Key regions: India, Canada, China, United States, Russia
The Milk Substitutes market in Cambodia is experiencing minimal growth due to factors such as low consumer awareness and limited availability of these products. Despite this, the market is expected to grow as more consumers become health-conscious and seek out alternatives to traditional dairy products. Online access to these substitutes is also driving growth.
Customer preferences: As health and wellness become more important to consumers in Cambodia, there is a growing trend towards plant-based diets and dairy alternatives. This is driven by the rising awareness of the benefits of a plant-based diet, as well as concerns over animal welfare and environmental sustainability. Additionally, the increasing availability of dairy-free options and growing interest in lactose-free products are also contributing to the growth of the milk substitutes market in Cambodia.
Trends in the market: In Cambodia, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is seeing a rise in demand for plant-based milk alternatives, such as soy milk and almond milk. This trend is driven by the increasing health-consciousness among consumers, as well as the growing number of lactose-intolerant individuals. The trajectory of this trend is expected to continue, as more consumers are seeking out dairy-free options. This has significant implications for industry stakeholders, as they may need to diversify their product offerings and adapt to changing consumer preferences. Additionally, this trend could potentially open up new market opportunities for plant-based milk producers in the country.
Local special circumstances: In Cambodia, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's unique agricultural landscape. The predominantly rural population and limited access to traditional dairy products have led to a higher demand for milk substitutes made from locally sourced ingredients. Additionally, the country's cultural preference for plant-based diets has also contributed to the growth of the market. The government's focus on promoting local agriculture and reducing dependence on imported dairy products further drives the market for milk substitutes in Cambodia.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Cambodia is affected by macroeconomic factors such as economic growth, consumer purchasing power, and government policies. The country's economic growth has been steady, with a 6.9% increase in GDP in 2019, according to the World Bank. This has led to an increase in consumer spending and a growing demand for dairy alternatives. Additionally, the Cambodian government has implemented policies to encourage domestic production and consumption of dairy products, which has further boosted the market. However, challenges such as limited access to technology and infrastructure, as well as the high cost of production, may hinder the market's growth potential.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
