Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in Bhutan is experiencing substantial growth, driven by factors such as increasing health consciousness and the convenience of online services. This growth rate is influenced by the rising demand for dairy alternatives and the country's efforts to promote healthy and sustainable food choices.
Customer preferences: Consumers in Bhutan are increasingly turning towards plant-based milk substitutes as they become more health-conscious and environmentally aware. This trend is driven by a growing preference for natural and sustainable food options. Additionally, the rise of veganism and lactose intolerance has also contributed to the shift towards non-dairy milk alternatives. As a result, there has been a surge in demand for products such as almond milk, soy milk, and coconut milk in the market. This trend is expected to continue as consumers prioritize health and ethical considerations in their purchasing decisions.
Trends in the market: In Bhutan, the Milk Substitutes Market of the Dairy Products & Eggs Market is seeing a shift towards plant-based milk alternatives, such as soy, almond, and oat milk. This trend is driven by an increasing demand for dairy-free options among health-conscious consumers. The trajectory of this trend is expected to continue as consumers become more aware of the health and environmental benefits of plant-based milk. This has significant implications for industry stakeholders, as they may need to adapt their product offerings to cater to this growing segment of the market. Additionally, there may be opportunities for collaboration with local farmers to produce these alternative milk sources, providing economic benefits to the country.
Local special circumstances: In Bhutan, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's unique cultural and geographical factors. Due to Bhutan's mountainous terrain, traditional dairy farming is limited, leading to a reliance on imported milk products. Additionally, Bhutanese cuisine does not traditionally include dairy, resulting in a smaller market for milk substitutes compared to other regions. However, with a growing health consciousness and the government's focus on promoting local agriculture, there is potential for the Milk Substitutes Market to expand in Bhutan.
Underlying macroeconomic factors: The Milk Substitutes Market in Bhutan is influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Bhutan's small economy and limited resources impact the availability and affordability of dairy products, leading consumers to opt for milk substitutes. The government's support for the dairy industry and initiatives to promote healthy eating habits also play a significant role in the market's growth. Additionally, the country's growing health-conscious population and increasing demand for plant-based alternatives are driving the demand for milk substitutes in Bhutan.
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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