Vegan Yogurt Market Size, Share, Forecast, & Trends Analysis by Product Type (Almond Yogurt, Soy Yogurt, Coconut Yogurt, Rice Milk Yogurt), Flavor (Chocolate, Banana, Mango), Distribution Channel (Supermarket, Convenience Store) - Global Forecast to 2031

The Vegan Yogurt Market was valued at $2.62 billion in 2023. This market is expected to reach $8.85 billion by 2031 from an estimated $3.04 billion in 2024, at a CAGR of 16.5% during the forecast period from 2024 to 2031.

Vegan Yogurt Market Size & Forecast

The growth of this market is driven by the growing vegan population, growing awareness regarding health and well-being, the high prevalence of lactose intolerance, and the increase in product innovation by various manufacturers. Moreover, increasing investments and government support for plant-based industries and emerging economies in Asia-Pacific and Latin America are expected to create market growth opportunities.

Key Findings in the Vegan Yogurt Market

• By Product Type: In 2024, the Almond Milk Yogurt Segment to Dominate the Vegan Yogurt Market
• By Flavor: In 2024, the Chocolate Segment is Expected to Dominate the Vegan Yogurt Market
• By Distribution Channel: In 2024, the Supermarkets/Hypermarkets Segment is Expected to Dominate the Vegan Yogurt Market
• By Geography: Asia-Pacific to Dominate the Vegan Yogurt Market in 2024

Vegan Yogurt Market Drivers

Growing Vegan Population

Veganism has experienced significant growth in recent years, driven by increased consumer awareness regarding health, environmental sustainability, and animal welfare. The popularity of vegan diets continues to rise, as evidenced by participation in the Veganuary campaign, which saw approximately 700,000 participants in January 2023, up from 692,000 in 2022, 582,000 in 2021, and 400,000 in 2020. Currently, over 1.5 billion individuals worldwide identify as vegetarians (source: Great Green Wall organization), while the World Animal Foundation estimates approximately 88 million vegans globally. In Europe, the vegan population has risen from 13 million in 2016 to 2.5 million in 2020, representing 3.2% of the total European population, according to the European Vegetarian Union.

According to a 2022 survey conducted by the Vegetarian Resource Group, approximately 6% of Americans completely abstain from meat and fish, with this group evenly split between vegetarians and vegans. Additionally, 12% of Americans regularly consume vegetarian or vegan meals, while a larger segment, 45%, occasionally includes these options in their diet. The global demand for plant-based and cruelty-free meals has surged, reflecting heightened environmental awareness and compassion for animals. Data from the Plant-based Foods Association and The Good Food Institute indicates that U.S. retail sales of plant-based foods rose by 6.2% in 2021 compared to 2020, with the total plant-based market valued at USD 7.4 billion. As the vegan population continues to grow, we anticipate an increase in demand for vegan yogurt, further driving market growth.

Growing Awareness Regarding Health and Wellbeing

Rapid urbanization, lifestyle shifts, industrialization, economic development, health and wellness trends, and heightened awareness of the health risks linked to the long-term consumption of animal milk have generated significant growth opportunities for vegan yogurt manufacturers globally.

A significant portion of the global population faces challenges related to weight management, cardiovascular disease, and allergies. Additionally, concerns surrounding animal milk include issues such as acne, dermatological problems, and exposure to harmful substances like hormones, pesticide residues, mycotoxins, metals, and antibiotics, which can contribute to allergies and adverse health effects. In contrast, vegan yogurts typically contain lower levels of saturated fat and cholesterol compared to full-fat animal-based yogurts, making them beneficial for managing cardiovascular conditions by helping to lower blood pressure and cholesterol levels. Consequently, the increasing awareness of health and wellness is driving demand for vegan yogurt products.

Vegan Yogurt Market Opportunities

Increasing Investments & Government support for Plant-based Industries 

In recent years, the dairy alternatives industry has seen a surge in investments from major players aiming to capitalize on the growing veganism trend and the increasing demand for sustainable food options. Amid rising concerns over the environmental impact of livestock production, established dairy companies face mounting pressure from environmentalists and animal rights activists. In response to consumers’ shift toward more sustainable and health-conscious eating habits, companies throughout the food value chain, from producers to retailers, are actively investing in these emerging opportunities. The plant-based and vegan product market has attracted significant funding from various companies and government agencies. For example, in September 2023, SunOpta inaugurated a new plant-based beverage manufacturing facility in Texas, U.S., with a USD 125 million investment aimed at enhancing its innovation and manufacturing capabilities.

Vegan Yogurt Market Analysis: Top Market Opportunity:

The Almond Milk Yogurt Segment is Expected to Dominate the Vegan Yogurt Market in 2024

Based on type, the vegan yogurt market is segmented into almond milk yogurt, soymilk yogurt, coconut milk yogurt, rice milk yogurt, and other milk yogurt. In 2024, the almond milk yogurt segment is expected to account for the largest share of the vegan yogurt market.

This segment's significant market share can be attributed to the rising consumer preference for nut-based, lactose-free products, the abundant availability of almond milk for production, and its superior nutrient density compared to other yogurt varieties. Additionally, almond milk yogurt provides higher fiber content and lower levels of sugar and sodium than traditional dairy yogurts. Its reduced saturated fat content further enhances its appeal, driving growth in the market.

Geographical Analysis

Asia-Pacific Dominates the Vegan Yogurt Market in 2024

In 2024, Asia-Pacific is estimated to account for the largest share of the global vegan yogurt market.

The substantial share of the Asia-Pacific region in the vegan yogurt market is primarily driven by its large vegetarian population, increasing awareness of plant-based diets, rising expenditure on health-related products, and greater investments in the vegan food sector. Additionally, the growing prevalence of lactose intolerance and dairy allergies in the region has further bolstered the appeal of vegan yogurt as a dairy alternative. With a diverse array of flavors and varieties available, the demand for vegan yogurt in Asia-Pacific is projected to continue rising in the coming years.

However, this region is slated to register the highest CAGR during the forecast period of 2024–2031 due to the rising adoption of Western diets, the increasing vegan population, the expanding availability of innovative product offerings, the rising presence of local and multinational manufacturers in the market, and the rising disposable incomes in the region, which are also enabling more consumers to invest in premium health-related products.

Key Companies

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years (2021-2024).

The key players profiled in the global vegan yogurt market report are Danone S.A. (France), Daiya Foods Inc. (Canada), General Mills Inc. (U.S.), Nancy's Probiotic Foods (U.S.), COYO Pty Ltd. (Australia), Chobani, LLC (U.S.), Kite Hill (U.S), The Hain Celestial Group Inc. (U.S.), Stonyfield Farm, Inc. (U.S.), Forager Project LLC (U.S.), KaTech Ingredient Solutions GmbH (Germany), Epigamia (India), and Oatly A.B. (Sweden), among others.

Vegan Yogurt Industry Overview: Latest Developments from Key Industry Players

• In July 2024, The Coconut Collab (U.K.) launched a high-protein vegan yogurt.

• In July 2024, Müller Milk & Ingredients (U.K.) launched two coconut-based yogurt alternatives.

• In March 2023, So Delicious Dairy Free (U.S.) launched a new 0g Added Sugar Coconutmilk Yogurt Alternative.

• In July 2021, Alpro (Belgium) launched Vegan Oat and Coconut Greek Yogurts.

Vegan Yogurt Market Research Summary

Key questions answered in the report: