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  4. Dairy Products & Eggs

Milk Substitutes - Bosnia and Herzegovina

Bosnia and Herzegovina
  • Revenue in the Milk Substitutes market amounts to US$2.43m in 2024. The market is expected to grow annually by 21.35% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$10bn in 2024).
  • In relation to total population figures, per person revenues of US$0.76 are generated in 2024.
  • In the Milk Substitutes market, volume is expected to amount to 2.21m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 20.2% in 2025.0.
  • The average volume per person in the Milk Substitutes market is expected to amount to 0.3kg in 2024.

Definition:

Milk substitutes refer to any type of milk not derived from animals. The Milk Substitutes market covers all types of plant-based milk such as soya, almond, oat, rice, coconut, spelt, and other. “Other” includes hazelnut, soya/rice blend, buckwheat, cashew, pea, millet, lupine, hemp, quinoa, flax seed, grain, etc.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram). The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Plant-based plain milk (e.g. Almond milk, soy milk, oat milk, coconut milk, rice milk, cashew milk, pea milk, hemp milk, macadamia milk, flax milk, quinoa milk, hazelnut milk, walnut milk)
  • Plant-based flavored milk
  • Unsweetened plant-based milk

Out-Of-Scope

  • Plant-based powdered milk
  • Breast-milk substitutes
  • Baby food
  • Yogurt substitutes
  • Cheese substitutes
  • Out-of-home consumption

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Volume

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Price

Most recent update: Sep 2024

Source: Statista Market Insights

Global Comparison

Most recent update: Sep 2024

Source: Statista Market Insights

Analyst Opinion

The Milk Substitutes Market in Bosnia and Herzegovina is experiencing considerable growth, driven by factors such as increasing health consciousness among consumers and the convenience of online shopping. This growth is also being impacted by the rising demand for alternative dairy products and the emergence of new health trends.

Customer preferences:
As consumers become more health-conscious, there is a growing demand for plant-based milk substitutes in Bosnia and Herzegovina. This trend is driven by a desire for healthier and more sustainable options, as well as cultural and religious preferences. Additionally, an increasing number of individuals are opting for dairy-free diets due to lactose intolerance or allergies. This has led to the emergence of new milk substitute products, such as almond milk and oat milk, in the market.

Trends in the market:
In Bosnia and Herzegovina, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a shift towards plant-based alternatives, driven by the rising demand for healthier and environmentally sustainable options. This trend is expected to continue, with consumers becoming more health-conscious and aware of the impact of their food choices. Industry stakeholders must adapt to this trend by diversifying their product offerings and investing in research and development to meet the changing preferences of consumers. Additionally, the growth of e-commerce and online grocery shopping is creating new opportunities for market players to reach a wider audience and increase their sales.

Local special circumstances:
In Bosnia and Herzegovina, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's traditional dairy culture. As a result, there is a growing demand for plant-based milk alternatives, especially among the younger generation. Additionally, strict regulations on dairy production and exports have led to a shortage of traditional dairy products, creating opportunities for non-dairy substitutes to fill the gap in the market. The country's mountainous terrain and small-scale farming also contribute to the unique production and distribution challenges for milk substitutes.

Underlying macroeconomic factors:
The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Bosnia and Herzegovina is heavily influenced by macroeconomic factors such as consumer spending power, government policies, and market competition. With the country's economic growth and increasing disposable income, consumers are becoming more health-conscious and are willing to pay for premium plant-based milk substitutes. The government's initiatives to promote a healthy lifestyle and sustainable agriculture have also contributed to the growth of the market. However, the high cost of production and limited availability of raw materials have led to intense competition among key players, which could potentially hinder market growth.

Methodology

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.

Key Market Indicators

Notes: Based on data from IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

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