Milk Substitutes - Mongolia

Mongolia

Highlights

Revenue in the Milk Substitutes market amounts to US$1.46m in 2024. The market is expected to grow annually by 16.48% (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$0.42 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 394.90k kg by 2029. The Milk Substitutes market is expected to show a volume growth of 11.1% 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 Mongolia is experiencing mild growth, driven by factors such as increasing health awareness among consumers, adoption of alternative dairy products, and the convenience of online shopping. This growth rate is impacted by the rising trend of plant-based diets and the availability of various milk substitutes in the market.

Customer preferences: As consumers become more health-conscious, there is a growing demand for plant-based and lactose-free milk substitutes in Mongolia. This trend is driven by a combination of factors, including a rise in veganism, lactose intolerance, and concerns about the environmental impact of dairy farming. As a result, companies are increasingly expanding their offerings of non-dairy milk alternatives, such as soy, almond, and oat milk, to cater to this evolving consumer preference.

Trends in the market: In Mongolia, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a shift towards plant-based options. This trend is driven by a growing awareness of the health benefits and environmental impact of dairy consumption. As a result, there is a rise in demand for alternative milks such as soy, almond, and oat milk. This trajectory is expected to continue as consumers seek out more sustainable and diverse options. Industry stakeholders should consider investing in R&D to innovate and meet this demand, while also adapting marketing strategies to cater to this growing trend.

Local special circumstances: In Mongolia, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's nomadic culture and the traditional diet of dairy products. This has led to a high demand for milk substitutes made from non-dairy sources such as soy, almond, and coconut milk. Additionally, Mongolia's harsh climate and limited agricultural land have also played a role in the development of the milk substitutes market, as it offers an alternative source of protein and nutrition for the population. This unique set of factors sets the Mongolian market apart from others and has a significant impact on its growth and dynamics.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Mongolia is greatly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Mongolia's economy heavily relies on its agriculture and mining industries, making it susceptible to fluctuations in commodity prices. The country's economic growth has been slowing down in recent years, which has impacted the purchasing power of its consumers. Fiscal policies, such as taxes and subsidies, also play a significant role in shaping the demand and supply of milk substitutes in Mongolia. Moreover, the country's limited healthcare funding and regulatory challenges may hinder the market's growth potential.

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.