essential fats, thus helping in having healthy skin and hair.The growing inclination of the consumer towards the dairy-free products contributes to the growth of the vegan yogurt market. In addition, factors such as growing vegan consumers and growing health awareness amongst people are promoting vegan yogurt market growth. The vegan yogurt, however, has a high cost compared to other yogurts which is expected to hamper the market growth.

For instance, in January, 2019,Daiya, leading maker of plant-based foods that are dairy, gluten and soy free, announced its newest dairy-free yogurt alternative cups. The newly reformulated, dairy-free yogurt alternative cups are made with coconut cream and contain 6 grams of protein per serving. They are offered in six delicious varieties to provide better-for-you snacking options to keep you fueled and satisfied throughout the New Year. Plus, the fruit flavors tout 50 percent less sugar per serving than the average dairy-free brand. The new products are now available nationally at Sprouts, Natural Grocers, Fresh Thyme and other key retailers across the U.S.

For instance, in April, 2017, Danone announced that it has completed its acquisition of WhiteWave. 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(TM) brands.

The type segment is divided into soy, almond, coconut and others. The almond segment emerged as the leader in the global vegan yogurt market with a market share of 31.82% in 2018. Almond yogurt's minimum fat content increases its popularity among consumers. It also contributes in reducing bad cholesterol and improving immunity. As a result, demand for almond yogurt is increasing rapidly, especially in the elder population which are some of the major reasons driving this increase in demand. The application segment includes convenience store, specialty store, E-retailerand hypermarket/supermarket.The convenience store segment is anticipated to grow at the highest CAGR of 17.20% over the forecast period.For instance, In January 2019, Chobani announced plans to launch a new vegan yogurt product across grocery stores located in the U.S. The product is claimed to be gluten-free, which is derived from natural and non-GMO ingredients and have 25.0% less sugar content as compared to its dairy counterparts. The company will launch this product in the variants of strawberry, blueberry, mango, vanilla, peach, and vanilla chai flavors.

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Increasing consumer awareness of the harmful effects of artificial additives and preservatives has motivated food & beverage manufacturers to reduce the amount of sugar in food products. Because of the absence of synthetic chemical material, vegan yogurt is expected to remain one of the favored options among food and nutrition companies. Manufacturers are introducing savory and plant-based yogurts such as carrot, squash, and beet. In addition, these plant-based yogurts are packed with nutrition that attracts the millennial generation. It creates a positive scenario for customers in the non-dairy industry. The vegan yogurt will gain huge demand due to its health benefits. It has the following benefits such as it minimizes inflammation protection from free radicals, helps in increasing the metabolism which in turn leads to weight loss, and improves the bowel function. It also helps in absorbing the minerals. These factors will drive the vegan yogurt market growth in the forecast period.However, fluctuating prices of ingredients used in product formulation, stringent regulations related to marketing and labeling of vegan yogurt products may hamper the growth of the vegan yogurt industry over the forecast period.

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