The non-dairy yogurt market size was valued at US$ 2,458.17 million in 2022 and is expected to reach US$ 5,908.01 million by 2030; the market is expected to record a CAGR of 11.6% from 2022 to 2030.
Non-dairy yogurts are made from almond milk, soymilk, and coconut milk, which are free from lactose. Moreover, plant-based non-dairy yogurt has a similar texture, creaminess, and consistency to conventional yogurt. Moreover, plant-based non-dairy yogurts are fortified with nutrients, such as protein and calcium, that meet the daily nutrient requirements of consumers. People with lactose intolerance are recommended to have a lactose-free diet to avoid allergies and digestive problems such as diarrhea, abdominal bloating, and nausea. Moreover, people allergic to milk are also recommended to consume plant-based dairy products. Therefore, such people seek alternatives that are easy to digest and can fulfill their daily nutritional needs. Thus, the increasing prevalence of lactose intolerance and milk allergies among consumers is driving the non-dairy yogurt market growth.
Moreover, consumers prefer products made with natural and ethically sourced ingredients due to a focus on holistic and conscious food consumption. According to a study commenced by Symrise in August 2020, ~43–49% of the surveyed consumers from Mexico, Argentina, Brazil, and Colombia were willing to pay more for products with natural ingredients. Thus, increasing demand for organically sourced products would create lucrative opportunities for the non-dairy yogurt market during the forecast period. Further, consumers are highly inclined toward plant-based or vegan-friendly products due to increased health concerns and increased awareness of animal welfare. The rising health consciousness among people due to the increasing prevalence of obesity, diabetes, and other diseases is compelling them to change their dietary habits. Thus, health-conscious consumers substitute conventional, animal-based products with plant-based food. Thus, rising veganism is expected to become an emerging trend in the non-dairy yogurt market during the forecast period.
In 2022, Europe held the largest revenue share of the global non-dairy yogurt market. The popularity of plant-based dairy products is increasing in Europe due to the shift in consumer demand from animal protein to plant protein. This inclination toward plant-based dairy products is associated with different factors, such as sustainability issues, health awareness, ethical or religious views, environmental concerns, and animal rights. According to the World Health Organization (WHO), consuming natural fats and proteins, such as coconut and soy, can offer several health benefits, including a healthy gut. The rising consumers’ inclination toward plant-based dairy products has encouraged manufacturers to adopt growth strategies such as product development and expansion of their businesses to meet elevating demands of consumers. In 2020, Danone, a France-based company, launched its dairy-free yogurt drink range to create a smooth and creamy texture without dairy and to accelerate its push into the dairy-free market. This launch aimed to provide plant-based dairy products to vegan consumers. This strategy also helped the company to expand its product line and business dimensions globally. These factors are anticipated to boost the demand for dairy-free products across the region and further aids to the non-dairy yogurt market growth.
The Hain Celestial Group Inc, Danone Sa, Springfield Creamery Inc, Lyrical Foods Inc, Coyo Pty Ltd, Valio Ltd, Oatly Group Ab, Daiya Foods Inc, Forager Project LLC, and Harmless Harvest Inc. are a few of the major players operating in the global non-dairy yogurt market. Market players continuously focus on strategic development initiatives such as research and development, merger and acquisition, expansion, and new product launch for offering high-quality and innovative products.
The overall non-dairy yogurt market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include VPs; business development managers; market intelligence managers; national sales managers; and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the non-dairy yogurt market.