Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in Argentina has seen minimal growth, influenced by factors such as changing consumer preferences and increasing health consciousness. Online accessibility and convenience have also contributed to the market's growth.
Customer preferences: There has been a noticeable increase in demand for plant-based milk substitutes in Argentina, as consumers are becoming more health-conscious and environmentally aware. This trend is driven by the growing number of individuals adopting vegetarian and vegan diets, as well as a shift towards sustainable and ethical consumption practices. Additionally, the availability of a wider range of milk substitute options, such as almond, soy, and coconut milk, is also contributing to this shift in consumer preferences.
Trends in the market: In Argentina, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based milk alternatives, such as soy, almond, and oat milk. This trend is driven by a growing number of consumers seeking healthier and more environmentally sustainable options. The market is also witnessing an increase in lactose-intolerant and vegan populations, further fueling the demand for milk substitutes. As a result, industry stakeholders are investing in research and development to expand their product portfolios and cater to this emerging trend. This shift towards plant-based milk substitutes has the potential to disrupt the traditional dairy industry in Argentina, as consumers become more health-conscious and environmentally aware.
Local special circumstances: In Argentina, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's strong dairy industry and the cultural preference for dairy products. However, due to the rising awareness of lactose intolerance and the growing health trend, there is a growing demand for milk substitutes such as almond milk and soy milk. The government's strict regulations on food labeling and the increasing health consciousness among consumers are also important factors shaping the market in Argentina. Additionally, the country's geographical diversity, with different regions having varying levels of dairy production, also plays a role in the availability and demand for milk substitutes.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Argentina is influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. As Argentina's economy continues to recover, consumer spending on food products, including milk substitutes, is expected to increase. Additionally, government policies promoting healthy food choices and sustainable agriculture may drive the demand for milk substitutes. Furthermore, global trends such as the rising preference for plant-based diets and increasing health consciousness are likely to impact the market's growth in Argentina.
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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