Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in the Dairy Products & Eggs Market within The Food market in G20 is currently experiencing minimal growth. This can be attributed to factors such as limited consumer awareness and availability of traditional dairy products. However, as more consumers become health-conscious, the market is expected to witness gradual growth in the coming years.
Customer preferences: With the rise of health-conscious individuals and the increasing popularity of plant-based diets, the demand for milk substitutes is on the rise. This trend is further fueled by growing concerns about animal welfare and environmental sustainability. As a result, alternative milk options such as almond, soy, and oat milk are gaining traction and becoming more widely available in the market. Additionally, the rise of veganism and lactose intolerance are also contributing to the growth of the milk substitutes market. This shift towards plant-based milk alternatives is also driven by a desire for healthier and more sustainable food options.
Trends in the market: In the G20, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is seeing a shift towards plant-based options, driven by consumer demand for healthier, environmentally sustainable alternatives. This trend is expected to continue, with the market projected to reach $35.6 billion by 2024. This presents opportunities for industry stakeholders to innovate and diversify their product offerings to cater to this growing demand. Additionally, government initiatives promoting dairy-free diets, such as the "Milk for Schools" program in China, could further accelerate the growth of this market.
Local special circumstances: In Germany, the Milk Substitutes Market has seen a surge in demand due to the increasing number of lactose-intolerant individuals and the growing trend towards vegan and plant-based diets. This has led to the rise of local brands offering a variety of dairy-free options, catering to the unique cultural preferences of German consumers. Additionally, the country's strict regulations on food labeling and safety have influenced the market dynamics, with a focus on transparency and clean ingredients driving consumer choices.
Underlying macroeconomic factors: The Milk Substitutes Market in 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 other financial indicators. For instance, countries with stable economic conditions and favorable fiscal policies are experiencing higher market growth compared to regions with economic instability and restrictive policies. Moreover, the increasing awareness about the health benefits of plant-based diets and rising demand for lactose-free and vegan products are driving the growth of the Milk Substitutes Market in the G20 countries. Additionally, the growing population and rising disposable incomes in emerging economies are also contributing to the increasing demand for milk substitutes.
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.
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