Rising demand for dairy-free alternatives has led to Vitasoy launching its dairy-free soy yogurt range in Australia, a nation which has the 3rd fastest growing market for plant-based foods.
Rachael Adams, Nutrition Insights Manager at Vitasoy said, “Our ambition was to create a delicious plant-based yogurt that makes it easier for people to reach their recommended daily intakes. The recipe is fortified with Calcium, Vitamin D and Vitamin B12 that are particularly important in a vegetarian or plant-based diet.”
Australia is the 3rd fastest growing market in the world for plant-based foods. In 2020, the sector generated A$185 million (US$127 million) in sales, up 32% year on year, according to the Australian Trade and Investment Commission. The number of people buying dairy and meat substitutes also increased in 2021, rising 14%, according to the Australian Bureau of Statistics.
Vitasoy’s newly launched Greek-style soy yogurt range comes in 4 flavours namely plain, vanilla, strawberry, and mango and passion fruit. The new range will give the company a much-needed boost after revenue tumbled a year ago when its mainland Chinese consumers decided to boycott the brand due to a leaked memo controversy. Vitasoy reported a loss of HK$159 million (US$20.26 million) for the year ended March 2022 mainly attributed to the drop in revenue in mainland China, its biggest market. In contrast, revenues from overseas markets in Singapore, Australasia and New Zealand grew in the same financial year.
Vitasoy, as part of its environmental target, aims to increase its plant-based product offerings from 87% to 92%. Roberto Guidetti, CEO of Vitasoy said, “This new product has been many years in the making, and it is a great testament to our strong commitment in innovation and sustainable development, bringing to the market a richer variety of tasty, nutritious plant-based products.”
