Milk Substitutes - BRICS

BRICS

Highlights

Revenue in the Milk Substitutes market amounts to US$11.06bn in 2024. The market is expected to grow annually by 5.01% (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$3.35 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 3.87bn kg by 2029. The Milk Substitutes market is expected to show a volume growth of 2.4% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 1.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in BRICS nations is experiencing minimal growth, influenced by factors such as increasing health consciousness and convenience of online services. This is driving the market's growth within the larger Food sector, which is seeing significant growth due to rising adoption of digital technologies globally.

Customer preferences: As health and wellness continue to gain importance among consumers, 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 growing concerns over animal welfare, sustainability, and health benefits associated with plant-based diets. Furthermore, the rising number of lactose intolerant individuals and the increasing popularity of veganism have also contributed to the growth of the Milk Substitutes Market.

Trends in the market: In the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market, there is a rising trend of plant-based milk substitutes, driven by increasing health consciousness and environmental concerns. Additionally, there is a growing preference for lactose-free options, catering to individuals with lactose intolerance. This trend is expected to continue, with a projected CAGR of 11.4% from 2020 to 2025. This presents opportunities for industry stakeholders to diversify their product offerings and cater to the evolving consumer preferences. Furthermore, the use of innovative and sustainable ingredients in milk substitutes is gaining traction, indicating a shift towards more environmentally friendly options.

Local special circumstances: In China, the Milk Substitutes Market within the Dairy Products & Eggs Market is heavily influenced by the country's large population and rapid urbanization. With more people living in cities and adopting busy lifestyles, demand for convenient and nutritious dairy alternatives has risen. Additionally, strict regulations on dairy imports have fueled the growth of domestic milk substitute brands. In Russia, the market is driven by consumer trends towards healthy and plant-based diets, as well as government initiatives to reduce dairy consumption. This has led to a surge in the availability and popularity of milk substitutes made from nuts, grains, and soy.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economies and favorable fiscal policies are witnessing an increase in demand for milk substitutes, as consumers are becoming more health-conscious and opting for non-dairy alternatives. Moreover, the growth of the market is also influenced by factors such as technological advancements, regulatory support, and investment in dairy infrastructure, which are vital for the production and distribution of milk substitutes. As the demand for dairy alternatives continues to rise, countries with favorable macroeconomic conditions are expected to experience significant market growth.

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.