Key regions: Russia, Spain, South Korea, Philippines, United States
The Yogurt market in LATAM has seen moderate growth due to factors such as the increasing demand for healthy food options and convenience of online purchases. However, minimal growth is being impacted by factors such as economic instability and shifting consumer preferences.
Customer preferences: Consumers in LATAM are showing a growing interest in plant-based yogurt options, driven by the rising popularity of vegan and flexitarian diets. This trend is further fueled by cultural preferences for natural and healthy products, as well as concerns about animal welfare and sustainability. Additionally, there is a shift towards more convenient and on-the-go yogurt options, such as single-serve packs and drinkable yogurts, as busy lifestyles and urbanization continue to shape consumer preferences.
Trends in the market: In LATAM, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for healthier and more diverse yogurt options. This trend is driven by a growing health consciousness among consumers, as well as a shift towards more natural and functional ingredients. As a result, companies are investing in product innovation and expanding their flavor and packaging offerings. This trend is expected to continue in the coming years, with potential implications for stakeholders such as manufacturers, retailers, and consumers. For manufacturers, it presents an opportunity to differentiate and capture a larger share of the market. For retailers, it means adapting to changing consumer preferences and stocking a wider range of yogurt products. And for consumers, it means more diverse and healthier options to choose from.
Local special circumstances: In LATAM, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the cultural preference for dairy products in daily diets. This has led to a strong demand for probiotic and functional yogurts. Additionally, government regulations promoting healthy eating habits have also played a significant role in the growth of the market. In countries like Brazil, the popularity of Greek yogurt has increased due to its perceived health benefits, while in Mexico, the market is driven by the traditional consumption of yogurt drinks. The unique cultural and regulatory factors in LATAM have created a diverse and dynamic yogurt market.
Underlying macroeconomic factors: The Yogurt Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by macroeconomic factors such as consumer purchasing power, government policies, and global economic trends. In countries with stable economies and a growing middle class, there is a higher demand for yogurt as a healthy and convenient snack option. On the other hand, in countries with economic instability and high inflation rates, consumers may prioritize other basic necessities over yogurt. Furthermore, government policies such as import regulations and subsidies can impact the price and availability of yogurt in the market. Finally, global economic trends such as fluctuations in exchange rates and trade agreements can also affect the cost and supply of key ingredients used in yogurt production.
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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