Non-Dairy Yogurt Market Analysis, Scope, and Growth by 2030
Non-Dairy Yogurt Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 2.46 Billion |
| Market Size by 2030 | US$ 5.91 Billion |
| Global CAGR (2022 - 2030) | 11.6% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Source
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
COVID-19 Impact:
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020.
During the COVID-19 pandemic, the dietary preferences of consumers changed significantly, with many consumers switching to plant-based diets. The demand for dairy alternatives increased significantly during the pandemic due to increased health and wellness concerns. Thus, owing to a rise in health consciousness, the demand for non-dairy yogurt has surged during the pandemic. However, as the manufacturing units remained shut, a production shortfall created a gap between the demand and supply sides. Manufacturers with high product inventories cater to the increasing demand; however, small-scale and mid-scale manufacturers lack product inventories that incur financial losses. These factors negatively impacted the non-dairy yogurt market size.
In 2021, various economies resumed operations as several governments announced relaxation in the previously imposed restrictions, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap.
Competitive Landscape and Key Companies:
A few of the major players operating in the global non-dairy yogurt market include The Hain Celestial Group Inc, Danone Sa, Springfield Creamery Inc, Lyrical Foods Inc, Coyo Pty Ltd, Valio Ltd, Oatly Group Ab, Daiya Foods Inc, Forager Project LLC, and Harmless Harvest Inc. These market players are adopting strategic development initiatives to expand, further driving the market growth.
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