FMI Updates Plant-based Yogurt Market Forecast and Analysis as Corona Virus Outbreak Disturbs Investment Plans

The global plant based yogurt market is anticipated to demonstrate strong growth prospects during the forecast period 2020-2030, registering a double-digit CAGR. As the proportion of flexitarian and vegan population increases, demand for plant-based foods is riding the high wave. Plant-based yogurts are considered more environmentally sustainable compared to dairy-based yogurts.

High nutritional value associated with plant-based yogurts is a key driving factor behind the proliferation of the plant-based yogurt market. Incidentally, consumers are increasingly seeking novelties in yogurt flavors and indulge their sensory experiences. This has prompted market players to invest in product innovations and experimentation with different flavors, thereby accelerating market growth.

The COVID-19 pandemic has heightened the consumption of immunity boosting foods amongst consumers. With the pandemic ushering in a high degree of uncertainty regarding the safety of consuming animal-derived dairy products, consumers are transitioning towards plant-based yogurt as a precautionary measure.

Moreover, declining dairy production due to reduced agricultural activity amid social distancing protocols have generated a demand-supply gap in mainstream dairy products, clearing the pathway for plant-based yogurt manufacturers to establish their supremacy in the yogurt market. Additionally, prevalence of lactose intolerance amongst consumers is encouraging higher consumption of plant-based yogurts.

“Consumer preferences for conventional flavors is eroding at a rapid pace. Their willingness to experiment with different flavor combinations have generated a dynamic pattern in the plant-based yogurt market, inspiring innovations among market players to satiate these sensory experiences,” concludes a leading FMI analyst.

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Plant Based Yogurt Market- Key Takeaways

Strawberry flavored yogurts shall remain favored among all other flavors of the plant-based yogurt market during the forecast period.
Organic plant-based yogurts shall tower over conventional ones, attributed to adoption of healthier lifestyles and consequent increase on spending for functional foods.
Nut-based yogurts dominated the market during the historical period, capturing over half of the plant-based yogurt market.
Increased concern for animal welfare is prompting consumers to shift towards plant-based yogurt consumption.
North America and Europe shall remain the most lucrative markets for the sales of plant-based yogurts. Entry of various market players by virtue of partnerships and acquisitions is anticipated to keep the demand high in these regions.

Plant Based Yogurt Market- Key Driving Factors

One-third of the North American people have curtailed their meat and dairy intake, bolstering demand for plant-based products. This trend has created optimum conditions for the plant-based yogurt market to flourish.
A burgeoning retail industry by virtue of several technological advancements are enhancing the shopping experiences of consumers. In addition, attractive packaging and flavor combinations are compelling consumers to purchase plant-based yogurts, driving market growth.
The trend of product positioning with additional functional claims such as high protein and probiotic content is deepening plant-based yogurt market penetration in countries such as Brazil, India, Poland and China.

Plant Based Yogurt Market- Key Constraints

Misperceptions about the presence of lower nutritional content in plant-based yogurts compared to milk-based yogurts among developing nations is limiting market penetration.
High price volatility in comparison to its milk-based alternatives is impeding the expansion of plant-based yogurt markets across regions.

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Anticipated Impact of the Coronavirus Outbreak

COVID-19 has ushered in an era of unprecedented uncertainty. As countries struggle to eliminate this deadly disease by imposing lockdowns and social distancing measures, consumers are taking the initiative to adhere to basic precautionary steps, such as maintaining hygiene through regular handwashing and sanitization and also consuming immunity boosting foods and beverages. It is a common belief among medical practitioners and individuals that a healthy diet would help the body develop adequate strength to fight the infection. As a result, consumption of plant-based foods has seen a staggering increase.

Owing to calls for maintaining social distancing, leading market players are effectively exploiting the e-commerce channel in order to expand their sales. With the availability of a myriad range of flavors on online sales channels, consumers are presented with an array of choices to select from within the comfort of their homes. Co-incidentally, traditional retail sales of plant-based yogurts has experienced a resurgence as several countries across the world have relaxed the curbs imposed on netizens, enabling them to visit departmental stores and supermarkets to purchase their products.