Key regions: Canada, South Korea, United Kingdom, Japan, Philippines
The Cheese Substitutes Market in BRICS is experiencing minimal growth due to various factors such as limited consumer awareness and lack of convenience in online services. However, increasing health consciousness and the use of digital technologies could drive future growth.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for plant-based cheese substitutes in the BRICS market. This trend is driven by a desire for healthier and sustainable food options, as well as cultural and religious preferences in some regions. As a result, companies are increasingly investing in the development of innovative and tasty dairy-free alternatives, catering to the changing tastes and preferences of consumers.
Trends in the market: In recent years, the BRICS countries have seen a significant increase in demand for cheese substitutes within the Dairy Products & Eggs Market of The Food market. This trend is largely driven by the growing popularity of plant-based diets and the rising awareness of lactose intolerance and other health concerns. As a result, there has been a surge in the development and launch of new cheese substitute products by industry players in these countries. This trend is expected to continue in the coming years, with a focus on innovation and product diversification to cater to evolving consumer preferences. For industry stakeholders, this presents opportunities for expansion and diversification, as well as the need to closely monitor and adapt to changing consumer demands.
Local special circumstances: In Brazil, the Cheese Substitutes market is driven by the increasing demand for vegan and plant-based food options, along with a rise in health consciousness among the middle class population. The country's diverse cultural and culinary influences have also led to the development of unique cheese substitutes, catering to local taste preferences. Additionally, the government's efforts to promote sustainable and environmentally friendly food choices have further boosted the market for cheese substitutes in Brazil.
Underlying macroeconomic factors: In BRICS and Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market, macroeconomic factors such as shifting consumer preferences towards plant-based diets, increasing health consciousness, and rising disposable incomes are driving the demand for cheese substitutes. Moreover, the growing trend of veganism and lactose intolerance among the population in BRICS countries is also fueling the market growth of cheese substitutes. Additionally, government initiatives promoting sustainable and environmentally friendly food choices are encouraging the adoption of cheese substitutes, which are often made from plant-based ingredients. As a result, the cheese substitutes market in BRICS countries is expected to continue growing in the coming years.
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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