Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in Mexico is experiencing minimal growth due to factors such as limited consumer awareness and availability of alternatives like plant-based milk products. However, with increasing health consciousness and convenience, the market may see growth in the future.
Customer preferences: As health and wellness continue to be a top priority for consumers in Mexico, there has been a growing preference for plant-based yogurt substitutes. This trend is driven by a desire for healthier and more sustainable options, as well as a rise in lactose intolerance and veganism. Additionally, there has been a shift towards convenience and on-the-go snacking, leading to an increase in single-serve and portable yogurt substitute products. This trend is expected to continue as more consumers prioritize health and convenience in their food choices.
Trends in the market: In Mexico, the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based alternatives due to the increasing popularity of vegan and vegetarian diets. This trend is expected to continue, with consumers becoming more health-conscious and environmentally aware. As a result, industry players are introducing innovative products such as almond, coconut, and soy-based yogurt substitutes to cater to this growing segment. This shift towards plant-based options has significant implications for stakeholders, including dairy companies who may need to adapt their product offerings, and farmers who may need to diversify their crops. Furthermore, it presents an opportunity for new players to enter the market and capitalize on this trend.
Local special circumstances: In Mexico, the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by the country's large lactose-intolerant population. This has led to the rise of alternative dairy products made from plant-based sources like almonds, oats, and soy. Additionally, Mexico's rich culinary culture has also contributed to the demand for yogurt substitutes, as they are often used in traditional dishes. The country's growing health-conscious population has also fueled the market, with consumers seeking healthier options for their diets. The government's initiatives to promote healthy eating habits have further boosted the growth of the yogurt substitutes market in Mexico.
Underlying macroeconomic factors: The Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market in Mexico is also impacted by macroeconomic factors such as trade policies, consumer spending, and government regulations. As a developing country with a growing economy, Mexico has seen an increase in disposable income and a shift towards healthier dietary choices. This has led to a rise in demand for yogurt substitutes as a healthier alternative to traditional dairy products. Furthermore, government initiatives promoting healthy eating habits and increasing awareness of lactose intolerance have also contributed to the growth of this market. However, fluctuations in global dairy prices and trade agreements could potentially impact the availability and pricing of yogurt substitutes in the Mexican 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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