Abstract Plant‐based yogurt alternatives are increasing in market value, while dairy yogurt sales are stagnating or even declining. The plant‐based yogurt alternatives market is currently dominated by products based on coconut or soy. Coconut‐based products especially are often low in protein and high in saturated fat, while soy products raise consumer concerns regarding genetically modified soybeans, and soy allergies are common. Pulses are ideally suited as a base for plant‐based yogurt alternatives due to their high protein content and beneficial amino acid composition. This review provides an overview of pulse nutrients, pro‐nutritional and anti‐nutritional compounds, how their composition can be altered by fermentation, and the chemistry behind pulse protein coagulation by acid or salt denaturation. An extensive market review on plant‐based yogurt alternatives provides an overview of the current worldwide market situation. It shows that pulses are ideal base ingredients for yogurt alternatives due to their high protein content, amino acid composition, and gelling behavior when fermented with lactic acid bacteria. Additionally, fermentation can be used to reduce anti‐nutrients such as α‐galactosides and vicine or trypsin inhibitors, further increasing the nutritional value of pulse‐based yogurt alternatives.