General Mills continued to be bullish about Kite Hill, a vegan company that specializes in manufacturing plant-based yogurt and cheese. Kite Hill secured additional funding of US $40 million from 301 Inc. a General Mill’s venture capital firm. Kite Hill aims to use this funding for expanding its factory capacity.Considering the nature of the product, the vegan yogurt market continues to witness a high level of fragmentation, with unorganized players maintaining their strong presence.
Danone, the leading French yogurt maker, acquired WhiteWave Foods in 2017. With a US $10 billion payment in cash, Danone acquired the Colorado-based company which owns a range of plant-based food and beverages manufacturing brands in Silk®, So Delicious®, Alpro®, and Vega™ brands. Califia Farms launched its first ever probiotics-rich vegan yogurt drinks line in 2018. The company’s latest product line gained widespread popularity among global masses and became its most accepted product in the span of 12 months. The company launched the vegan yogurt drinks in four flavors namely strawberry, mango, super berry, and unsweetened plain.
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Key Takeaways:
- By product type, almond yogurt is likely to be the most preferred flavor as it is low in cholesterol and high in Vitamin E
- In terms of end-use, the household segment accounts for 80% of total sales of plant-based yogurt.
- Asia Pacific excluding Japan (APEJ) is anticipated to be the largest market for plant-based yogurt, with China and India leading the growth through 2022.
- The U.S. plant-based yogurt market is expected to dominate North America during the forecast period with growing trend of veganism in the country.
- The U.K. and Germany are expected to be the most remunerative market in Europe through 2022 & beyond.
Competitive landscape
Leading plant-based yogurt market players are focusing on introducing distinctive flavors and formats to create a differentiating image for their brand. They are also investing in endorsements by celebrities who are known for their vegan lifestyle.
Influencer-based marketing is a key strategy for plant-based yogurt market players. Plant-based yogurt manufacturers are also collaborating with end users to create new types of products and gain competitive edge.
For instance,
- In March 2022, AAK, Chr. Hansen, Givaudan, and Ingredion came together to create a plant-based yogurt base. The companies employed plant-based proteins, specialised protein binders, and flavour enhancers to develop the yogurt base
- In November 2021, Danone announced it will be switching dairy factory to plant-based Alpro owing to shifting diets of consumers
Key Companies Profiled by Fact.MR
- General Mills Inc.
- The Hain Celestial Group Inc.
- Danone
- Stonyfield Farm Inc.
- Daiya Foods Inc.
- Good Karma Foods Inc.
- Hudson River Foods
- Nancy’s Yogurt
- Kite Hill
- COYO Pty Ltd
Growth Drivers:
- Increasing concern about animal safety and preference for foods that do not involve animal-cruelty is driving the demand for plant-based yogurt
- Rising lactose intolerance is likely to boost the demand for alternative yogurts such as plant-based yogurt
- Concern for antibiotic-free food products is facilitating the demand for plant-based yogurt in the market
Restraints:
- Relatively higher cost of plant-based yogurt than the dairy-based is expected to inhibit the growth in the market.
In the latest study, Fact.MR offers a detailed study on global plant-based yogurt market for the forecast period of 2018 to 2028. This study also highlights key drivers promoting the sales of plant-based yogurt with analysis across below segments:
By Product Type:
- Soy Yogurt
- Almond Yogurt
- Coconut Yogurt
- Others
By End-use:
- HORECA
- Household
By Sales Channel:
- Direct
- Indirect
- Modern Trade
- Convenience Store
- Specialty Store
- E-Retailers
- Other Retail Format
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Plant-based Yogurt Market:
- What is the projected value of the plant-based yogurt market in 2018?
- At what rate will the global plant-based yogurt market grow until 2028?
- Which are the factors hampering the growth in the plant-based yogurt market? Which region is expected to lead in the global plant-based yogurt market during 2018-2028?
- Which are the factors driving the plant-based yogurt market during the forecast period?
- What is the expected market value of the plant-based yogurt market during the forecast period?
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