Market Insights Consumer Food Dairy Products & Eggs

Milk Substitutes - LATAM

LATAM

Revenue in the Milk Substitutes market amounts to US$1.44bn in 2024. The market is expected to grow annually by 12.11% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$9,934m in 2024).
In relation to total population figures, per person revenues of US$2.27 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 0.53bn kg by 2029. The Milk Substitutes market is expected to show a volume growth of 8.5% in 2025.
The average volume per person in the Milk Substitutes market is expected to amount to 0.6kg in 2024.

Key regions: India, Canada, China, United States, Russia

Market

Region

Region comparison

Currency

Analyst Opinion

The Milk Substitutes Market in LATAM has seen modest growth due to factors like rising health consciousness and convenience of online services. However, subdued growth rates have been impacted by external factors.

Customer preferences: As consumers in LATAM become more health-conscious, there is a growing demand for plant-based milk substitutes in the Dairy Products & Eggs Market within The Food market. This trend is driven by a shift towards healthier and more sustainable dietary choices, as well as a rise in lactose intolerance. Additionally, the growing vegan and vegetarian population in the region is also a key factor in the increasing demand for milk substitutes.

Trends in the market: In LATAM, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a rise in demand for plant-based alternatives, driven by health and environmental concerns. This trend is expected to continue as consumers become more health-conscious and seek sustainable options. Additionally, there is a growing trend of using e-commerce channels for purchasing milk substitutes, presenting opportunities for industry stakeholders to tap into new markets. This shift towards alternative milk products could have implications for traditional dairy producers, who may need to adapt their offerings to stay competitive.

Local special circumstances: In LATAM, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the region's high lactose intolerance rates and the growing health consciousness among consumers. This has led to a rise in demand for plant-based milk alternatives, such as soy, almond, and coconut milk. Additionally, the region's regulatory environment, with strict labeling laws and government subsidies for dairy production, has created a unique landscape for milk substitutes. These factors have contributed to the growth of the market, with Brazil and Argentina being the top producers and consumers of plant-based milk in the region.

Underlying macroeconomic factors: The Milk Substitutes Market in LATAM is heavily influenced by macroeconomic factors such as economic stability, consumer purchasing power, and changing dietary preferences. The region's economic growth and rising disposable income have led to an increased demand for dairy alternatives, as consumers prioritize health and sustainability. Additionally, government initiatives promoting plant-based diets and the rise in veganism are also driving the growth of the Milk Substitutes Market in LATAM. However, economic volatility, inflation, and fluctuating commodity prices can pose challenges for market growth in this region.

Methodology

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.