(I-BusinessNews.Com, June 13, 2021 ) Non-dairy Yogurt Market size is estimated to reach $8.22 Billion by 2026, growing at a CAGR of 14.51% during the forecast period 2021-2026. Non – dairy Yogurt are usually semi-solid food prepared from plant based sources like coconut, cashew and almonds. Non-dairy yogurt are said to have numerous health benefits which includes; weight loss, decrease in inflammation and improvement in metabolic rate. Growing demand for plant-based yogurts, increase in the investment by the major companies, rise in the standard of living, growing incidences of lactose intolerance and lactose sensitivity, and increase in the awareness about the health benefits of dairy-free yogurts among the customers are the factors that are set to drive the growth of the global market for the forecast period 2021-2026.
Non-dairy Yogurt Market Segment Analysis – By Source
The Non-dairy Yogurt Market based on the Source can be further segmented into Soya, Coconut, Cashew, and Others. The Soya segment held the largest share in 2020 owing to the factors such as soy-based yogurts are excellent source of proteins when compared to dairy-based yogurts and they also help in reducing cholesterol and maintaining sugar level in the body. The gaining popularity of plant-based yogurts is driving the demand for soy-based yogurts. Coconut segment is estimated to be the fastest growing segment during the forecast period 2021-2026. This is owing to the factors such as growing demand for organic products and increase in awareness regarding the benefits of coconut products.
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Non-dairy Yogurt Market Segment Analysis – By Distribution Channel
The Non-dairy Yogurt Market based on the Distribution Channel can be further segmented into Supermarkets, Online Stores, Convenience Stores, and Others. Supermarkets segment held the largest share in 2020 owing to the factors such as increase in the investment by the major players, one-stop shopping experience and growing demand for convenience foods. The easy availability of choice of flavour and trustworthiness in the supermarkets is propelling the growth of the market. Online Stores is estimated to be the fastest-growing segment with a CAGR of 18.90% during the forecast period 2021-2026. This is owing to the factors such as advancements in technology, growing inclination towards sedentary lifestyle and rise in the disposable income of individuals.
Non-dairy Yogurt Market Segment Analysis – By Geography
The Non-dairy Yogurt Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of World (ROW). Europe held the largest share with 31.04% in 2020. The growth in this segment is owing to the factors such as growing demand for plant-based foods among customers, and rise in the disposable income of individuals. The growing demand for non-dairy flavoured yogurts in the region is propelling the growth of the market. Asia-Pacific is estimated to be the fastest growing segment during the forecast period 2021-2026. This is owing to the factors such as growing incidences of lactose intolerance and lactose sensitivity, increase in awareness about the health benefits of dairy-free yogurts and increase in the product launches and innovations.
Non-dairy Yogurt Market Drivers
Rise in the incidences of lactose intolerance and lactose sensitivity
The rise in the incidences of lactose intolerance and lactose sensitivity among customers across the world has made the manufacturers to increase its investment in non-dairy products, which is estimated to enhance the growth of the Non-dairy Yogurt Market.
Growing demand for plant-based yogurts
Customers across the world are shifting towards plant-based yogurts owing to the factors such as growing health consciousness, innovative product launches and increasing concern towards environment. This led to rapid increase in the growth of Non-dairy Yogurt Market.
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Non-dairy Yogurt Market Challenges
Fluctuating prices of ingredients used in product formulation
Fluctuating prices of ingredients used in the formulation of non-dairy yogurts is limiting the innovative product launches by the key players, which is one of the major factors that is estimated to reduce the growth of the Non-dairy Yogurt Market.
Non-dairy Yogurt Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Non-dairy Yogurt Market. Key companies of this market are The Hain Celestial Group Inc, Danone SA, Nestle SA, Chobani LLC, Valio Ltd, Stonyfield Farm Inc, Daiya Foods Inc, Springfield Creamery Inc, General Mills Inc, Whitewave Foods Company Inc among others.
Acquisitions/Product Launches:
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.
Key Takeaways
Geographically, Europe Non-dairy Yogurt Market accounted for the highest revenue share in 2020 and it is poised to dominate during the forecast period 2021-2026 owing to the growing demand for non-dairy flavoured yogurts.
The gaining popularity of plant-based yogurts is driving the segment of soy-based yogurts.
Fluctuating prices of ingredients used in the formulation of non-dairy yogurts is one of the major factors that is said to reduce the growth of the Non-dairy Yogurt Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Non-dairy Yogurt Market report.
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