The LATAM Plant-Based Yogurt market size was valued at $XXX,XX million in 2020 and is projected to grow at a CAGR of XX.X% during the forecast period to reach US$XXX, XX million by 2027.
Millennials' growing preference for dairy-free products is anticipated to widen the market for plant-based natural health products such as vegan yogurts. Plant-based yogurts are high in vitamins like B12 and probiotics. They are low in sugar, lactose-free, and gluten-free. Because of its similar texture to dairy yogurt, coconut, cashew-based, and soy yogurt have grown popular. The growing awareness about the natural supplement and health consciousness is expected to drive the growth of the LATAM Plant-Based Yogurt Market.
Latam Plant-Based Yogurt Market Types
The LATAM Plant-Based Yogurt Market can be segmented into the avalibility of the type of plant-based yogurt. The differnt type of plant-based yogurt available are Soya Yogurt, Almond Yogurt, Oat Yogurt, Cashew Yogurt, Hemp Yogurt, Pea Protein Yogurt, and Coconut Yogurt. Soy yogurt has a protein content similar to cow's milk, but it also benefits from replacing dietary fat with healthier unsaturated fats. Soy is a portion of healthy food for the majority of people. With a natural supplement for the dietary fat it is predicted that the Soya-based Yogurt would drive the market of Plant-Based Yogurt in the region. Brazil imported $201 of Yogurt in 2019, as per OEC; the rise in import of yogurt is expected to drive the market of plant-based yogurt for the forecasted period.
Growth Trends in LATAM Plant-Based Yogurt Market
In LATAM men and women Plant-Based Yogurt consumption is associated with healthy metabolic profile and better diet quality. Argentina imported $26.6k of yogurt in 2020 as per OEC Data.LATAM is increasingly interested in low-fat and probiotic yogurt. Obesity concerns have prompted several health initiatives in South America, encouraging people to purchase fat-free yogurt. This may benefit them in terms of vitamins and calcium; obesity and unbalanced diets have caused consumers to switch from regular yogurt to low-fat Plant-Based yogurt. Though yogurt consumption is low in South America, it is expected to rise in the coming years. As Per OEC; Mexico imported $10 million in Yogurt in 2020, making it the world's 41st largest importer of Yogurt. Mexico primarily imports yogurt from the United States ($10 million), the Dominican Republic ($3.84 million), France ($77), and Turkey ($68) making it the 41st largest importer of the yogurt which is expected to drive the growth for the LATAM Plant-Based Yogurt in the forecasted period.
Latam Plant-Based Yogurt Market Restrains
Lack of awareness regarding the advantages and dietary benefits and high prices and production costs are expected to impede the growth of the LATAM Plant-Based Yogurt market.
Covid Impact on Latam Plant-Based Yogurt market
Due to Covid-19 restrictions and shutdowns were imposed, the distribution systems also experienced lags. On the consumer side, it has had a beneficial impact on plant-based yogurt sales. It is expected that items enriched with vitamins, proteins, and minerals help strengthen the immune system, and plant-based yogurt contains these essential functionalities. As a result, the pandemic had only a minimal effect on the LATAM plant-based yogurt market.
Regional Analysis
Brazil is anticipated to be a relatively new plant-based yogurt market. Customers prefer Plant-based yogurt in various flavors and for its advantages, as it contains key nutrients that are beneficial to bone health. Plant-Based Yogurt consumption per capita in South America is expected to be half that of Europe, causing a huge opportunity for businesses and cruising the plant-based yogurt market in South America. Several European brands are looking to establish themselves in Brazil and intend to dominate the market. Offering consumers a healthy dietary product that they want is expected to boost the retailers' sales in the region.
Key Market Segments