Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in Australia & Oceania is experiencing slow growth due to various factors such as limited consumer awareness, lack of availability, and higher costs compared to traditional dairy products. These factors have resulted in a subdued growth rate for the market.
Customer preferences: As consumer awareness and concern for environmental sustainability continue to grow in Australia & Oceania, there has been a noticeable shift towards plant-based milk substitutes in the Dairy Products & Eggs Market within The Food market. This trend is driven by the increasing popularity of vegan and vegetarian diets, as well as a growing focus on ethical and sustainable food consumption. As a result, dairy alternatives such as almond milk, coconut milk, and oat milk have seen a significant increase in demand, reflecting changing consumer preferences towards more environmentally friendly and plant-based options.
Trends in the market: In Australia & Oceania, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a shift towards plant-based and alternative milk options. This trend is driven by increasing consumer demand for healthier and more sustainable products, as well as dietary restrictions such as lactose intolerance. As a result, there has been a rise in the availability and variety of milk substitutes, including almond, soy, and oat milk. This trend is expected to continue, with major players like Nestle and Danone investing in plant-based milk alternatives. It also presents opportunities for smaller, niche companies to enter the market. However, it may also pose challenges for traditional dairy farmers and industry stakeholders, who may need to adapt to changing consumer preferences and market dynamics.
Local special circumstances: In Australia & Oceania, the Milk Substitutes Market is influenced by the region's high lactose intolerance rates, leading to a growing demand for dairy-free alternatives. Additionally, the presence of a large vegetarian and vegan population has also contributed to the rise of plant-based milk substitutes. Furthermore, strict regulations on dairy production and labeling have also shaped the market, with consumers seeking out options that adhere to these standards. These local factors have greatly impacted the dynamics of the Milk Substitutes Market within the wider Dairy Products & Eggs Market in The Food market industry.
Underlying macroeconomic factors: The Milk Substitutes Market in Australia & Oceania is heavily influenced by macroeconomic factors such as the region's economic health, global trade policies, and consumer preferences. As the region continues to experience economic stability and increasing disposable income, consumers are becoming more health-conscious and turning towards dairy alternatives. Additionally, the rise in environmental concerns and animal welfare issues has led to a growing demand for plant-based milk substitutes, driving market growth. Government initiatives promoting sustainable agriculture and the development of dairy-free products are also contributing to the market's expansion.
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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