Milk Substitutes - Jamaica

Jamaica

Highlights

Revenue in the Milk Substitutes market amounts to US$1.98m in 2024. The market is expected to grow annually by 18.16% (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$0.70 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 898.60k kg by 2029. The Milk Substitutes market is expected to show a volume growth of 19.7% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

In Jamaica, the Milk Substitutes Market in the Dairy Products & Eggs Market of The Food market is experiencing considerable growth, driven by factors such as increasing demand for alternative dairy products and health consciousness among consumers. The convenience of online shopping and the availability of a variety of milk substitutes are also contributing to this growth rate.

Customer preferences: Consumers in Jamaica are increasingly turning towards plant-based milk substitutes, such as soy, almond, and coconut milk, due to rising health and environmental concerns. This shift is also influenced by cultural preferences for plant-based diets and the growing vegan and vegetarian movements in the country. Additionally, the demand for dairy-free options is driven by the rising prevalence of lactose intolerance and the perception of milk substitutes as healthier alternatives.

Trends in the market: In Jamaica, the Milk Substitutes Market is experiencing a shift towards plant-based alternatives, driven by the increasing demand for dairy-free and vegan products. This trend is expected to continue as health-conscious consumers seek out healthier and more environmentally friendly options. Along with this, there has been a rise in the availability and variety of milk substitutes, such as almond, coconut, and oat milk. This growing trend has significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in research and development to stay competitive in the market. Additionally, the adoption of milk substitutes may also impact the dairy industry, potentially leading to a decline in dairy consumption.

Local special circumstances: In Jamaica, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by the country's tropical climate, which limits the production of dairy products. This has led to a higher demand for milk substitutes, such as soy and almond milk, among the health-conscious population. Additionally, the cultural preference for plant-based diets, coupled with government regulations promoting sustainable agriculture, has further bolstered the growth of the milk substitutes market in Jamaica.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Jamaica is affected by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. As a developing nation, Jamaica's economy is heavily reliant on agriculture, and any fluctuations in the global food market can have a significant impact on the milk substitutes market. Additionally, government initiatives to promote healthy eating and reduce dairy consumption may also influence the demand for milk substitutes. The growing aging population and increasing prevalence of chronic diseases in Jamaica also create a demand for healthier and alternative food options, further driving 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.