The global non-dairy yogurt market is set for an upward growth trend over the course of next decade, according to “Non-Dairy Yogurt Market,” a report published by Future Market Insights, London. In fact, the non-dairy yogurt market is expected to reach the $10 billion mark by 2029, primarily driven by the rise in plant-based products.
In contrast to its conventional counterpart, organic non-dairy yogurt would account for a third of global market value in 2019. However, this share is expected to expand in the near future, attaining the market value of over $3 billion at the end of projection period.
Key takeaways from the study:
- The demand for coconut yogurt will increase at a CAGR of ~5% during the forecast period (2019-2029).
- Demand for global soy non-dairy yogurt in global market roughly equates the value of $2 billion and will account for two-fifths share in total market revenue in the near future.
- Sales of non-dairy yogurt is foreseen to be higher in South Asia and East Asia.
- Organic non-dairy yogurt is yet to enter the mainstream.
- Increasing demand for natural and organic plant-based food products resulted in the increased usage of non-dairy yogurt in the food and beverage industry.
- The population allergic to nuts and seeds may remain a longstanding penetration challenge facing non-dairy yogurt market players.
- Consumers’ choices reflect healthy and cost-effective preferences along with social and moral values, where non-dairy yogurt offers ethical and environmentally-friendly products to these consumers.