A mix of macroeconomic and industry-specific variables are predicted to keep the vegan yoghurt market on the rise. Vegan yogurt’s availability in a variety of flavours, as well as the omnipresent health and wellness trend, have fueled growth. According to a recent Fact.MR report, these factors led vegan yoghurt sales surge by almost 30,000 metric tonnes in 2018.
The Reality. According to the Fact.MR survey, almond yoghurt is still the most popular vegan yoghurt, accounting for more than half of all sales in 2018. As vegan yoghurt producers continue to create new almond-milk based yoghurt products to match consumers’ taste preferences while increasing the nutritional content of vegan yoghurt, the trend is predicted to continue.
Market Structure for Vegan Yogurt
The vegan yoghurt market study provides a complete market breakdown in terms of volume, value, year-over-year growth, and compound annual growth rate (CAGR). The market is segmented by region, end-use application, sales channel, and product type in this report.
Veganism’s Global Population Is Increasing at an Exorbitant Rate
Vegan yoghurt consumption has risen dramatically due to an increase in the global vegan population.
More than 5% of the American population today considers themselves vegan, and recent trends indicate that this number is likely to rise, since many people have indicated interest in moving to a strictly vegan diet. The number of vegans in the UK has increased by over 300 percent, and there are currently over 500,000 vegans in the country.
Over one million vegans live in Germany, the world’s largest producer of vegan cuisine. The Chinese government has issued new dietary guidelines encouraging people to consume less meat and adopt a plant-based diet.
The Vegan Yogurt Market Remains a Scattershot
In light of the product’s nature, the vegan yoghurt industry continues to be highly fragmented, with unorganised firms retaining a prominent presence.
The amount of fragmentation is considerably higher due to the fact that many growing Asian countries are among the top manufacturers and consumers of vegan yoghurt.
The expansion of the unorganised sector in the vegan yoghurt industry can be ascribed to lax regulations, a control over domestic supply chains, and familiarity with local tastes and preferences. Unorganized players account for 43 percent of market revenue, while tiny players account for 42 percent of overall revenue.
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