Key regions: Spain, Canada, United Kingdom, United States, Philippines
The Dairy Products & Eggs Market in BRICS has been steadily growing due to factors such as increasing health awareness among consumers, convenient online services, and the demand for milk substitutes. However, the market's minimal growth rate may be impacted by challenges in production and distribution, as well as competition from substitute products.
Customer preferences: With the increasing awareness about the environmental impact of animal agriculture, consumers are showing a growing preference for plant-based alternatives to traditional dairy products and eggs. This trend is driven by concerns about animal welfare, sustainability, and personal health. As a result, companies are investing in developing and marketing dairy-free and vegan options to cater to this growing demand. Additionally, there is also a rise in demand for organic and ethically-sourced dairy and egg products, reflecting a shift towards conscious consumption.
Trends in the market: In BRICS, the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for organic and plant-based dairy alternatives, driven by consumer concerns over health and sustainability. This trend is expected to continue, with a focus on innovative product offerings and partnerships with local farms. The significance of this trend lies in the potential for increased profitability and market share for industry stakeholders. However, it also poses challenges for traditional dairy producers who may need to adapt their practices to meet changing consumer preferences. Additionally, increased competition from foreign imports and fluctuating commodity prices could impact the market trajectory. Overall, the shift towards healthier and more sustainable options in the Dairy Products & Eggs Market presents both opportunities and challenges for industry players in BRICS.
Local special circumstances: In China, the Dairy Products & Eggs Market is heavily influenced by the country's large population and rapid urbanization. The demand for dairy products has increased due to the rising health awareness and the growing middle class with higher disposable incomes. In Russia, the market is impacted by the country's harsh climate and vast geography, leading to a preference for locally produced dairy products. Additionally, government regulations on food safety and import restrictions play a significant role in shaping the market dynamics.
Underlying macroeconomic factors: The Dairy Products & Eggs Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends and the fiscal policies of the BRICS countries. As the global economy continues to recover, there is a growing demand for dairy products and eggs, especially in emerging economies. Additionally, favorable government policies, including subsidies and investments in agricultural infrastructure, are driving the growth of the market in these countries. However, fluctuations in exchange rates and trade policies can have a significant impact on the import and export of dairy products and eggs, affecting market performance. Furthermore, the increasing health consciousness and dietary preferences for protein-rich foods are also fueling the demand for dairy products and eggs in 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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