Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in Sri Lanka is experiencing negligible growth due to factors such as low consumer awareness and lack of availability. Despite the convenience of online services, the market is struggling to gain traction.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for plant-based yogurt substitutes in Sri Lanka. This trend is driven by factors such as the rising popularity of vegan diets, concerns over animal welfare, and a desire for sustainable food options. Additionally, the convenience and accessibility of these alternatives, particularly for those with lactose intolerance, are contributing to their increasing popularity in the region.
Trends in the market: In Sri Lanka, the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is seeing a surge in demand for non-dairy yogurt alternatives, driven by the rising popularity of vegan and plant-based diets. This trend is expected to continue, with consumers becoming more health-conscious and looking for healthier options. This shift towards non-dairy products is significant for industry stakeholders, as it presents opportunities for new product development and expansion into a growing market segment. However, it also poses challenges for traditional dairy companies to adapt and compete in this evolving landscape. Additionally, the trend towards non-dairy yogurt substitutes could have implications for the dairy industry as a whole, potentially leading to a decline in dairy consumption and impacting the overall market.
Local special circumstances: In Sri Lanka, the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by local preferences for plant-based diets and the availability of dairy-free alternatives. This is driven by the cultural and religious practices of the country, where a significant portion of the population follows a vegetarian or vegan lifestyle. Additionally, government regulations promoting healthy eating habits have also fueled the demand for yogurt substitutes, such as coconut and soy-based products.
Underlying macroeconomic factors: The Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market in Sri Lanka is impacted by various macroeconomic factors. The country's economic health, government policies, and global economic trends play a significant role in shaping the market. Additionally, consumer purchasing power, inflation rates, and exchange rates can also affect market performance. Sri Lanka's growing middle class and increasing health consciousness have resulted in higher demand for healthier food alternatives, including yogurt substitutes. Furthermore, the country's focus on promoting local industries and reducing dependence on imports has created opportunities for domestic players in the yogurt substitutes 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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