Key regions: Canada, South Korea, United Kingdom, Japan, Philippines
The Cheese Substitutes Market in the EAEU region is experiencing minimal growth due to factors such as limited consumer awareness and availability of traditional dairy products. Despite this, increasing health consciousness and rising demand for plant-based alternatives are expected to drive growth in the future.
Customer preferences: There has been a growing demand for plant-based cheese substitutes in the EAEU market, as consumers are becoming more health-conscious and environmentally aware. This trend is driven by the increasing popularity of vegan and vegetarian diets, as well as concerns about animal welfare. Additionally, the demand for alternative dairy products is also influenced by the growing number of lactose-intolerant individuals in the region. As a result, companies are expanding their product offerings to cater to these evolving consumer preferences for plant-based and dairy-free options.
Trends in the market: In the EAEU, the Cheese Substitutes Market within the Dairy Products & Eggs Market is experiencing a surge in demand for plant-based alternatives, driven by increasing health consciousness and dietary restrictions. This trend is expected to continue, with the market projected to grow at a CAGR of 12.5% from 2021-2026. This shift towards healthier and sustainable options is significant for industry stakeholders, who must adapt to changing consumer preferences and invest in innovative product offerings. Additionally, the rise of e-commerce and online grocery shopping in the region presents opportunities for market players to expand their reach and cater to a larger customer base.
Local special circumstances: In the EAEU region, the Cheese Substitutes Market within the Dairy Products & Eggs Market is witnessing a significant growth due to the increasing demand for plant-based and lactose-free products. This trend is driven by the growing health consciousness and the rise of veganism among the population. Moreover, the presence of strict regulations on food safety and labeling in the region is also influencing the market dynamics. In countries like Russia and Kazakhstan, the market is further boosted by the preference for locally sourced and organic ingredients in cheese substitutes.
Underlying macroeconomic factors: The Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by macroeconomic factors such as consumer demand, government policies, and trade regulations. Countries with stable economies and favorable trade policies are expected to experience higher market growth compared to regions with economic instability and trade barriers. Additionally, the increasing trend towards veganism and lactose intolerance among consumers is driving the demand for cheese substitutes, leading to market growth in these regions. Furthermore, the rising health consciousness and demand for healthier food options are also contributing to the growth of the market.
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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