Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in Bhutan is experiencing minimal growth due to factors such as low consumer awareness and limited availability of substitutes. However, the market is expected to see a gradual increase as more consumers become health-conscious and demand for alternative dairy products rises.
Customer preferences: As consumers become more health-conscious, there has been a growing trend towards plant-based and dairy-free alternatives in the Yogurt Substitutes Market. This can be attributed to the increasing number of individuals adopting vegetarian or vegan diets, as well as those with lactose intolerance. Additionally, there is a rising demand for sustainable and environmentally-friendly products, leading to the popularity of plant-based yogurt substitutes made from ingredients such as coconut, almond, and soy.
Trends in the market: In Bhutan, the Yogurt Substitutes Market of the Dairy Products & Eggs Market is seeing a rise in plant-based alternatives to traditional dairy yogurt. This trend is driven by the increasing demand for vegan and lactose-free options, as well as a growing awareness of the health benefits of plant-based diets. As a result, companies in this market are investing in research and development to improve the taste and texture of their products, and are also expanding their distribution channels to reach a wider consumer base. This trend is expected to continue in the coming years, presenting opportunities for industry stakeholders to tap into the growing demand for plant-based yogurt substitutes.
Local special circumstances: In Bhutan, the Yogurt Substitutes Market within the Dairy Products & Eggs Market is heavily influenced by the country's cultural and religious practices. Dairy products are not traditionally consumed in Bhutan due to the predominantly Buddhist population's preference for a vegetarian diet. To cater to this market, companies have introduced yogurt substitutes made from plant-based products such as soy, almond, and coconut milk. Additionally, Bhutan's strict regulations on dairy farming and production have also impacted the market, with limited supply and higher costs. As a result, yogurt substitutes have become a popular alternative for health-conscious consumers in Bhutan.
Underlying macroeconomic factors: The Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market in Bhutan is influenced by macroeconomic factors such as economic stability, government policies, and consumer spending habits. The country's strong focus on sustainability and environmental conservation has led to an increasing demand for plant-based yogurt alternatives, driving market growth. Additionally, the rising disposable income and changing dietary preferences of the population are also contributing to the growth of the market. However, factors such as import restrictions and high production costs may hamper market growth. Overall, the market is expected to see steady growth due to the country's stable economic growth and increasing consumer awareness about health and wellness.
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.
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