Key regions: Russia, Spain, South Korea, Philippines, United States
The Yogurt Market in BRICS is currently experiencing subdued growth due to factors such as stiff competition, changing consumer preferences, and a slow economy. However, the market is expected to grow in the coming years with the increasing demand for healthy and convenient food options. Innovative product offerings and expansion into new markets are also expected to contribute to the market's growth.
Customer preferences: As health and wellness become top priorities for consumers, there has been a rise in demand for plant-based and low-sugar yogurt options. This trend is fueled by cultural preferences for healthier and more natural food options, as well as the growing popularity of vegan and flexitarian diets. Additionally, the increasing focus on digestive health and gut microbiome has also contributed to the rise in demand for yogurt, known for its probiotic properties.
Trends in the market: In BRICS, the Yogurt Market within the Dairy Products & Eggs Market is experiencing a surge in demand for non-dairy yogurt alternatives, driven by the increasing popularity of plant-based diets. In addition, there is a growing trend towards incorporating probiotics into yogurt products, as consumers become more health-conscious. This trajectory is significant as it reflects changing consumer preferences and presents opportunities for industry stakeholders to innovate and diversify their product offerings. However, this trend may also pose challenges for traditional dairy yogurt producers. In response, companies may need to adapt their production processes and marketing strategies to cater to the shifting market landscape.
Local special circumstances: In the BRICS countries, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is influenced by unique local factors. In Brazil, for example, the consumption of yogurt is deeply ingrained in the culture, with a preference for flavored and fruit-based varieties. In South Africa, the market is driven by the increasing health consciousness among consumers, leading to a rise in demand for low-fat and probiotic yogurt options. In China, the market is heavily influenced by regulatory factors, with the government promoting the consumption of dairy products for their nutritional benefits.
Underlying macroeconomic factors: The Yogurt Market of the Dairy Products & Eggs Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. For instance, countries with stable economic conditions and favorable government policies are experiencing higher demand for yogurt due to increased consumer spending power. On the other hand, regions with economic instability and high inflation rates are witnessing a decline in yogurt sales. Additionally, investments in dairy production and supply chain infrastructure also play a crucial role in the growth of the yogurt market, as they directly impact the availability and affordability of yogurt products. Furthermore, consumer health trends, such as the increasing focus on healthy eating and the rise in lactose intolerance, are also influencing the demand for yogurt, especially in emerging markets within the BRICS countries.
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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