Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in ASEAN is witnessing subdued growth, affected by factors like changing consumer preferences and increased competition. The convenience offered by online sales and rising health consciousness among consumers are the main drivers of the market's growth.
Customer preferences: As consumers in ASEAN become more health-conscious, there has been a notable shift towards plant-based milk substitutes in the Dairy Products & Eggs Market within The Food market. This trend is driven by cultural and lifestyle factors, as well as a growing awareness of the environmental impact of dairy production. Additionally, the rise of veganism and lactose intolerance have also contributed to the popularity of milk substitutes. As a result, companies are increasingly offering a variety of options such as almond, soy, and coconut milk to cater to this evolving consumer preference.
Trends in the market: In ASEAN, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based alternatives, driven by increasing health and environmental concerns. This trend is expected to continue, with a focus on innovation and product diversification to cater to different dietary needs and preferences. Additionally, there is a rising demand for lactose-free and vegan options, indicating a potential for growth in these segments. This presents opportunities for industry stakeholders to capitalize on the changing consumer preferences and expand their market share.
Local special circumstances: In ASEAN, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by the region's diverse cultural and dietary preferences. For instance, in Indonesia, the demand for plant-based milk substitutes is driven by the large Muslim population following a halal diet. Similarly, in Thailand, the market is shaped by the popularity of coconut-based milk substitutes due to the country's abundance of coconut trees. In addition, regulations on dairy imports in countries like Vietnam and Malaysia have led to a rise in demand for locally-produced milk substitutes, further shaping the market dynamics.
Underlying macroeconomic factors: The Milk Substitutes Market in the ASEAN region is influenced by several macroeconomic factors. Global economic trends, such as the increasing demand for plant-based products, have led to a rise in the consumption of milk substitutes. The national economic health of countries in the ASEAN region also plays a significant role, with countries experiencing strong economic growth showing higher demand for milk substitutes. Fiscal policies, such as subsidies and taxes, can also impact the market by affecting the cost of production and consumer purchasing power. Additionally, other financial indicators, such as exchange rates and inflation rates, can influence market performance by impacting the prices of raw materials and the overall cost of production.
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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