The dairy-free yogurt market is expected to rise to $7.4 billion by 2027, according to a new report by market research firm Future Market Insights (FMI). The report predicts that the global non-dairy yogurt market increase by a compounded annual growth rate (CAGR) of 4.9 percent from 2017 to 2027, largely due to the growing population of health-conscious millennials. “The millennial population is on the verge of surpassing the baby boomers globally,” the report said. “This population segment is active and diet-conscious. They prefer products with low sugar, fat, and lactose as well. Plant-based products are one of the ideal products they desire.” The report noted companies such as The Hain Celestial Group and Daiya Foods as key players in this market’s rise. This report follows similar market research that previously projected vegan ice cream, vegan cheese, and vegan meat industries to reach values of $2.45 billion, $4 billion, and $7 billion, respectively, within the next decade.
Photo courtesy of Daiya Foods
Symphony Barnes is a Southern California native with a Bachelor of Arts in Journalism from Pepperdine University who is passionate about health and wellness.
Editor’s Note: A previous version of this story reported the estimated value as $7.4 million. The piece has since been updated.