Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in South Korea is experiencing minimal growth, impacted by factors such as increasing health awareness and the convenience of online health services. This is driving the market's growth rate in the Dairy Products & Eggs Market within The Food market.
Customer preferences: As health and wellness trends continue to gain traction in South Korea, there has been a noticeable shift towards plant-based and dairy-free alternatives in the Yogurt Substitutes Market. This can be attributed to a growing number of consumers adopting flexitarian and vegan diets, as well as a rising awareness of lactose intolerance and milk allergies. Additionally, the popularity of K-pop and Korean dramas has also influenced consumer preferences, with many opting for dairy-free options for aesthetic and beauty purposes.
Trends in the market: In South Korea, the Yogurt Substitutes Market within the Dairy Products & Eggs Market is experiencing a surge in demand for non-dairy yogurt alternatives. This trend is driven by a growing number of consumers seeking healthier and more sustainable options. As a result, companies are investing in plant-based ingredients and innovative production processes to meet this demand. Additionally, there is a rising interest in probiotic-rich yogurt substitutes, as consumers become more health-conscious. These trends have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in new product development to stay competitive in the market.
Local special circumstances: In South Korea, the Yogurt Substitutes Market is heavily influenced by the country's strong cultural preference for fermented foods and beverages. This has led to the popularity of traditional yogurt alternatives like kefir, as well as the emergence of unique products like soy-based yogurt. Additionally, the country's strict regulations on dairy imports have created a demand for locally produced yogurt substitutes, further shaping the market landscape. Furthermore, South Korea's high rate of lactose intolerance has also played a role in driving the demand for alternative dairy options, such as yogurt substitutes made from plant-based ingredients.
Underlying macroeconomic factors: The Yogurt Substitutes Market in South Korea is heavily influenced by macroeconomic factors such as consumer preferences, government regulations, and economic stability. As the country experiences steady economic growth and rising disposable incomes, consumers are increasingly turning towards healthier and more diverse food options, including yogurt substitutes. Moreover, the government's support for healthy eating initiatives and investment in food technology are also driving the growth of the market. However, any changes in fiscal policies or economic downturns could potentially impact consumer spending and, in turn, the demand for yogurt substitutes in the country.
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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