The plant-based yogurt market is set to grow at nearly 5% annually between 2018-2028, a newly-published analysis by Fact.MR has revealed.
Lactose intolerance and veganism are among the key drivers, researchers say, along with increasing preference for 'healthy' food products.
Another reason behind the consumers’ appetite for plant-based yogurt is the use of antibiotics in the dairy production industry, as well as increased consumer concerns over animal safety.
Households will be the biggest purchasers, generating 80% of sales.
Leading the growth in 2022 will be China and India, Fact.MR said.
Over the projected period, Asia Pacific excluding Japan is set to be the largest market for plant-based yogurt according to the projections.
In Europe, Germany and the UK are set to be the most lucrative markets for plant yogurt this year and beyond.
Manufacturers could be hampered by the higher cost of plant-based yogurt, the researchers said, adding that introducing distinctive formats and flavors will be key to gaining a competitive edge.
Finally, collaborations with end-users and while ‘influencer marketing’ – a type of marketing that uses endorsements from social media influencers – should be key strategies for manufacturers looking to boost brand presence.