Milk Substitutes - Finland

Finland

Highlights

Revenue in the Milk Substitutes market amounts to US$41.14m in 2024. The market is expected to grow annually by 11.84% (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$7.41 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 26.12m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 11.0% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 3.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Finland is experiencing mild growth, influenced by factors such as consumer preference for non-dairy alternatives, increasing health consciousness, and the convenience of online shopping. This has contributed to the overall growth of the Dairy Products & Eggs Market within The Food market in the country.

Customer preferences: The growing popularity of plant-based diets and increasing concerns about animal welfare and environmental sustainability are driving the demand for milk substitutes in Finland. This trend is further fueled by the rise of veganism and flexitarianism, as well as the emergence of new alternative milk options such as oat, almond, and coconut milk. Additionally, the younger generations are more open to trying new and innovative products, contributing to the growth of the milk substitutes market in Finland.

Trends in the market: In Finland, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based alternatives, driven by changing consumer preferences and concerns over animal welfare and environmental sustainability. This trend is expected to continue, with the market projected to witness significant growth in the coming years. As a result, industry stakeholders are investing in innovative products and marketing strategies to capitalize on this trend and cater to the evolving needs of consumers. Additionally, there is a growing focus on developing new and improved milk substitutes that mimic the taste and texture of dairy milk, further driving the growth of this market segment.

Local special circumstances: In Finland, the Milk Substitutes Market is heavily influenced by the country's strong emphasis on health and wellness. With a high demand for plant-based alternatives, Finland has seen a rise in locally-produced oat and soy milk products. Additionally, the country's strict regulations on dairy products have led to a surge in demand for milk substitutes, as consumers look for alternatives that cater to their dietary restrictions. This unique market dynamic has also opened up opportunities for innovative and niche milk substitute products to thrive.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Finland is influenced by various macroeconomic factors. The global trend towards plant-based diets and increasing health awareness are major drivers of market growth. Additionally, government initiatives promoting sustainable and ethical food consumption, along with rising lactose intolerance among consumers, are fueling the demand for milk substitutes. The country's stable economic health, supportive regulatory environment, and strong investment in food technology also contribute to the market's growth. Moreover, the growing adoption of vegan and vegetarian lifestyles, coupled with the trend of clean-label and natural products, are expected to further boost the market in the coming years.

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.