Key regions: Canada, South Korea, United Kingdom, Japan, Philippines
The Cheese Substitutes Market in ASEAN is experiencing minimal growth due to various factors such as increasing health consciousness among consumers and the convenience of online services. However, this growth rate is impacted by challenges in production and distribution, as well as competition from traditional dairy products.
Customer preferences: As consumers in ASEAN become more health-conscious, there has been a growing demand for plant-based and dairy-free options in the Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market. This shift is driven by dietary restrictions, environmental concerns, and a desire for healthier alternatives. With a diverse population and changing attitudes towards food, there is a significant potential for growth in this market.
Trends in the market: In the ASEAN region, the Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market is seeing a rise in demand for plant-based alternatives. With increasing awareness about health and environmental concerns, consumers are opting for cheese substitutes made from ingredients like nuts, soy, and coconut milk. This trend is expected to continue, as major players in the market are expanding their offerings to cater to this growing demand. This shift towards plant-based options also has significant implications for industry stakeholders, including dairy farmers and producers who may need to adapt their practices to meet changing market demands.
Local special circumstances: In the ASEAN region, the Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market is largely driven by the increasing health consciousness among consumers and the rising trend of veganism. In countries like Thailand and Malaysia, where Buddhism is the dominant religion, the demand for dairy-free alternatives is high. Indonesia, on the other hand, has a large Muslim population, leading to a growing demand for halal-certified cheese substitutes. In Singapore, the market is influenced by the government's efforts to promote healthier dietary choices, resulting in a surge in demand for plant-based cheese alternatives.
Underlying macroeconomic factors: The Cheese Substitutes Market in the Dairy Products & Eggs Market within The Food market is impacted by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other financial indicators that influence market performance. For instance, countries with stable economies and favorable fiscal policies tend to experience higher market growth due to increased consumer purchasing power. Additionally, the growing trend towards plant-based diets in the ASEAN region is driving the demand for cheese substitutes, as consumers seek healthier and more sustainable alternatives to traditional dairy products. Furthermore, increasing government initiatives to promote lactose-free and vegan products are expected to further drive the growth of the Cheese Substitutes Market in the ASEAN region.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
