Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in South America is experiencing minimal growth, influenced by factors such as consumers' increasing health consciousness and the convenience of online services. The market's slow growth rate is impacted by the emerging trend of plant-based dairy alternatives.
Customer preferences: As consumers become more health-conscious, there is a growing demand for plant-based yogurt substitutes in South America. This trend is driven by factors such as increasing awareness of lactose intolerance, the rise of veganism, and the desire for healthier and more sustainable food options. Additionally, the use of social media platforms and online recipe resources has also influenced consumer preferences, with many opting for alternative dairy-free options for their yogurt needs.
Trends in the market: In South America, the demand for dairy-free and plant-based products has been on the rise, leading to a significant increase in the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market. This trend is fueled by health-conscious consumers seeking alternative options and the growing awareness of lactose intolerance and dairy allergies. As a result, companies are investing in research and development to create innovative and tasty yogurt substitutes. This trend is expected to continue, driven by the increasing popularity of vegan and flexitarian diets. Industry stakeholders should closely monitor this trend and adapt their product offerings to cater to the changing consumer preferences.
Local special circumstances: In South America, the Yogurt Substitutes Market within the Dairy Products & Eggs Market is influenced by the region's diverse cultural preferences and regulatory environment. For instance, in Brazil, the market is driven by the growing health-conscious middle class seeking convenient and affordable plant-based alternatives to traditional dairy products. In Argentina, the market is shaped by the country's strong dairy industry and the increasing demand for lactose-free options. Additionally, countries like Chile and Peru have a growing demand for vegan and organic yogurt substitutes, driven by the rising awareness of health and environmental concerns.
Underlying macroeconomic factors: The Yogurt Substitutes Market in South America is heavily influenced by macroeconomic factors, such as the overall economic health of the region, government policies, and global economic trends. The region's economic growth, stability, and consumer spending power play a crucial role in driving market demand for yogurt substitutes. Government policies that support the development of the food industry and promote healthy eating habits also impact the market's performance. Additionally, global economic trends, such as changing consumer preferences for plant-based products and the rise of health-conscious consumers, are also significant factors influencing the growth of the Yogurt Substitutes Market in South America. The increasing prevalence of chronic diseases and the aging population in the region are also contributing to the demand for yogurt substitutes as a healthier alternative 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.
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