Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in LATAM is experiencing minimal growth, impacted by factors such as changing dietary preferences, increasing health consciousness, and the convenience of online shopping. This has led to a rise in demand for alternative dairy products, driving the market's growth.
Customer preferences: Consumers in LATAM are increasingly turning towards plant-based yogurt substitutes as a healthier and more environmentally sustainable alternative to traditional dairy yogurt. This trend is driven by a growing awareness of the health benefits of plant-based diets and a desire to reduce the carbon footprint of food consumption. Additionally, the rise of veganism and lactose intolerance among young consumers is also contributing to the popularity of yogurt alternatives made from soy, coconut, and almond milk.
Trends in the market: In LATAM, the demand for yogurt substitutes is on the rise, driven by increasing health consciousness and lactose intolerance. This trend is expected to continue, as more consumers are opting for plant-based alternatives, such as soy, almond, and coconut yogurt. Additionally, there is a growing trend of using yogurt substitutes in smoothies and other healthy snack options. This shift towards non-dairy options presents opportunities for industry stakeholders to expand their product offerings and tap into a growing market. However, it also poses challenges for traditional dairy companies to adapt and innovate in order to remain competitive. As such, the yogurt substitutes market in LATAM is expected to witness significant growth and disruption in the coming years.
Local special circumstances: In LATAM, the demand for yogurt substitutes in the Dairy Products & Eggs Market is influenced by the region's strong preference for plant-based products. This is driven by cultural and dietary factors, as well as the growing trend towards health and wellness. Additionally, regulatory measures promoting sustainability and animal welfare are also impacting market dynamics. In Mexico, for example, the government's "Green Mondays" initiative encourages citizens to reduce their meat consumption, leading to an increase in demand for yogurt alternatives made from plant-based ingredients. In Chile, the popularity of veganism and vegetarianism is driving the growth of the yogurt substitutes market, with consumers seeking healthier and environmentally-friendly options.
Underlying macroeconomic factors: The Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market in LATAM is heavily influenced by macroeconomic factors, including global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economic conditions and favorable fiscal policies are experiencing higher market growth compared to regions with economic instability and unfavorable policies. Additionally, the increasing demand for healthier and more sustainable food options among consumers is driving the growth of the Yogurt Substitutes Market, as well as the overall Dairy Products & Eggs Market. Furthermore, the rising awareness about the negative environmental impact of traditional dairy production is also fueling the demand for yogurt substitutes in the market.
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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