Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in North America is seeing minimal growth due to factors like increasing demand for healthier alternatives, growing health consciousness, and the convenience of online shopping. These factors are impacting the market's growth rate.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for plant-based yogurt substitutes in North America. This trend is driven by cultural values around sustainability, as well as an increasing number of individuals following vegetarian or vegan diets. Additionally, the rise of lactose intolerance and dairy allergies has also contributed to the popularity of yogurt alternatives, such as coconut, almond, and soy-based options. These shifts in consumer preferences are indicative of a larger trend towards conscious consumption and ethical choices.
Trends in the market: In North America, the Yogurt Substitutes market is experiencing a surge in demand for plant-based alternatives. Consumers are becoming more health-conscious and are seeking dairy-free options for dietary restrictions and environmental concerns. This trend is expected to continue, with a projected CAGR of 8.9% by 2025. As a result, industry stakeholders are focusing on product innovation and expanding their product lines to cater to this growing demand. Furthermore, the rise of veganism and flexitarianism is also contributing to the growth of the Yogurt Substitutes market in North America, with consumers looking for more ethical and sustainable food options. This trend is significant for industry players as it presents opportunities for expansion and diversification, while also posing challenges for traditional dairy companies. As such, companies in the market are investing in research and development and strategic partnerships to stay competitive and meet evolving consumer demands.
Local special circumstances: In North America, the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the health and wellness trend. With consumers becoming increasingly health-conscious, there has been a rise in demand for plant-based alternatives to traditional dairy products. This trend is particularly evident in the United States, where there is a large population of vegans and vegetarians. In Canada, the market is also driven by the growing demand for dairy-free and lactose-free options, as well as the government's support for sustainable and environmentally-friendly products. Additionally, the regulatory environment in both countries favors the labeling and marketing of yogurt substitutes as a healthier and more sustainable option, further propelling market growth.
Underlying macroeconomic factors: The Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is greatly impacted by macroeconomic factors in North America. These include global economic trends, national economic health, fiscal policies, and financial indicators. For example, countries with strong economic growth and stable fiscal policies are experiencing higher demand for yogurt substitutes due to increased consumer spending. Additionally, the rising health consciousness among consumers and the growing trend of plant-based diets are driving the demand for yogurt substitutes in the region. Furthermore, the increasing focus on sustainable and ethical food production practices is also influencing market performance, with consumers willing to pay a premium for environmentally-friendly and socially responsible alternatives to traditional dairy products.
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)
