Market Research Report
Global Non-Dairy Yogurt Market - 2020-2027
|Published by||DataM Intelligence||Product code||959524|
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|Global Non-Dairy Yogurt Market - 2020-2027|
|Published: September 8, 2020||Content info:||
The yogurt that is not produced using milk, that means it does have lactose content is referred as non-dairy yogurt. The non-dairy yogurt is consumed by the consumers that are intolerant to lactose. Non-dairy yoghurt is gaining enormous demand because of its health benefits. It has the following benefits such as protection from free radicals, helps in increasing the metabolism which in turn leads to weight loss, minimizes inflammation, and improves the bowel function. It also helps in absorbing the minerals. Non-dairy yogurt is rich in vitamins, amino acids, minerals, and essential fats, thus helping in having healthy skin and hair. The global non-dairy yogurt market valued USD XX billion in 2019 and is estimated to reach USD XX billion by 2027, growing at a CAGR of XX% during the forecast period.
High prevalence of lactose intolerance in major developed and developing countries, rising health consciousness among consumers and growing consumer preference for a vegan diet are the factors driving the growth of the non- dairy yogurt market. According to the study published by National Institute of Health in 2019, approximately 65% of the global population is lactose intolerant and the study of Food Allergy Research & Education in 2019 says, about 2.5% of children below the age of three are allergic to milk. Thus, there is a growing demand for non-dairy yogurt as it is lactose free.
Currently, the trend of exotic and novel flavors is rising rapidly in the food and beverages market. Manufacturers are introducing savory and plant-based yogurts such as squash, carrot and beet. In addition, such plant-based yogurts are filled with protein, attracting the millennial generation. Thus, it creates a positive scenario among consumers in the non-dairy market.
However, fluctuations in the price of raw material and high manufacturing costs are the factors restraining the growth of the non- dairy yogurt market.
The global non-dairy yogurt market has been segmented by type into soy yogurt, almond yogurt, coconut yogurt, oats yogurt, rice yogurt, pea yogurt and others. By type, soy yogurt is expected to dominate the global non-dairy yogurt market. It is expected to grow at a CAGR of XX% during the forecast period owing to the fact that soy-based yogurt helps to reduce cholesterol and blood sugar levels in the body.
By geography, the global non-dairy yogurt market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific is expected to be the fastest growing region with a CAGR of XX%. According to the National Institutes of Health, 80% of both Asian and African people have lactose intolerance. Owing to the rise in number of lactose intolerance cases, consumers are looking out for lactose free dairy products for daily consumption. Hence, Asia-Pacific non-dairy yogurt market is expected to grow during the forecast period.
The global non-dairy yogurt market is fragmented in nature with the presence of many formulators. Coconut Grove Yogurt, Yoso, The Whitewave Foods Company, The Hain Celestial Group Inc., General Mills, COYO, Crunch Culture, Hudson River Foods, Chobani, LLC and Kite Hill are few major players of the market among others. Emphasis is given on the expansion, merger, acquisition and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. For instance, in January 2020, the Coca-Cola Company acquired all the remaining stake in Fairlife LLC from its joint venture partner Select Milk Producers to meet the fast-changing demands of consumers for lactose-free products.