A preference for healthier foods has driven the demand for organic, plant-based, gluten-free, and vegan options resulting in huge disruptions in the meat & diary industry. Conversations about sustainable agriculture have entered mainstream consciousness as they improve environmental and human health in the long run. Although vegan yoghurt is still an emerging product category, it represents a huge potential opportunity for key stakeholders since it has broadly outperformed the overall vegan category in the past five years. According to the Plants Based Food Association, the US alone saw a double-digit spike in plant-based yoghurt consumption along with a decline in consumption of traditional yoghurt in 2019.
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British Companies Offering Innovative Flavours to Cater to Demand for Vegan Yoghurt
Europe and North America are predicted to retain a leadership position in the vegan yoghurt market with UK-based companies playing a vital role in promoting vegan yoghurts. The island nation is a huge market for plant-based foods comprises approx. 2/5th of the meat substitutes market on the continent. As the vegan yoghurt market is still at a nascent stage in emerging economies, companies can adopt a wait and watch strategy before deciding to invest there.
Manifold Health Benefits of Almond Milk Vegan Yoghurt Makes it Sought After Choice
Vegan yoghurt derived from almond milk should capture a massive share of the vegan yoghurt market for the assessment period. Negligible levels of unsaturated fat and cholesterol in almond milk boost immunity and digestion. Fruit flavoured vegan yoghurts is likely to record significant growth during the forecast period with millennials driving the demand. Vegan yoghurts are widely available at e-tailers as well as in convenience stores with the former on track to grow much faster courtesy COVID-19 lockdowns.
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Supermarkets Entering with Private Labels Growing Pie Size of Vegan Yoghurt Market
In 2020, Marks & Spencer unveiled a Greek vegan yoghurt in three flavours – strawberry, peach and passion fruit, and plain yoghurt – each of which is fortified with vitamins B12, D and calcium. In the same year, Epigamia, released a coconut milk vegan yoghurt free from preservatives and rich in probiotics. In May 2021, Oatly AB announced its IPO and is expected to go public in the US soon. Oatly has been growing rapidly and broadly in line with analyst predictions. Nonetheless, it must be mentioned that the company posted a net loss in 2020. In addition, Oatly is seeking geographic expansion by opening additional stores in key markets US and China. The vegan yoghurt market is becoming increasingly competitive with more players entering the fray. Even supermarkets now offer their own private labels that account for nearly a fifth of sales in the vegan yoghurt market.
Other companies analysed in the vegan yoghurt market report include Green Valley Organics, YOSO, Granarolo Group, INC., Vitasoy, Amande Cultured Almond Milk, Daiya Foods Inc., Yoplait USA GOOD KARMA FOODS, INC., Barambah Organics Pty Ltd., and WhiteWave Services.
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