Key regions: India, Canada, China, United States, Russia
The Milk Substitutes market in Australia is experiencing subdued growth due to various factors such as increasing health awareness among consumers and convenience offered by online services. This sector is expected to continue its steady growth in the coming years.
Customer preferences: As consumers become more health-conscious, there has been a growing demand for plant-based milk substitutes in Australia. This trend is driven by a combination of factors, including concerns over animal welfare, environmental sustainability, and personal health. Additionally, the rise of veganism and lactose intolerance among the population has also contributed to the increasing popularity of milk alternatives. These factors have led to a significant shift in consumer preferences towards non-dairy options in the Dairy Products & Eggs Market within The Food market.
Trends in the market: In Australia, the Milk Substitutes market is experiencing a rise in demand for plant-based alternatives, such as soy, almond, and coconut milk. This trend is driven by the increasing number of consumers seeking dairy-free options due to health and environmental concerns. Additionally, there is a growing trend towards vegan and vegetarian diets, further fueling the demand for milk substitutes. This trajectory is significant as it presents opportunities for new players to enter the market and for existing dairy companies to diversify their product offerings. However, it also poses a threat to traditional dairy farmers and producers. As the trend continues to grow, industry stakeholders will need to adapt and innovate to meet the evolving consumer preferences.
Local special circumstances: In Australia, the Milk Substitutes Market is heavily influenced by the country's large dairy industry and their stringent regulations on milk production and consumption. This has led to a rise in alternative milk options, such as almond, soy, and coconut milk, catering to consumers with dietary restrictions or preferences. Additionally, the country's growing health and wellness trend has also contributed to the popularity of milk substitutes, as consumers seek more plant-based and healthier alternatives to traditional dairy products.
Underlying macroeconomic factors: The Milk Substitutes Market in Australia is heavily influenced by macroeconomic factors such as consumer trends, government regulations, and investment in agriculture. With a strong economy and high disposable income, Australians are increasingly turning towards plant-based milk alternatives, driving growth in the market. Additionally, government initiatives promoting sustainable and environmentally friendly practices are encouraging companies to invest in dairy-free products. Furthermore, rising health concerns and an aging population are also contributing to the demand for milk substitutes, as consumers seek healthier options.
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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