Plant-based Yogurt Market

2020 Analysis and Review Plant-based Yogurt by Product Type - Cereal, Oat, Legume, Nut, Seed and Pseudo Cereal for 2020 - 2030

  • 2020-06-08
  • REP-GB-11684
  • 192 Tables
  • 160 Figures
  • 250 pages
  • Format: PDF/PPT/Excel

An Incisive, In-depth Analysis on the Plant Based Yogurt Market

This study offers a comprehensive, 360 degree analysis on the Plant Based Yogurt market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Plant Based Yogurt market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

Plant-based Yogurt Market Outlook & Key Findings

  • Future Market Insights (FMI) forecasts a positive outlook for global plant-based yogurt market and projects a CAGR of 10% between 2020 and 2030
  • Plant-based snacks will secure hot-selling tag as consumers tilt in favor of healthy and vegan diet
  • Over 50% of plant-based yogurt produced last year was derived from nut, finds FMI
  • Despite availability in various flavors, regular plant-based yogurt will remain consumer favorites, accounting for nearly one-fourth of the market
  • Other factors cited by FMI includes rising prevalence of lactose intolerance and a strong desire to align one’s food choices with environmental sustainability

Plant-based Yogurts are here to Stay But Can They Topple Dairy-based Yogurt?

Considered to be at a nascent stage until a few years ago, the plant-based yogurt market boomed; thanks, partially to flexitarians: people buying dairy products one day and non-dairy the next. Not only has the taste of these yogurts vastly improved, there is more option in flavors than ever.

FMI projects the market’s valuation to surpass US$ 5.0 Bn by 2030. Looking at the rising popularity of vegan lifestyle and considerable drawbacks of commercial animal agriculture, it comes as no surprise that entrepreneurs are investing in plant-based yogurts.

It is safe to say, plant-based yogurts and drinks make a growing category. They are hand in glove fit for consumers’ desire to enjoy delicious food, good for them as well as the planet.

Taste for Exotic and Novel Flavors Tips Scales in Favor of Plant-based Yogurt

Consumers’ interest for conventional flavors is fading away faster than expected. They are seeking out more indulging experiences and are not likely to shy away from trying exotic and novel flavors. Their dynamic choices have sparked plenty of innovations in plant-based products, inspiring better creativity to satiate the sweet cravings.

The world of cultured dairy is getting bigger in size and shelves are more crowded than ever. In last couple of years we have witnessed the emergence of various interesting trends that are poised to diversify and strengthen the plant-based yogurt market.

Health experts are touting the many benefits of consuming cultured yogurt such as improving gut health and weight management. Aiding this is the introduction of new flavors in plant-based products.

For instance, a U.S. based company, Yooga has launched plant-based yogurt in an array of innovative flavors, including sea salt chocolate and turmeric golden milk. Such innovations enabling companies gain competitive advantage.

Consumers Have Grown Fonder for Natural Products and Authentic Tastes

With the rising popularity of plant-based products and significant drawbacks of their industrial counterparts, vegan food producers are catering to demand uptick. When consumers navigate between dairy and non-dairy options, they are looking for functional benefits.

Some brands are therefore positioning their products beyond plant-based category with additional functional claims such as a rich source of protein or probiotic. This trend has successfully penetrated into countries such as India, China, Brazil, and Poland.

According to a recent survey conducted by Koninklijke DSM N.V., a science-based company, more than half (55%) of urban consumers believe that “fresh or natural” ingredients and flavor make products tastier and more delicious.

Proper and comprehensive product labelling is therefore imperative for companies to woo consumers. Some of the leading beverages manufacturers are therefore updating their product portfolio to include more plant-based products such as non-dairy or plant-based yogurt, cheese, and milk among others.

Retail Channels with Enhanced In-store Experience to Remain Popular among Consumers

FMI reveals that food & beverage retail stores have account for over 80% the overall plant-based yogurt market, followed by food service providers. Retail stores satisfy a customer’s need to try out products, carefully read its label, and enjoy instant gratification.

The retail industry is evolving, especially since recent advances in technologies offer a plethora of ways of improving in-store experiences. Even at the age of omni-channel shopping, consumers prefer the sensory experience of seeing and actually touching the product before buying it.

A consumer’s keenness on purchasing an item and getting it on the same day is supporting the surging retail sales of plant-based yogurt. Against this backdrop, some of the leading brands are partnering with retail stores to make their products available at the most lucrative pockets in the market.

For instance, in 2020 Lyrical Foods, Inc. has made partnership with U.S. based retailers such as Instacart, FoodKick, and Wegmans to offer various plant-based yogurts.

High Potential Markets are Dormant but Ripe for Investments

North America and Europe continue to be the most lucrative markets for plant-based products in general and plant-based yogurt in particular. Changing dynamics however is favoring growth in East Asia.

As per FMI, Europe, North America, and East Asia account for more than 60% of the global market. These regions will continue helming the global market through the course of the forecast period.

Let’s look into a few factors enabling growth across the world:

  • Increasing prevalence of lactose intolerance among people in Europe is fuelling the demand for plant-based yogurt. The antioxidant properties of plant-based products such as almond milk yogurt can protect against heart diseases and cancer
  • According to the Plant Based Food Association, 33% of the Americans are actively decreasing their dairy and meat consumption, which is creating a demand for plant-based products. This creates an environment conducive to the growth of the plant-based yogurt market in North America
  • The rising health consciousness among consumers is central to the growth of veganism in Asia Pacific. Inevitably this would bolster growth prospects for plant-based yogurt market
  • According to the God Food Institute Organization, Latin America is the fifth most important market for healthy food industry across the world.  It comes as no surprise that giants such as General Mills, Inc. has entered in the Brazil market to increase its revenue.
  • The Middle East and Africa has swiftly graduated as an important market for plant-based yogurt. Besides the rising demand for vegan products, increasing application in convenience foods and other sectors will aid the expansion of the market

Despite difference in consumer preference across key regions, there is certain similarity in the variance of product pricing. For instance, prices of conventional plant-based yogurt vary across regions.

As depicted in the chart below, conventional yogurts are priced lower in North America than the Middle East and Africa. However, across all regions the price point of organic plant-based yogurt is much higher than their conventional counterparts.

Key Players Aim at Competitive Advantage via Strategic Collaborations and Product Launches

The presence of several behemoths has rendered the global plant-based yogurt market highly consolidated.  According to FMI, nearly 70% of the market belongs to Tier 1 companies. Most companies are concentrated in Asia Pacific, Europe, and North America.

Boosting their portfolio and expanding distribution networks are key strategies adopted by companies to gain competitive strength. With multinational companies focusing on acquisition and setting up production units in emerging countries, FMI projects the global market to expand at an impressive pace.

Consumer-centric approach is highly sought-after among most companies For instance, their product launches are steered by adequate plan and study on consumers’ behavior pattern. Against this backdrop, more companies are introducing exotic ingredients in non-dairy yogurts.

Derived from organic sources, Forager Project, LLC touts its range of organic plant based yogurt as the only one traditionally cultured using live and active probiotics. Then there is, Califia Farms, which has launched a range of drinkable plant-based yogurts that have coconut and almond base and offer probiotics as part of whole food.

Besides this, scales are tipping in favor of non-GMO and organic non-dairy products:

  • In 2020, Lyrical Foods, Inc. launched two innovative plant-based products, which include Kite Hill Sour Cream Alternative and Kite Hill Blissful. The latter is a coconut milk-based yogurt, while Kite Hill Sour Cream is manufactured with a blend of almond milk and coconut milk.
  • In 2020, Stonyfield Farm, Inc. launched daily probiotic plant-based yogurt drink in pomegranate, blueberry and strawberry flavors – a first of its kind to be available in North America.

While product launches remain a key strategy, there is ample focus on strategic collaborations and expansion in the market.

In 2018, Daiya Foods Inc. announced to expand its production capacity to meet the growing demand for plant-based products. The company intended to move its operations from Vancouver to British Columbia. The new 400,000 square foot facility will help the company to increase its revenue.

Top Plant-base Yogurt Brands in the Market

Plant-based yogurt market exhibits impressive scope of growth. Lured by the possibilities of maximizing revenue, an increasing number of new companies are venturing into the market.

With an estimated 100+ plant-based yogurt players with personalized packaging, innovative flavors, and variety of claims including clean-label claims, competition is rising at a steady pace. Following list of brands are commonly preferred brands around the globe in plant-based yogurt category:

  • Callifia
  • Chobani
  • Forager
  • Good Plants
  • Good Karma
  • Kite Hill
  • LAVVA
  • Nancy’s
  • Silk
  • So Delicious

Mentioned below are other key players in the plant-based yogurt market:

Americas

  • General Mills Inc.
  • The Hain Celestial Group Inc.
  • Trader Joe’s
  • Lyrical Foods, Inc.
  • Stonyfield Farm, Inc.

Europe

  • Danone S.A.
  • Valsoia S.p.A
  • Granarolo S.p.A.
  • Oatly AB
  • TRIBALLAT NOYAL
  • The Coconut Collaborative
  • GT’s Living Foods LLC.

Asia Pacific

  • COYO Pty Ltd.
  • King International Operations Pty Ltd

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report

Plant-based Yogurt: The Green Future Ahead

As with other non-dairy food items, consumers are looking at taking advantage of various health benefits of plant-based yogurt. The nutrient profile of these yogurts however depends on the source they are derived from, processing technology and fortification methods.

Lactose intolerance is very common and affects a large number of people around the world. The rising prevalence of dairy intolerance will aid the expansion of plant-based yogurt market as well.

The consistently rising spending on research and development creates prospects for the discovery of innovative and unique plant-based sources of yogurt. These efforts have resulted in the introduction of pea-based yoghurt by companies such as Elmhurst Milked Direct, LLC.

Besides rising demand for healthier and vegan alternatives, the market will gain from various expansion and marketing initiatives undertaken by the leading players.

A recent market study published by Future Market Insights on the Plant-based Yogurt market offers global industry analysis for 2015-2019 & opportunity assessment for 2020–2030. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters of the Plant-based Yogurt market, the growth prospects of the market are obtained with maximum precision.

Market Segmentation

The global plant-based yogurt market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Nature

Conventional

Organic

Product Type

  • Cereal Type
  • Oat
    • Rice
    • Corn
    • Spelt
  • Legume
    • Soy
    • Pea
    • Peanut
    • Lupin
    • Chick Pea
  • Nut
    • Almond
    • Coconut
    • Hazelnut
    • Pistachio
    • Walnut
    • Cashew
    • Pili Nut
  • Seed
    • Sesame
    • Flax
    • Hemp
    • Sunflower
  • Pseudo Cereal
    • Quinoa
    • Teff
    • Amarnath
    • Cassava

Flavour

Regular

Vanilla

Strawberry

Blueberry

Cherry

Peach

Raspberry

Coconut

Coffee

Others

Price Range

Economic

Mid-Range

Premium

Sales Channel

Food Service

Retail

Modern Trade

Convenience Stores

Specialty Stores

Discounters

Independent Small Groceries

E-commerce

Others

Global

North America

Latin America

Europe

East Asia

South Asia

Oceania

MEA

Report Chapters

Chapter 01 - Executive Summary

The executive summary of the plant-based yogurt market includes the market proprietary wheel of fortune, demand-side and supply-side trends, opportunity assessment, and recommendations on the global Plant-based Yogurt market.

Chapter 02 – Market Introduction

Readers can find the detailed segmentation and definition of the plant-based yogurt market in this chapter, which will help them understand basic information about the Plant-based Yogurt market. This section also highlights the inclusions and exclusions, which help the reader, understand the scope of the plant-based yogurt market report.

Chapter 03 – Market Background

The associated industry assessment of the plant-based yogurt market is carried out in this section. The macroeconomic factors affecting growth of the plant-based yogurt market are provided in this section and the impact of these macroeconomic indicators on the plant-based yogurt market is analyzed. The Price Ranging overview and technological advancements in the plant-based yogurt market is also provided.

Chapter 04 - Global Plant-based Yogurt Market Value Chain

Profit margins at each level of the Plant-based Yogurt market are analyzed and readers can find detailed information on top importers and exporters as well as the value chain of the plant-based yogurt market.

Chapter 05 – Market Dynamics

The drivers and restraints impacting the growth of the plant-based yogurt market are explained in this chapter. Opportunities and ongoing trends in the plant-based yogurt market are also comprehensively discussed.

Chapter 06 – Global Plant-based Yogurt Market Analysis and Forecast 2015-2030

This chapter includes detailed analysis of the historical plant-based yogurt market (2015-2019), along with an opportunity analysis for the forecast period (2020-2030). Readers can also find the absolute $ opportunity for the current year (2020 – 2021) and incremental opportunity for the forecast period (2020-2030).

Chapter 07 – Global Plant-based Yogurt Market Pricing Analysis

This chapter includes detailed regional pricing analysis based on nature. In this chapter, readers can find pricing analysis based on manufacturer level price, distributor level price, and retailer level price.

Chapter 08 – Global Plant-based Yogurt Market Demand (Size in US$ Mn) Analysis 2015-2019 and Forecast, 2020-2030

This chapter includes detailed analysis of the historical plant-based yogurt market (2015-2019), along with an opportunity analysis for the forecast period (2020-2030). Readers can also find the absolute $ opportunity for the current year (2020 – 2021) and incremental opportunity for the forecast period (2020-2030).

Chapter 09 – Global Plant-based Yogurt Market Analysis 2015-2019 & Forecast 2020-2030 by Nature

Based on nature, the plant-based yogurt market is segmented into conventional and organic. In this chapter, readers can find information about key trends and developments in the plant-based yogurt market and market attractiveness analysis based on nature.

Chapter 10 – Global Plant-based Yogurt Market Analysis 2015-2019 & Forecast 2020-2030 by Product Type

Based on product type, the plant-based yogurt market is segmented into cereal type, legume, nut, seed, and pseudo cereal. In this chapter, readers can find information about key trends and developments in the plant-based yogurt market and market attractiveness analysis based on product type.

Chapter 11 – Global Plant-based Yogurt Market Analysis 2015-2019 & Forecast 2020-2030 by Flavour

Based on flavour, the Plant-based Yogurt market is classified into regular, vanilla, strawberry, blueberry, cherry, peach, raspberry, coconut, coffee, and others. This part also offers market attractiveness analysis based on flavour.

Chapter 12 – Global Plant-based Yogurt Market Analysis 2015-2019 & Forecast 2020-2030 by Price Range

Based on price range, the plant-based yogurt market is classified into economic, mid-range, and premium. This part also offers market attractiveness analysis based on price range.

Chapter 13 – Global Plant-based Yogurt Market Analysis 2015-2019 & Forecast 2020-2030 by Sales Channel

Based on sales channel, the plant-based yogurt market is classified into food service and retail. Retail sales channel is further classified into modern trade, convenience stores, specialty stores, discounters, independent small groceries, e-commerce, and others.  This part also offers market attractiveness analysis based on sales channel.

Chapter 14 – Global Plant-based Yogurt Market Analysis 2015-2019 & Forecast 2020-2030 by Region

This chapter explains how the Plant-based Yogurt market is anticipated to grow across various geographic regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.

Chapter 15 – North America Plant-based Yogurt market Analysis 2015-2019 & Forecast 2020-2030

This chapter includes a detailed analysis of the growth of the Plant-based Yogurt market in North America, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on end users and countries in the North America region.

Chapter 16 – Latin America Plant-based Yogurt market Analysis 2015-2019 & Forecast 2020-2030

Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the Plant-based Yogurt market in Latin America. This chapter also includes growth prospects of the Plant-based Yogurt market in leading LATAM countries such as Brazil, Mexico, and the Rest of Latin America.

Chapter 17 –Europe Plant-based Yogurt market Analysis 2015-2019 & Forecast 2020-2030

Important growth prospects of the Plant-based Yogurt market based on its end users in several countries such as Germany, U.K., France, Italy, Spain, BENELUX, Nordic, Russia, Poland, and the Rest of Western Europe are included in this chapter.

Chapter 18 – East Asia Plant-based Yogurt market Analysis 2015-2019 & Forecast 2020-2030

This chapter includes a detailed analysis of the growth of the Plant-based Yogurt market in the East Asia region, along with a country-wise assessment that includes Japan, China, and South Korea. Readers can also find regional trends, regulations, and market growth based on end users and countries in the APEJ region.

Chapter 19 – South Asia Plant-based Yogurt market Analysis 2015-2019 & Forecast 2020-2030

In this chapter, readers can find information about key trends and developments in the key countries of South Asia such as India, Thailand, Malaysia, Indonesia, Singapore, and Rest of South Asia Plant-based Yogurt market.

Chapter 20 – Oceania Plant-based Yogurt market Analysis 2015-2019 & Forecast 2020-2030

This chapter offers insights into how the Plant-based Yogurt market is expected to grow in major countries in the Middle East region such as Australia and New Zealand, during the forecast period 2020-2030.

Chapter 21 – Middle East & Africa Plant-based Yogurt market Analysis 2015-2019 & Forecast 2020-2030

This chapter contains information about the market growth of Plant-based Yogurt in Middle East region such as GCC Countries, South Africa, North Africa, and the Rest of Middle East, during the forecast period 2020-2030.

Chapter 22 –Market Structure Analysis

In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the Plant-based Yogurt market along with their market presence analysis by region and product portfolio.

Chapter 23 – Competition Analysis

In this chapter, readers can find a comprehensive list of leading manufacturers in the Plant-based Yogurt market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Danone S.A., Chobani LLC, Hain Celestial, General Mills, Valio, Granarolo, Trader Joe’s, DAHlicious, TRIBALLAT NOYAL, Siggi’s Dairy, Oatly AB, Lyrical Foods, Stonyfield  Farm, Springfield Creamery, Inc, Valsoia S.p.A, Daiya Foods Inc. , Follow Your  Heart, Califia Farms, Coconut Collaborative, Yofix Probiotics Ltd, COYO Pty Ltd., GT’s Living Foods, Good Karma, Forager  Project, LLC, EVR Foods Inc., Anita’s, Yooga, King International Operations, Nothing But Real, Inc. – Hälsa Foods, Ripple Foods , and others.

Chapter 24 – Assumptions and Acronyms

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the plant-based yogurt report.

Chapter 25 – Research Methodology

This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the plant-based yogurt market.

Natures and Primary Research Splits (%)

Industry Interactions

 

  • C - Level Executives
  • Marketing Directors
  • Sales Heads
  • Production Managers
  • Distributors Heads
  • Sales Executives
  • Product Manufacturers
  • Distributors
  • Traders
  • Industry Experts
  • End Users
  • Current Market Dynamics and Challenges
  • Market Characteristics
  • Market PerFlavourance and Growth Quadrants
  • Competition Structure and Market Structure
  • Strategic Growth Initiatives
  • Near-term and Long-term Market Growth Prospects
  • Market Segment Splits and Authenticity
  • Opinions on Market Projections and Validity Of Assumptions

Primary Interview Splits split by designation plant based yogurt market

References Catalogue

 

  • Industry Publications
    • Industrial Week
    • Industrial Product Review
    • Industrial Magazine
  • Industry Associations
    • Dieticians Association
    • Food and Agriculture Organization
  • Company Press Releases
  • Annual Reports and Investor Presentations
  • Research Papers
  • Government Websites and Publications
  • Trade Websites

Primary Interview Splits split by stakeholder plant based yogurt market

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