The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Vegan Yogurt Drinks. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Vegan Yogurt Drinks Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Vegan Yogurt Drinks market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Vegan Yogurt Drinks
This newly published and insightful report sheds light on Market Insights of Vegan Yogurt Drinks, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Vegan Yogurt Drinks Market.
The vegan yogurt market is expected to continue its bullish run, driven by a combination of macroeconomic and industry-specific factors. Gains have been driven by vegan yogurt’s availability in a variety of flavors, and the ubiquitous health and wellness trend. These factors helped vegan yogurt sales increase by over 30,000 metric tons in 2018 over 2017, according to recent analysis by Fact.MR.
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The Fact.MR study opines that almond yogurt remains the bestseller, accounting for more than half of total vegan yogurt sales in 2018. The trend is expected to prevail as vegan yogurt companies continue to introduce new almond-milk based yogurt products to meet consumers’ taste preferences while enhancing the vegan yogurt’s nutritional value.
The adoption of veganism by famous celebrities and athletes has also added to the cause. Coupled with the endorsement from renowned health institutions and its potential cancer-preventing benefits, vegan products have garnered widespread popularity around the globe.
Vegan Yogurt Market – Market Segmentation
The vegan yogurt market report offers a detailed market breakdown on the basis of volume, value, Y-o-Y growth, and CAGR. The report segments the market on the basis of region, end use application, sales channel, and product type.
Households Account for 80% Consumption of Vegan Yogurt
Fact.MR finds that over 80% of vegan yogurt is consumed in households. Further, the compact packaging of vegan yogurt allows the consumer to eat it on-the-go, making it an attractive snacking option for busy consumers.
The use of vegan products in food chains and restaurants is gradually gaining traction; the study found moderate growth in the utilization of vegan yogurt and products in the food service industry. Although households dominate overall consumption, demand for vegan yogurt from households and HORECA is growing at comparable rates.
Companies Look Towards Vegan Yogurt As ‘Mindful Choices’ Trend Drives the Food Industry
Companies in the food processing and production industry are looking to capitalize on the ‘mindful choices’ trend. On account of the popularity of the trend, multiple small and large companies are launching new vegan products to consolidate their position. The fierce competition induced in the market as a result of the growing demand for vegan products is expected to lower pricing and encourage innovations in the field.
Numerous researches have linked serious health risks with the consumption of dairy products in the recent past. Increasing awareness about the potential side effects of dairy products is inducing a shift towards vegan products. This is also providing an impetus to the growth of vegan yogurt market. The opportunities emerging in this sector are not lost on F&B companies who are introducing more vegan products to capitalize on the situation.
Quick and Easy Ingredient Procurement a Boon for Companies
Vegan yogurts utilize soy, almond, coconut or other plant-based milk for production. These ingredients are easily available, saving processors the volatilities associated with other ingredients. Moreover, the use of plant-based milk for the production of yogurt does not entail the rearing of cattle which has led to a lot of controversies in recent times.
The study opines that the Asia Pacific excluding Japan (APEJ) will remain the largest market for vegan yogurt globally. The APEJ market is likely to reach US$ 3.5 billion in revenues by 2019-end. Asia Pacific is home to some of the most populous countries on the planet and the evolving consumer needs and preferences promise formidable growth prospects in the region.
The Fact.MR report tracks the vegan yogurt market for the period 2018-2027. According to the report, the vegan yogurt market is projected to grow at 4.8% CAGR through 2028.
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More Valuable Insights on Vegan Yogurt Drinks Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Vegan Yogurt Drinks, Sales and Demand of Vegan Yogurt Drinks, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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