According to a report by Cognitive Market Research, the global vegan yogurt market is expected to grow with a CAGR of 19.87% through to 2030.
The market is currently valued at $2.45 billion, with increased health consciousness and a shift towards plant-based foods driving growth. Europe has the largest revenue share, which has been attributed to the prevalence of TV and social media advertising campaigns in the region. However, the Asia-Pacific market is expected to see significant growth over the forecast period, due to a significant number of lactose-intolerant consumers.
Currently, soy yogurts have the largest revenue share in terms of ingredients, with strawberry flavor forecast to dominate the market. Increasing numbers of product launches will provide opportunities for growth, though high costs could restrict sales.
Market growth in MEA
Previous reports have also predicted an increase in vegan yogurt sales, with one suggesting that the market is set to double to reach a valuation of $5.1 billion in 2032. Another report indicates that significant growth is expected in the Middle East and Africa, again driven by health awareness and lactose intolerance. However, the considerably higher cost of plant-based yogurt compared to dairy poses a challenge worldwide.
Major players in the vegan yogurt market include Danone, General Mills, and Califia Farms.
