Milk Substitutes - Bulgaria

Bulgaria

Highlights

Revenue in the Milk Substitutes market amounts to US$5.12m in 2024. The market is expected to grow annually by 2.98% (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$0.77 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 1.92m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 1.4% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 0.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes market in Bulgaria has shown minimal growth in recent years, due to factors such as changing consumer preferences towards healthier options and advancements in the dairy industry. Online availability and rising health consciousness also contribute to this trend.

Customer preferences: As the demand for healthier and more sustainable food options continues to rise, there has been a noticeable shift towards plant-based milk substitutes in Bulgaria. This trend is driven by the increasing number of health-conscious consumers who are looking for alternatives to traditional dairy products. Additionally, the growing trend of veganism and lactose intolerance has also contributed to the popularity of milk substitutes in the country. This shift towards plant-based options is also influenced by cultural beliefs and a desire for more environmentally-friendly choices.

Trends in the market: In Bulgaria, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a rising demand for plant-based alternatives, driven by the increasing health consciousness and environmental concerns of consumers. This trend is expected to continue, with forecasts predicting a significant growth in the market in the coming years. As a result, dairy companies are diversifying their product portfolios to include milk substitutes, while retailers are expanding their plant-based offerings. This presents opportunities for industry stakeholders to tap into this emerging market and cater to the changing preferences of consumers. Additionally, this trend could also lead to a shift towards more sustainable and ethical practices in the dairy industry.

Local special circumstances: In Bulgaria, 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 predominantly Eastern Orthodox Christian country, dairy products hold a significant place in Bulgarian cuisine and are consumed on a regular basis. This cultural preference for dairy has led to a high demand for milk substitutes, such as soy, almond, and oat milk, which cater to the growing health-conscious population. Additionally, Bulgaria's accession to the European Union has resulted in strict regulations on dairy production and labeling, influencing consumer choices and driving market dynamics.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending power, government regulations, and economic stability. Countries with a strong economy and favorable regulatory environment tend to have higher demand for milk substitutes as consumers prioritize health and wellness. Additionally, the rising awareness of lactose intolerance and growing vegan population are also driving the market growth. However, countries with economic instability and high production costs may experience slower market growth due to limited consumer spending and higher product prices.

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.