Product Launches in Exciting Flavor Categories to Drive Market Growth Hence, opportunities also lie in collaborating with domestic market players to use their distribution channels and knowledge about domestic markets to enter the untapped markets and strengthen the market position. However, in developing countries, the manufacturers are entirely focusing on primary plant-based yogurts to make consumers aware of their products in the market. New and attractive flavors can also be introduced in these new markets by investing extensively in the domestic R&D departments of the companies. Soy is the most consumed source of vegan food in developing regions as consumers are not aware of other sources such as rice, oat, and pea. In these developing regions, trends are emerging in terms of source. Whereas in developing countries where the market is in the initial stage, the trends differ. In developed countries, trendy flavors are introduced in the yogurt category, such as chocolate, strawberry, and blueberry. The vegan market is still in its initial stage in many countries, while it is a well-established market in developed countries of North America and Europe region. Surging Opportunities for the Market Players to Expand in Untapped Markets Request a Free sample to learn more about this report. The fear of contracting the viral disease, which poses stringent restrictions on individuals in terms of food consumption, further aggravates the demand for vegan products, including vegan yogurt in the market. But, since the pandemic phase, the ever-increasing number of vegan consumers is largely seeking wholesome & safe products, contributing to vegans yogurt's stellar growth. In addition, apart from its health benefits, the subtle texture, consistency flavor, is also helping the company to increase its penetration rate in the upcoming period. The growing spectrum from both ends of customers and manufacturers is creating a path for the growth of plant-centric products around the globe. The vegan products market has evolved daily, mainly due to the rising customer preferences for plant-based diets. Striving Demand for Dairy-Free Yogurt and its Health-Promoting Factors, Promotes the Market Growth In addition, the growing lactose-intolerant population, especially in the European & Asian regions, & growing expenditure on plant-based products, such as hemp milk-based yogurts or flax seed yogurt, also drives the vegan yogurt market growth of vegan yogurts segments. The plant-based yogurt has high market potential, attributed to the upsurging concerns for the environment and the health benefits of plant-based protein, further generating growing momentum across the globe. This market is witnessing proliferating growth, owing to the rise in vegan culture and the need to replace dairy products with alternative plant-based yogurt. Based on our analysis, the market share had exhibited a growth of 25.45% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The market is projected to grow from USD 2.56 billion in 2022 to USD 9.58 billion by 2029, exhibiting a CAGR of 20.62% during the 2022-2029 period. The vegan yogurt market size was USD 2.12 billion in 2021.
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