Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in Vietnam is currently experiencing minimal growth, influenced by factors such as consumers' increasing health consciousness and the convenience of online health services. This trend is expected to continue as the demand for alternative dairy products in The Food market grows.
Customer preferences: As consumers in Vietnam become more health-conscious, there has been a growing demand for dairy alternatives in the yogurt substitutes market. This trend is largely driven by a growing vegan and vegetarian population, as well as an increasing focus on lactose intolerance and other dietary restrictions. Additionally, there has been a shift towards plant-based diets, influenced by cultural and environmental factors. This has led to a rise in popularity of non-dairy yogurt substitutes made from soy, coconut, almond, and other plant-based sources.
Trends in the market: In Vietnam, there is a growing trend of incorporating dairy alternatives, such as soy and coconut-based yogurt substitutes, into the daily diet. This trend can be attributed to the increasing health consciousness among consumers and the rising number of individuals with lactose intolerance. In addition, there is a growing demand for plant-based and vegan options in the country. This trend is expected to continue, with more dairy substitute products entering the market and gaining popularity among the health-conscious population. Industry stakeholders should capitalize on this trend by offering a diverse range of dairy substitute options and promoting their benefits to target consumers. Failure to adapt to this trend may result in a loss of market share to competitors who cater to the growing demand for dairy-free products.
Local special circumstances: In Vietnam, the Yogurt Substitutes Market within the Dairy Products & Eggs Market is influenced by the country's geographical location and cultural preferences. As a predominantly Buddhist country, the demand for plant-based yogurt alternatives is high. Additionally, Vietnam's relatively warm climate has led to a preference for chilled, refreshing yogurt substitutes over traditional dairy yogurt. The regulatory landscape also plays a role, with government initiatives promoting the consumption of locally produced yogurt substitutes made from ingredients like coconut milk, soy milk, and fruits.
Underlying macroeconomic factors: The Yogurt Substitutes Market in Vietnam is heavily influenced by macroeconomic factors such as the country's economic growth, government policies, and consumer spending habits. Vietnam's stable economic growth and increasing disposable income of its citizens have resulted in a growing demand for dairy products and substitutes, including yogurt substitutes. Additionally, the government's focus on promoting a healthy lifestyle and increasing awareness about lactose intolerance has also contributed to the growth of the market. Furthermore, the increasing popularity of plant-based and vegan diets among the younger population has led to a rise in demand for non-dairy yogurt substitutes, further driving the growth of the 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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