The global market for non-dairy yogurt grew from $3.62 billion at the start of 2022 to $4.21 currently.
This is according to a new report which estimates the market to grow even further to be worth $7.89 billion by 2027, just four years away.
Major players in the non-dairy yogurt market are Hain Celestial, Danone, General Mills Inc., Stonyfield Farm Inc., Daiya Foods Inc., Whitewave Foods Company Inc., COYO Pty Ltd., Chobani LLC, Valio Ltd., Nestlé SA, Good Karma Foods Inc., Hudson River Foods, Kite Hill, GT’s Living Foods LLC, The Kroger Co., Epigamia, Blue diamond, Coconut Grove Yogurt, and Crunch Culture, states the report.
The growth from 2022 to 2023 represents a compound annual growth rate (CAGR) of 16.4%. The report notes that “The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe.”
Despite this, the non-dairy yogurt market is expected to grow to $7.89 billion in 2027 at a CAGR of 17.0%.
“The non-dairy yogurt market consists of sales of rice yogurt, pea yogurt, cashews yogurt, coconut yogurt.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers”, states the report. “The value of goods in this market includes related services sold by the creators of the goods.”
The report notes that “The non-dairy yogurt are usually semi-solid food prepared from plant-based sources like coconut, cashew, and almonds. Weight loss, reduced inflammation, and improved metabolic rate are all said to be among the health benefits of non-dairy yogurt.”
Western Europe was the largest region in the non-dairy yogurt market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The main types of non-dairy yogurt are soy yogurt, almond yogurt, coconut yogurt, oats yogurt, rice yogurt, and pea yogurt.
“The high lactose intolerant consumers will propel the growth of non-dairy yogurt in the non-dairy yogurt market during the forecast period”, states the report. “Lactose intolerance is a condition in which the body’s capacity to digest lactose, a sugar present in milk and other dairy products, is impeded. Such people are likely to include non-dairy yogurt in their meals which will increase the demand for the product.The product is high in protein and calcium, both of which aid to boost immunity.”
The report claims that product innovation are shaping the non-dairy yogurt market. “An increasing number of customers suffering from health concerns connected to lactose-intolerant and an increase in the awareness about the health benefits of dairy-free yogurts among the customers has forced developers to launch unique products regards their health.”
For instance, “in 2020, Danone has 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. It is a 100 percent dairy-free product that consists of Casei and vitamins D and B6. In January 2020, Coca-Cola, a US-based manufacturer of non-alcoholic beverages company acquired all the remaining stakes in Fairlife LLC.The acquisition is expected to broaden the offering from its joint venture partner Select Milk Producers to meet the fast-changing demands of consumers for lactose-free products.”
More information on this report can be found by clicking here.