Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in ASEAN has seen minimal growth due to factors such as consumer preference for traditional dairy products and lack of awareness about alternative options. Despite this, the market is expected to experience gradual growth in the coming years.
Customer preferences: As health and wellness continue to be top priorities for consumers in ASEAN, there is a growing trend towards plant-based and vegan diets. This has led to a rise in demand for yogurt substitutes made from alternative ingredients such as coconut, almond, and cashew milk. This shift is driven by cultural preferences for vegetarianism and the belief that plant-based diets are healthier and more environmentally sustainable. Additionally, the growing popularity of dairy-free options is also influenced by the increasing number of individuals with lactose intolerance or dairy allergies.
Trends in the market: In ASEAN and the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market, there is a growing trend towards plant-based dairy alternatives due to increasing health and environmental concerns. This trend is expected to continue, with consumers seeking out products made from ingredients such as soy, coconut, and almond milk. Additionally, there is a rise in demand for lactose-free and vegan options, as well as innovative flavors and packaging. This trend has significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in research and development to remain competitive in the market.
Local special circumstances: In the ASEAN region, the Yogurt Substitutes Market is heavily influenced by the diverse cultural and dietary preferences of the local population. For instance, in Indonesia, a predominantly Muslim country, there is a growing demand for halal-certified yogurt substitutes. In Thailand, a popular ingredient used in traditional desserts, coconut milk, is often used as a substitute for dairy-based yogurts. These unique local factors play a significant role in shaping the market dynamics and consumer behavior in the ASEAN Yogurt Substitutes Market.
Underlying macroeconomic factors: The Yogurt Substitutes Market is heavily influenced by macroeconomic factors such as consumer purchasing power, economic growth, and government policies. Countries with strong economic growth and stable political climates are experiencing higher demand for dairy alternatives, as consumers prioritize health and wellness. Additionally, the rise of veganism and lactose intolerance is driving the demand for yogurt substitutes, as more people adopt plant-based diets. Government initiatives promoting healthier food choices and sustainable agriculture practices are also contributing to market growth. Furthermore, the increasing cost of dairy production and supply chain disruptions due to the COVID-19 pandemic have also led to a shift towards yogurt substitutes in some regions.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
