(MENAFN- EIN Presswire) EINPresswire/ -- The global plant-based yogurt industry was endorsed at $5,043.3 million in 2022, and is projected to gain $12,200.4 million by 2032, exhibiting a CAGR of 9.2% from 2023 to 2032.

The plant-based yogurt industry is one of the fastest-growing segments in the dairy alternative market. It is made from plant-based ingredients like soy, almond, or coconut milk and it is a great alternative to traditional dairy yogurt as it provides protein, calcium, and potassium when compared to dairy yogurts.

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The global plant-based yogurt market growth is attributed to the rise in the vegan and lactose-intolerant population, the increase in investment and innovation by food companies, and the growth in concern related to environmental sustainability. On the other hand, the less affordability due to high price, and inconsistency of taste and texture restricts market growth. Moreover, the technological advancements in the food processing industry to create prolific opportunities in the upcoming years.

Rise in vegan and lactose-intolerant population, increase in investment and innovation by food companies, and rise in concern related to environmental sustainability has driven the growth of plant-based yogurt market.

Plant-based yogurt are made from plants and are referred as vegan or non-dairy yogurt. It is manufactured with plant-based ingredients. They are utilized as a substitute for regular dairy yogurt. In addition, it contains soy milk, almond milk, coconut milk, rice milk, and oat milk. Fermentation of plant milk with probiotics is involved to produce plant-based yogurt. The plant based yogurt is present with acidic flavor. The flavor is obtained from the fermentation process, which also aids in the growth of good bacteria that can improve intestinal health. Moreover, plant-based yogurt are low in saturated fat and offers a variety of flavors. Consequently, people looking for alternatives to dairy and meat typically select plant-based yogurts.

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The plant-based yogurt market is analyzed on the basis of raw material, flavor, distribution channel, and region. On the basis of raw material, the market is divided into soy, almond, coconut, and others. On the basis of raw material, the coconut segment dominates the plant-based yogurt market in 2022 and is anticipated to maintain its dominance throughout the forecast period. In addition, it has healthy nutrients found in coconuts, including vitamins, minerals, and antioxidants. Furthermore, consumers have been captivated by versatility of the product in terms of flavors and variations which has increased the Plant-based Yogurt Market Share. According to Plant-based Yogurt Market Analysis, the emergence of new market participants who favor innovation in both quality and diversity has created possibilities for the expansion of the global market. Moreover, the availability of functional yogurt formulations and partnerships with food giants have fueled industry expansion and given manufacturers access to a wide client base.

Based on region, the North America segment held the highest market share in 2022, accounting for more than two-fifth of the global plant-based yogurt market revenue, and is projected to retain its dominance throughout the forecast period. The adoption of vegan and dairy-free products has seen a substantial change in consumer behavior in the area. Additionally, a significant surge in the number of vegan consumers in North America is driving up demand for plant-based yogurt products. Customers' growing knowledge of the health benefits of consuming plant-based yogurt has increased demand for dairy-free products. The Asia-Pacific region, however, would exhibit the fastest CAGR of 10.2% during the forecast timeframe.

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Leading Market Players: -

Daiya Foods Inc.
The Hain Celestial Group, Inc.
Oatly Group AB
General Mills Inc.
Kite Hill
Califia Farms, LLC
Springfield Creamery
Nush Foods
Danone S.A.
Forager Project

The report analyzes these key players in the global plant-based yogurt market size. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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