A Fact.MR Report released on 26th September 2023, estimates that the global vegan yoghurt market is set to reach $12.2 billion by 2033 while rising at a compound annual growth rate (CAGR) of 6%. The report states that increasing consumer demand for plant-based and dairy-free alternatives, such as oats, soy, cashew, and almond, is expected to fuel the growth of the vegan yoghurt market in coming years. The authors assessed that this trend is mostly driven by health, rather than concern for the animals or the environment.
According to the report, China has seen a particularly significant rise in demand, and there, the CAGR has been forecasted at 6.8%. In the US, the vegan yoghurt market is expected to grow at a CAGR of 5.2%, due to the prevalence of lactose intolerance and increasing interest in veganism and the diet that vegans follow.
The report says, “The expanding vegan population in European countries is expected to boost the adoption of the vegan yoghurt market during the forecast period. European countries have been relatively quick and more open to the idea of veganism.”
As well as plant-based companies like Alpro, Oatly, Follow Your Heart, and Nush, several dairy companies like Petit Filous and Müller are now also producing plant-based versions of their products.
According to the Good Food Institute Europe (GFI Europe), data from NielsenIQ shows that the sales of plant-based yoghurt grew by 16% between 2020 and 2022, while conventional yoghurt sales decreased by 4% during this period. That report highlighted the impact of inflation on the plant-based food industry, with plant-based cheese prices decreasing by 3% in 2022, while animal-based cheese increased by 12%. Similarly, plant-based milk prices increased by only 1% last year, while animal-based milk increased by 17%.