Key regions: India, Canada, China, United States, Russia
In Benin, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing subdued growth, influenced by factors such as limited consumer awareness and preference for traditional dairy products. Despite this, the market is expected to witness steady growth due to increasing health consciousness and convenience offered by alternative milk options.
Customer preferences: With a growing awareness of the environmental impact of animal agriculture, consumers in Benin are showing a preference for plant-based milk substitutes such as soy, almond, and coconut milk. This trend is also influenced by the rising number of lactose-intolerant individuals in the country. Additionally, the increasing popularity of veganism and flexitarianism is driving the demand for dairy-free alternatives in the market.
Trends in the market: In Benin, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a significant increase in demand for plant-based milk alternatives. This trend is being driven by a growing awareness of the health benefits of plant-based diets, as well as concerns about animal welfare and sustainability. As a result, companies in the dairy industry are investing in research and development of new milk substitute products, while also expanding their distribution networks to reach a wider consumer base. These developments are likely to have a significant impact on the dairy industry in Benin, as well as the overall food market, as more consumers shift towards plant-based milk alternatives.
Local special circumstances: In Benin, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's geographical location and cultural preferences. Being a landlocked country, dairy production is limited and milk substitutes are in high demand. Additionally, the local cuisine and dietary habits favor plant-based alternatives, making soy and nut milk popular choices. Furthermore, the government's strict regulations on imported dairy products have created a demand for locally produced milk substitutes, driving market growth.
Underlying macroeconomic factors: The Milk Substitutes Market in Benin is also impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's economic growth and stability can affect consumer purchasing power and demand for dairy alternatives. Additionally, government policies and regulations, such as import tariffs and subsidies, can influence market competition and pricing. Moreover, the growing health and wellness trend globally and increasing awareness of lactose intolerance and dairy allergies are driving the demand for milk substitutes, creating growth opportunities in 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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