Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in India is experiencing subdued growth due to factors such as changing dietary preferences, increasing health consciousness, and the convenience of online purchasing. Despite this, the market continues to show steady growth driven by the rising demand for plant-based alternatives and the availability of lactose-free options.
Customer preferences: The rise of veganism and plant-based diets has led to a growing demand for milk substitutes in India, as consumers become more health-conscious and environmentally aware. This trend is further fueled by the increasing number of individuals with lactose intolerance. As a result, there has been a shift towards non-dairy alternatives such as soy, almond, and oat milk, as well as coconut and cashew milk. This can also be attributed to the growing availability and variety of these products in the market.
Trends in the market: In India, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is witnessing a rise in demand for plant-based milk alternatives. This trend is driven by a growing awareness of lactose intolerance and the health benefits of plant-based diets. Additionally, the growing vegan and vegetarian population is also contributing to the increasing demand for milk substitutes. These trends are significant as they indicate a shift towards healthier and more sustainable food choices. Industry stakeholders should take note of this trend and capitalize on the growing demand by offering a diverse range of milk substitutes to cater to different dietary preferences.
Local special circumstances: In India, the Milk Substitutes Market is influenced by the country's large vegetarian population and the increasing trend towards veganism. This has led to a demand for plant-based milk alternatives, such as soy, almond, and coconut milk. Additionally, the government's efforts to promote a healthy lifestyle and reduce dairy consumption have further boosted the market. On the other hand, in the United States, the market is driven by the growing health consciousness and lactose intolerance among consumers, leading to the popularity of lactose-free milk and dairy-free substitutes like oat milk and cashew milk.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in India is heavily influenced by macroeconomic factors such as the country's economic health, government policies, and global economic trends. India's growing population and rising middle class have led to an increase in demand for dairy alternatives, driving market growth. Additionally, the Indian government's focus on promoting a healthy and sustainable lifestyle, along with initiatives to promote dairy-free options, has further boosted the market. However, the market is also impacted by factors such as fluctuating commodity prices and changing consumer preferences, which are influenced by global economic conditions.
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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