London, UK, October 20, 2020 – The latest study by Fairfield Market Research seeks to answer important questions about changing dietary habits. Shift from consumption of meat to vegan products is being driven by conversations around global warming, ecological imbalances and making healthy living choices. The latest report on vegan yogurt market delves into the reasons support growth of the market and presenting opportunities.
- Conscious consumerism to increasingly impact eating habits of consumers globally, boosting demand for vegan yogurt market
- Large numbers of consumers rethink dairy consumption, resulting in adoption of vegan alternatives
- Vegan yogurt sees rise in demand due to its unsaturated fat and low cholesterol content
- E-retail segment will likely lead the market owing to shift of consumer behaviour affected by COVID-19
- Key players are adopting the trends in the market and investing in lucrative sales channel in the global market
The rise in human development of antibiotic resistance due to usage of hormones and antibiotics in cattle is expected to boost the demand for vegan yogurt market. The preference is shifting due to rise in change of consumer behavior. Consumers are increasingly becoming aware and conscious regarding their consumption pattern and its effects.
The rise in avoidance of dairy products is largely due to grim view of dairy farming practices. The market is largely affected by the change in consumer behavior and adoption of healthy alternative lifestyle. There has been an increased expenditure on plant based products after rising popularity of dairy free products. Increasing number of consumers are turning lactose intolerant and register cases of milk allergies. Additionally, the vegan yogurt is rich in nutrients such as omega3, fatty acids, and fibers.
Consumers are led by millennials who are rapidly adopting the vegan revolution. Numerous people are expressing their desire to switch to vegan diet. These factors will be instrumental in expanding and promoting the global vegan yogurt market.
The vegan yogurt market is segmented into source, flavor, and sales channel. The source segment is divided as soy, almond, coconut, and others. Among these, almond milk based segment is expected to thrive the market. Rise in popularity of the consumption of almond milk as opposed to animal milk is accelerating its demand in the market. Almond milk excels as it has good immunity and digestive health benefits. It is emerging as an alternative due to its unsaturated fat and low cholesterol content. Its consumption is advised to improve immunity as it provides 50% of the daily vitamin requirement of a human being. These array of benefits are expected to boost its demand in the global market.
The sales channel is segmented into e-retailers, convenience stores, specialty stores, and super market/ hypermarket. The e-retailers segment is expected to thrive as consumers are rapidly shifting their preference to online purchasing as it provides convenience.
Europe is expected to lead the global market as this region has the largest market for plant based food products. The growth of market will accelerate as it is in its initial stage. This region will witness largest value share owing to UK being one of the biggest business sectors.
North America will likely follow the lead as this region has high influence of technological advancements. Consumers in this region are regularly updated with latest trend as government has sufficient funding.
The key players in the global market are adopting profound trends to influence consumer behavior. They are also investing in most lucrative sales channels. They are actively engaging in expansion of product portfolio to deliver the large consumer base. The market is highly fragmented with unorganized players dominating their strong presence. The fragmentation is attributed to rise of producers and consumers from emerging countries in Asia Pacific.
The key players operating in the global vegan yoghurt market are Green Valley Organics, YOSO, The Oatly AB, Granarolo Group, INC., Vitasoy, Amande Cultured Almond Milk, Daiya Foods Inc., Yoplait USA GOOD KARMA FOODS, INC., Barambah Organics Pty Ltd., WhiteWave Services, Inc among others.
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