Pune, India, Sept. 21, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Non-Dairy Yogurt Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – By Source, Type, Nature, Distribution” Channels, and Geography,” The non-dairy yogurt market is expected to grow from $2.46 billion in 2022 to $5.91 billion by 2030; It is projected to grow at a CAGR of 11.6% from 2022 to 2030.
The Hain Celestial Group Inc, Danone SA, Springfield Creamery Inc, Lyrical Foods Inc, Koyo Pvt Ltd, Valeo Ltd, Oatly Group AB, Daiya Foods Inc, Forager Project LLC and Harmless Harvest Inc are some of the major players operating in this sector. Non-dairy curd market. Companies in this market focus on strategies such as investment in research and development activities and new product launches. For example, in August 2021, Silk, a well-known brand of Danone SA for plant-based products, launched plant-based Greek yogurt. Such products launched by manufacturers strengthen their position in the market.
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Europe had the largest share in the non-dairy yogurt market in 2022. The high demand for plant-based dairy products due to increasing health awareness and vegetarianism trend has made Europe an important market. Consumers prefer lactose-free foods because of the many health benefits, such as the antioxidant properties of dairy alternatives – such as dairy-free yogurt. According to “The Smart Protein Project Report”, the sales value of plant-based food in Germany increased by 97% during 2018-2020, while the sales volume increased by 80%. Additionally, consumers are trending toward plant-based dairy products due to increasing awareness of animal welfare.
Plant-based dairy products are increasing in popularity in Europe due to a shift in consumer demand from animal proteins to vegetable proteins. Thus, due to all the above factors, the demand for non-dairy yogurt is expected to increase in Europe during the forecast period.
Adoption of organic products boosts growth of non-dairy yogurt market
Organic and natural products are gaining popularity due to their purported health benefits. Consumers are increasingly concerned about their health and well-being, and they pay more attention to the ingredients used in processed products. They are willing to pay higher prices for products that are free of synthetic ingredients. Furthermore, greater access to infinite information through the Internet has made consumers more aware of their health needs, increasing the demand for organic products. People’s inclination towards organic products has encouraged manufacturers to invest heavily in products produced from organic ingredients. In February 2020, plant-based pioneer Forager Project launched a variety of new organic products, including high-protein yogurt, dairy-free butter with Peruvian salt, oat milk, grain-free cereals, and grain-free chips . Thus, increasing demand for organically derived products is expected to create lucrative opportunities for the growth of the non-dairy yogurt market during the forecast period.
Non-Dairy Yogurt Market: Segmental Overview
On the basis of type, the non-dairy yogurt market has been segmented into flavored and plain. Flavored segment to gain major market share in 2022. Flavored yogurt has gained immense popularity, especially as a dessert, due to significant changes in dietary habits among consumers over the past few years. The need for naturally rich fresh fruit-flavored yogurt is quite high, especially for berry flavors like blueberry, strawberry and raspberry. Apart from this, other flavors like mango, chocolate and coffee are also gaining huge attention. These factors are expected to increase the segment’s share during the forecast period.
On the basis of distribution channel, the non-dairy yogurt market has been segmented into supermarkets and hypermarkets, convenience stores, online retail and others. The online retail segment is projected to register the highest CAGR during the forecast period. Online distribution channels reduce the operating costs of manufacturers and allow them to reach target customers. Furthermore, various online portals like Amazon offer home delivery services, secure payment options, and attractive discounts, making the shopping process convenient for customers. During the COVID-19 pandemic, online retail channels gained popularity as they provided home delivery services. Therefore, the convenience of online stores, availability of a huge range of products and time management properties promote the growth of the non-dairy yogurt market for the online segment.
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Impact of COVID-19 pandemic on non-dairy yogurt market
Various food and beverage industries faced unprecedented challenges during the COVID-19 pandemic in 2020. Additionally, non-dairy yogurt manufacturers faced significant challenges in production and distribution due to supply chain disruptions due to the nationwide lockdown, trade restrictions and travel restrictions, ultimately leading to. For price increase. Operations and processes around the world were temporarily shut down due to workforce shortages and limited supplies of raw materials. These factors negatively impacted the growth of the non-dairy yogurt market during the pandemic. On the other hand, consumers’ dietary preferences changed significantly, with many consumers switching to plant-based diets. Demand for dairy alternatives increased significantly during the pandemic due to health and wellness concerns. Additionally, a change in consumer purchasing behavior was observed as customers moved toward e-commerce shopping. These factors boosted the growth of the non-dairy yogurt market during the pandemic.
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