The growing global vegan yogurt market, anticipated to reach an impressive USD $12.2 billion by 2033, is creating exciting opportunities for countries like Sri Lanka and the Philippines.
As the market experiences a steady six percent annual growth rate, driven by health-conscious choices and environmental awareness, consumer preferences are shifting quickly towards coconut, soy, oat, cashew, and almond-based alternatives.
This transition to non-dairy yogurts is underpinned by two primary consumer benefits.
Firstly, for the 68% of the world's population grappling with lactose malabsorption, these alternatives provide a healthier and more digestive-friendly option.
Secondly, the conscientious choice of plant-based yogurts aligns with environmental concerns, combating the detrimental impacts of conventional dairy production on our planet.
For Sri Lanka, blessed with abundant coconut resources, the global surge in demand for vegan coconut yogurt presents a golden economic opportunity. By leveraging its thriving coconut industry, Sri Lanka can not only bolster its economy but also meet the increasing international craving for non-dairy creamy and sustainably beneficial products.
Source: Raglan - Coyo - Cocos Brands
Similarly, the Philippines, with soybeans as a staple crop, has the potential to dominate the production of soy-based yogurts. This strategic move can invigorate the country's agricultural sector, boosting domestic economy and export capacities. The rising popularity of non-dairy yogurts is not just a dietary trend but a transformative movement with far-reaching benefits. Sri Lanka and the Philippines, with their abundant natural resources and agricultural prowess, are poised to be significant players in this flourishing market.
Embracing the shift to plant-based yogurt not only caters to the increasing global demand for healthier and eco-conscious alternatives but also showcases their dedication to sustainability and ethical practices.
By harnessing their strengths and aligning with consumer preferences, these nations are stepping into a bright future where economic prosperity coexists with environmental responsibility.
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