Milk Substitutes - Guatemala

Guatemala

Highlights

Revenue in the Milk Substitutes market amounts to US$8.12m in 2024. The market is expected to grow annually by 16.66% (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$0.44 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 3.51m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 6.8% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 0.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Guatemala is experiencing average growth due to factors such as increasing health consciousness and convenience offered by online services. This market is expanding as more consumers turn to alternative dairy options for health reasons.

Customer preferences: As more individuals in Guatemala become health-conscious and turn towards plant-based diets, the demand for milk substitutes has risen. This trend is reflected in the growing popularity of nut-based and grain-based milks. Additionally, the rise of veganism and lactose intolerance has also contributed to the growth of this market segment. This shift towards alternative milk options is driven by a growing awareness of the health benefits and sustainability of plant-based diets.

Trends in the market: In Guatemala, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based milk alternatives, such as soy, almond, and oat milk. This trend is driven by the increasing health consciousness among consumers and a shift towards more sustainable and ethical food choices. As a result, major dairy companies are diversifying their product offerings to include milk substitutes, and smaller, niche brands are emerging in the market. This trend is expected to continue, with the potential to disrupt the traditional dairy market and create opportunities for new players in the industry.

Local special circumstances: In Guatemala, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's geographical and cultural diversity. The mountainous terrain and rural population make it challenging for traditional dairy products to reach certain areas, creating a demand for milk substitutes. Additionally, the country's large indigenous population has dietary restrictions that have led to the popularity of plant-based milk substitutes. Government regulations also play a significant role in the market, as Guatemala has strict laws on dairy product imports, making it difficult for international players to enter the market.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Guatemala is influenced by macroeconomic factors such as the country's economic stability, government policies, and consumer purchasing power. With a growing economy and increasing disposable income, consumers are more likely to opt for milk substitutes due to health concerns and changing dietary preferences. Additionally, the global trend towards plant-based diets and the rising demand for lactose-free products are also contributing to the growth of the milk substitutes market in Guatemala. However, challenges such as high import tariffs and trade barriers may hinder market growth in the country.

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.