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Global Soy Yogurt Market – Industry Trends and Forecast to 2031

Food & Beverage

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Global Soy Yogurt Market – Industry Trends and Forecast to 2031

  • Food & Beverage
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Soy Yogurt Market, By Type (Organic Soy Yogurt, Ordinary Soy Yogurt),  Flavor Type (Flavored, Non-Flavored), Fat Content (Regular, Low Fat, Fat-Free), Application (Frozen Dessert, Food, Beverages, Others), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Online Stores, Others) – Industry Trends and Forecast to 2031.

Soy Yogurt Market

Soy Yogurt Market Analysis and Size

The soy yogurt market has been expanding rapidly. This growth is attributed to factors such as consumers are increasingly opting for plant-based alternatives due to health concerns. Soy yogurt, being dairy-free and often fortified with essential nutrients, is perceived as a healthier option compared to dairy yogurt by many consumers. The rising popularity of vegan and vegetarian diets has contributed to the growth of the soy yogurt market. Soy yogurt serves as a suitable alternative for individuals who avoid animal products.

Data Bridge Market Research analyses that the global soy yogurt market, which was USD 589.10 million in 2023, is expected to reach USD 1,865.71 million by 2031, growing at a CAGR of 15.5% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

 Type (Organic Soy Yogurt, Ordinary Soy Yogurt),  Flavor Type (Flavored, Non-Flavored),  Fat Content (Regular, Low Fat, Fat-Free), Application (Frozen Dessert, Food, Beverages, Others), Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Online Stores, Others)

Countries Covered

U.S., Canada, Mexico, Germany, France, Spain, Turkey, U.K., Netherlands, Russia, Switzerland, Belgium, Hungary, Italy, Rest of Europe, China, India, Japan, Australia, South Korea, Malaysia, Singapore, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Egypt, Saudi Arabia, UAE, Israel and Rest of Middle East and Africa

Market Players Covered

Danone SA (France), COYO Pty. Ltd.( Australia), Forager Project (U.S.), The Coconut Collaborative (U.K.), Lavva (U.S.), Good Karma Foods Inc. (U.S.), NANCY's (U.S.), Hain Celestial (U.S.), Daiya Foods Inc. (Canada), Oatly AB (Sweden), YOSO (Canada), Amande Cultured Almond Milk (U.S.), Vitasoy: (Hong Kong), WhiteWave Services(U.S.), Yoplait (France) among others

Market Opportunities

  • Increasing Consumer Awareness about Health and Wellness

Market Definition

Soy yogurt is a dairy-free alternative to traditional yogurt that is made from soy milk. It is typically produced through a fermentation process using bacterial cultures, similar to how dairy yogurt is made. The main ingredient in soy yogurt is soy milk, which is derived from soybeans. Other ingredients may include bacterial cultures (such as Lactobacillus bulgaricus and Streptococcus thermophilus), sweeteners (such as sugar or fruit juice), thickeners (such as tapioca starch or agar), and flavorings (such as vanilla or fruit extracts). Soy yogurt is often fortified with vitamins and minerals to mimic the nutritional profile of dairy yogurt. It is a good source of protein, calcium, and other nutrients.

Global Soy Yogurt Market Dynamics

Drivers

  • Increasing Lactose Intolerance and Dairy Allergies among Consumers

Lactose intolerance is a condition where the body is unable to digest lactose, a sugar found in dairy products, due to a deficiency of lactase enzyme. It affects a significant portion of the global population, with varying degrees of severity depending on ethnicity and genetics. Additionally, dairy allergies, which involve an immune response to proteins found in dairy products, are also relatively common, especially among infants and young children. Individuals with lactose intolerance or dairy allergies often experience digestive discomfort, bloating, gas, and other symptoms after consuming dairy products. As a result, they seek alternatives that do not contain lactose or dairy proteins to avoid these adverse effects. Soy yogurt emerges as an ideal solution because it is made from soy milk, which is naturally lactose-free and does not contain dairy proteins, making it easier for lactose intolerant individuals and those with dairy allergies to enjoy yogurt without discomfort. Soy yogurt offers a similar taste and texture to traditional dairy yogurt, making it a palatable and satisfying alternative for consumers who enjoy the creamy consistency and tangy flavor of yogurt. The fermentation process used to make soy yogurt also contributes to its smooth texture and pleasant taste, further enhancing its appeal to consumers seeking dairy-free options.

  • Growing Vegan and Vegetarian Lifestyle Choices

The adoption of vegan and vegetarian diets is driven by various factors, including ethical concerns about animal welfare, environmental sustainability, and personal health. Vegans abstain from consuming animal products entirely, while vegetarians typically avoid meat but may consume dairy and eggs. Animal agriculture is associated with significant environmental challenges, such as deforestation, greenhouse gas emissions, and water pollution. By choosing plant-based alternatives such as soy yogurt, vegans and vegetarians can reduce their ecological footprint and contribute to environmental conservation efforts. Plant-based diets have been linked to various health benefits, including reduced risk of chronic diseases such as heart disease, diabetes, and certain cancers. Soy yogurt provides essential nutrients, including protein, calcium, and vitamins, making it a valuable component of a balanced vegan or vegetarian diet.

Opportunities

  • Product Innovation and Differentiation

Continued investment in R&D allows manufacturers to explore new formulations, ingredients, and production techniques to enhance the quality, taste, and texture of soy yogurt. This can involve conducting consumer research, taste tests, and sensory evaluations to understand preferences and identify opportunities for innovation. Offering a diverse range of flavors beyond traditional options can appeal to consumers seeking variety and novelty. Manufacturers can experiment with exotic fruit flavors, savory blends, and indulgent dessert-inspired varieties to cater to different taste preferences. Similarly, innovating with textures, such as creamy, smooth, or chunky, can provide consumers with a sensory experience that sets soy yogurt apart from competitors. Creative packaging formats and designs can capture consumer attention and enhance shelf appeal. Manufacturers can consider convenient single-serve cups, eco-friendly pouches, or resealable tubs that offer portability and freshness. Highlighting these added benefits through labeling and marketing can enhance perceived value and justify premium pricing.

  • Health and Wellness Positioning

Positioning soy yogurt as a functional food with specific health benefits can resonate with consumers seeking nutritious and wholesome dietary choices. Emphasizing the role of soy and probiotics in promoting digestive health, supporting immune function, and contributing to overall well-being can differentiate soy yogurt from traditional dairy yogurt and other dairy alternatives. Highlighting the nutritional value of soy yogurt, including its protein content, calcium fortification, and absence of cholesterol, can appeal to health-conscious consumers. Soy yogurt is a rich source of plant-based protein, making it a valuable addition to vegetarian, vegan, or protein-rich diets. Communicating these nutritional benefits through packaging, labeling, and marketing materials can educate consumers and drive purchase intent. Communicating the sustainability and environmental benefits of soy production can resonate with environmentally-conscious consumers concerned about the ecological impact of food choices. Soy cultivation typically requires fewer resources such as water and land compared to dairy farming, making soy yogurt a more sustainable option. Using eco-friendly packaging materials, supporting ethical sourcing practices, and transparently communicating sustainability initiatives can reinforce brand values and attract environmentally-conscious consumers.

Restraint

  • Traditional Dairy Yogurt Brands Expanding into Plant-Based Alternatives

Many established dairy yogurt brands have recognized the growing demand for plant-based alternatives and have entered the market with their own soy yogurt products or expanded their existing product lines to include soy yogurt options. This trend is driven by changing consumer preferences, health considerations, and sustainability concerns. Traditional dairy yogurt brands often have strong brand recognition and customer loyalty built over years of market presence. Their entry into the plant-based yogurt segment can pose a significant challenge to standalone soy yogurt brands, as consumers may gravitate towards familiar brands they trust when trying plant-based alternatives. Dairy yogurt brands have the resources and expertise to invest in product development, research, and marketing, allowing them to introduce innovative soy yogurt formulations, flavors, and packaging formats. This competitive advantage enables them to attract consumers seeking diverse and high-quality plant-based options, potentially diverting market share away from standalone soy yogurt brands.

This global soy yogurt market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global soy yogurt market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In April 2022, a powerful plant-based yogurt base was introduced by MISTA, a San Francisco-based development system, as its initial member-created item. Customers can grab the plant-based yogurt base in the United States, Europe, and certain locations in Latin America
  • In November 2021, Plant Veda, a renowned producer of dairy alternatives, confirmed the launch of "Plant Gurt," a new plant-based yogurt that includes millions of active probiotics and can be mixed with smoothies or morning cereals

Global Soy Yogurt Market Scope

Global soy yogurt market is segmented into five notable segments which is type, flavor type, fat content, application and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Type

  • Organic Soy Yogurt
  • Ordinary Soy Yogurt

Flavor Type

  • Flavored
  • Non-Flavored

Fat Content

  • Regular
  • Low Fat, Fat-Free

Application

  • Frozen Dessert
  • Food
  • Beverages
  • Others

Distribution Channel

  • Hypermarkets and Supermarkets
  • Convenience Stores
  • Online Stores
  • Others

Global Soy Yogurt Market Regional Analysis/Insights

Global soy yogurt market is analysed and market size information is provided by type, flavor type, fat content, application and distribution channel as referenced above.

The countries covered in global soy yogurt market report are U.S., Canada, Mexico, Germany, France, Spain, Turkey, U.K., Netherlands, Russia, Switzerland, Belgium, Hungary, Italy, rest of Europe, China, India, Japan, Australia, South Korea, Malaysia, Singapore, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Egypt, Saudi Arabia, UAE, Israel and rest of Middle East and Africa.

North America dominate the global soy yogurt market. This is attributed due to growing demand for plant-based food products, driven by factors such as increasing health consciousness, rising lactose intolerance, and growing vegan and vegetarian populations in the region.

Europe is the fastest growing region because European consumers are increasingly adopting healthier dietary habits, including reducing their intake of dairy products and embracing plant-based alternatives such as soy yogurt.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and Global Soy Yogurt Market Share Analysis

The global soy yogurt market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global soy yogurt market.

Some of the major players operating in the global soy yogurt market are:

  • Danone SA (France)
  • COYO Pty. Ltd.( Australia)
  • Forager Project (U.S.)
  • The Coconut Collaborative (U.K.)
  • Lavva (U.S.)
  • Good Karma Foods Inc. (U.S.)
  • NANCY's (U.S.)
  • Hain Celestial (U.S.)
  • Daiya Foods Inc. (Canada)
  • Oatly AB (Sweden)
  • YOSO (Canada)
  • Amande Cultured Almond Milk (U.S.)
  • Vitasoy: (Hong Kong)
  • WhiteWave Services(U.S.)
  • Yoplait (France)


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FREQUENTLY ASK QUESTIONS

The soy yogurt market size will be worth USD 1,865.71 million by 2031.
The growth rate of the soy yogurt market is 15.5%.
Increasing Lactose Intolerance and Dairy Allergies among Consumers & Growing Vegan and Vegetarian Lifestyle Choices are the growth drivers of the soy yogurt market.
Type, flavor type, fat content, application and distribution channel are the factors on which the soy yogurt market research is based.
Major companies in the soy yogurt market are Danone SA (France), COYO Pty. Ltd.( Australia), Forager Project (U.S.), The Coconut Collaborative (U.K.), Lavva (U.S.), Good Karma Foods Inc. (U.S.), NANCY's (U.S.), Hain Celestial (U.S.), Daiya Foods Inc. (Canada), Oatly AB (Sweden), YOSO (Canada), Amande Cultured Almond Milk (U.S.), Vitasoy: (Hong Kong), WhiteWave Services(U.S.), Yoplait (France) among others.
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