Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in G7 is witnessing subdued growth due to factors such as increasing health consciousness among consumers and convenience of online services. This market is growing at a slower pace due to various factors impacting its growth rate.
Customer preferences: As health and wellness continue to be top priorities for consumers, there is a growing demand for plant-based milk substitutes in the Dairy Products & Eggs Market. This trend is driven by a desire for healthier and more sustainable options, as well as dietary restrictions and preferences. Additionally, there is a rising interest in alternative milk products among younger demographics, who are more open to trying new and innovative foods.
Trends in the market: In the G7 countries, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based alternatives. This trend is driven by the increasing demand for sustainable and ethical food choices, as well as the rise of vegan and flexitarian diets. This trajectory is expected to continue, as consumers become more health-conscious and environmentally aware. Industry stakeholders must adapt to this trend by offering a diverse range of products and investing in innovative technologies for production and distribution of milk substitutes.
Local special circumstances: In G7 countries such as the United States, Canada, and Japan, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is driven by consumers' increasing preference for plant-based products due to health and environmental concerns. However, in countries like India and China, the market is also influenced by cultural and religious factors, as many consumers follow vegetarian or vegan diets. Additionally, government policies promoting plant-based diets and the rising popularity of Western dairy alternatives in these markets further contribute to the growth of the Milk Substitutes Market.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is impacted by macroeconomic factors such as changing consumer preferences, economic stability, and government policies. In countries with a growing trend towards plant-based diets and increasing concerns about animal welfare, the demand for milk substitutes is expected to rise. Moreover, countries with favorable economic conditions and supportive policies for sustainable agriculture and food production are likely to experience higher market growth. On the other hand, economic uncertainty and unfavorable policies can hinder market growth in certain regions. Additionally, the rising health consciousness among consumers and the increasing prevalence of lactose intolerance are also contributing to the growth of the milk substitutes market.
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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