Key regions: Russia, Spain, South Korea, Philippines, United States
The Yogurt Market in Vietnam has seen subdued growth due to factors such as increasing health consciousness and convenience of online services. Despite this, the market is expected to continue growing at a steady pace due to rising demand for healthier food options.
Customer preferences: The Vietnamese yogurt market has experienced a shift towards healthier and more natural options, as consumers become more health-conscious. This trend is driven by the growing awareness of the benefits of probiotics, as well as a desire for products with fewer artificial ingredients. Additionally, there has been an increase in demand for plant-based yogurt alternatives, as more consumers adopt vegetarian and vegan diets. This shift towards healthier and more natural options is also influenced by cultural values that prioritize balance and harmony in one's diet.
Trends in the market: In Vietnam, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is seeing a surge in demand for organic and probiotic yogurt products. This trend is driven by the increasing health consciousness of consumers and their desire for functional foods. As a result, major players in the market are introducing new product lines with added health benefits and natural ingredients. This trajectory is significant as it reflects the shifting preferences of consumers towards healthier options. Furthermore, it presents opportunities for industry stakeholders to tap into the growing demand for nutritious and functional yogurt products.
Local special circumstances: In Vietnam, the Yogurt Market within the Dairy Products & Eggs Market is heavily influenced by the country's tropical climate and cultural preference for fresh, locally-sourced food. This has led to a rise in demand for locally-made yogurt products, made from locally-sourced ingredients such as fresh fruits and herbs. Additionally, Vietnam's strict regulations on imported dairy products have created a competitive advantage for local producers, resulting in a thriving yogurt market with a diverse range of flavors and varieties.
Underlying macroeconomic factors: The Yogurt Market in Vietnam is heavily influenced by macroeconomic factors such as economic growth, consumer purchasing power, and government policies. The country's strong economic growth and rising disposable income have led to an increase in demand for dairy products, including yogurt. Additionally, favorable government policies, such as investment in the dairy industry and trade agreements, have further stimulated market growth. However, challenges such as high import taxes and limited access to resources hinder market expansion. Moreover, the growing health consciousness among consumers, coupled with a shift towards healthier food choices, is driving the demand for yogurt in Vietnam.
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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