Milk Substitutes - Lesotho

Lesotho

Highlights

Revenue in the Milk Substitutes market amounts to US$320.20k in 2024. The market is expected to grow annually by 24.21% (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$0.14 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 163.60k kg by 2029. The Milk Substitutes market is expected to show a volume growth of 20.1% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 0.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Lesotho is experiencing considerable growth, driven by factors such as increasing health consciousness among consumers and the convenience of online services. This growth is also impacted by the country's growing demand for dairy alternatives and the availability of a wide range of milk substitutes in the market.

Customer preferences: In Lesotho, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a rise in demand for plant-based alternatives, as consumers become more health-conscious and environmentally aware. This trend is driven by cultural preferences for natural, sustainable products and a growing number of individuals adopting vegetarian or vegan diets. Additionally, the availability of a wider variety of milk substitutes, such as almond, soy, and oat milk, is catering to diverse consumer needs and preferences.

Trends in the market: In Lesotho, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a surge in demand for plant-based milk alternatives. This trend is driven by the increasing health consciousness among consumers and the rising prevalence of lactose intolerance. As a result, companies are investing in research and development to introduce new and innovative milk substitutes, such as almond, soy, and coconut milk. This trend is expected to continue, presenting opportunities for industry stakeholders to cater to the growing demand for healthy and alternative dairy products.

Local special circumstances: In Lesotho, the Milk Substitutes Market within the Dairy Products & Eggs Market is heavily influenced by the country's mountainous terrain and limited agricultural land. As a result, dairy production is limited and milk substitutes, such as soy and almond milk, are popular alternatives. Additionally, cultural dietary preferences, such as a large vegetarian population, drive the demand for plant-based milk substitutes. Furthermore, stringent government regulations on dairy imports make locally produced milk substitutes more competitive in the market.

Underlying macroeconomic factors: The Milk Substitutes Market in Lesotho is significantly impacted by various macroeconomic factors such as economic stability, consumer spending power, and government policies. The country's economic growth, inflation rates, and employment levels play a crucial role in shaping the demand for milk substitutes. Additionally, the availability of resources such as land, water, and energy also influence the production and pricing of milk substitutes. Furthermore, government regulations and trade policies can either facilitate or hinder the growth of the market, while investments in infrastructure and technological advancements can improve market accessibility and efficiency.

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.