The global vegan yogurt market is expected to reach $2.53 billion by 2025, according to research presented by Hexa Research, Felton, Calif., thanks in part to shifting preferences toward plant-based protein products in developed markets, including the United States, UK, France and Germany.
Moreover, rising consumer awareness about the harmful effects of artificial additives and preservatives continues to spur food and beverage manufacturers to reduce sugar content in food products. To this end, UK manufacturers plan to cut down the sugar content by 20% in the yogurt category by 2020.
The demand for vegan yogurt in the Asia Pacific is expected to exceed $900 million by the end of 2025. The number of lactose intolerant people have been increasing in the countries of the Asia Pacific region. This population segment is driving the market for alternative dairy products including vegan yogurts.
India and China are projected to remain one of the key demand centers owing to the booming population and the rising awareness about the health benefits of vegan food. Also, the changing food habits among working-class professionals increases awareness toward protein-enriched food products.
Conventional stores are expected to foresee revenue growth at a CAGR of more than 15% from 2017-2025.
Europe is expected to witness revenue growth, growing at a CAGR of 17.4% from 2017-2025. This growth is attributed to the increasing demand for dairy alternatives in countries such as Germany, the UK, Spain and France. Furthermore, the favorable policies by European Commission on promoting the consumption and production of organic label products is expected to promote the scope of vegan yogurt product forms over the next 8 years.
The health-and-wellness trend is also catching up in the Asia Pacific region. Availability in a variety of flavors and compact packaging, which allows for on-the-go consumption, has established itself as an attractive snacking option for time-pressed working professionals in the Asia Pacific region. Usage of vegan product including yogurt in food chains and restaurants also adds to the demand.