Non-dairy Yogurt Market is Anticipated to Register 4.9% CAGR through 2017-2027
Posted: May 13, 2018
Future Market Insights (FMI) has published a new report on the non-dairy yogurt market. The report has been titled "Non-dairy Yogurt Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027." The growing number of lactose intolerant people is one of the core reasons behind the growth of the global non-dairy yogurt market.
The Millennial population is on the verge of surpassing the baby boomers globally. This population segment is active and diet-conscious. They prefer products with low sugar, fat and lactose as well. Plant-based products are one of the ideal products they desire. Moreover, there is a rise in the number of lactose intolerant people especially in major parts of North America and Asia Pacific. Plant based products in different formats such as beverages and yogurt are lactose free and cater to needs of health conscious customers.
Manufacturers in the global market are focussing on product enhancement and development of new flavours. The companies operating in the global market are General Mills Inc., The Hain Celestial Group Inc., Danone, Stonyfield Farm, Inc., and Daiya Foods Inc., among several others. According to the report, the global non-dairy yoghurt market is expected to witness a CAGR of 4.9% from 2017 to 2027. The market is projected to rise to a valuation of US$ 7,431.1 Mn by the end of 2027.
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Growing Yogurt Consumption Across the World to Boost Market Growth
The global production of yogurt is expected to rise over the forecast period by approximately 34%. Over the past few years, China, Iran, Turkey, Russia, USA and Germany have been the main producers of yogurt in the global market. Owing to many health benefits associated with the consumption of yogurt, some of the major countries such as U.S., China, and U.K. have witnessed a rise in the consumption rate of yogurt in its different formats such as fat-free yogurt, drinkable yogurt, plant-based yogurt etc. Owing to varying preference and trends in the market, several manufacturers such as Danone and Yakult are coming up with innovative products to grab a large share of the consumer base.
According to the National Institutes of Health, around 65% of the total global population have lactose intolerance. This category of the population is unable to digest milk products and the consumption of dairy products could lead to gas bloating, lower belly pain and diarrhoea. Certain parts of the Asia Pacific and the African region have witnessed the highest rate of lactose intolerance in the recent past. As a result, people look out for alternatives to milk and milk products such as soy milk, almond milk, and hemp milk in their regular diet. As a result, there is a rise in consumption of plant-based dairy products in different formats such as beverages, frozen desserts and yogurts especially in countries such as Australia, China, the U.K., and the U.S.
Dearth of Proper Regulations to Have a Negative Impact on the Global Market
Lack of stringent norms and regulations pertaining to the safety and efficacy of organic products is expected to impact the growth of the plant-based yogurt market globally. Owing to less emphasis on labelling and safety of these products, incidences of false health claims by manufacturers in order to market their products has increased significantly. This has impacted consumer outlook towards plant-based products and is expected to adversely affect the growth of the non-dairy yogurt market to a certain extent.
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