Smaller packs purchased for school lunchboxes and on-the-go snacking traditionally account for a large share of yoghurt consumption in Peru. Accordingly, the category was hard hit by the home seclusion trend that resulted from COVID-19 in 2020, with the dramatic reduction in these types of consumption occasions causing a double-digit decline in overall retail volume sales.
Aside from ongoing pandemic-related disruption, one factor that may temper the recovery of yoghurt in 2021 is rising health awareness among Peruvians. Following the implementation of a new nutritional labelling law in June 2019, consumers are now more conscious of the fact that these products are often high in sugar and fat, which has reduced their appeal for some.
Consumption of Greek yoghurt in Peru has increased in recent years, and this product type looks set to continue gaining popularity in 2021. The health and wellness trend is a key driver of demand, as most Greek yoghurt products are marketed as being low in sugar and/or fat.
Health and wellness variants – especially those that have no added sugar and are free from trans fats – are expected to outperform standard products in yoghurt over the forecast period. Among the brands best placed to profit from the growing demand for healthier choices are Sbelt Laive and Gloria Slim 0%.
Despite the disruptive influence of COVID-19, premiumisation was increasingly evident in yoghurt during the latter part of the review period. This was especially the case in flavoured yoghurt, where premium products from brands such as Vakimu, Danlac and Cayetano performed well in 2020 and the early months of 2021.
Yoghurt should continue to see demand for smaller pack sizes and on-the-go formats rebound quickly during the early part of the forecast period as Peru’s COVID-19 vaccination rollout progresses and life returns to normal. Following its launch in late 2019 of a new aseptic pack type that eliminates the need for yoghurt to be refrigerated, Grupo Gloria should be among the companies that benefits most from the recovery of away-from-home consumption.
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Understand the latest market trends and future growth opportunities for the Yoghurt and Sour Milk Drinks industry in Peru with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Yoghurt and Sour Milk Drinks research and analysis database.
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