Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in New Zealand is experiencing subdued growth, impacted by factors such as consumer preference for traditional dairy products and limited availability of plant-based options. Despite this, the market is still expected to see moderate growth due to increasing health awareness and convenience offered by alternative milk products.
Customer preferences: With a growing focus on plant-based diets and sustainability, consumers in New Zealand are increasingly turning to milk substitutes such as almond, soy, and oat milk. This trend is driven by a desire for healthier and environmentally friendly options, as well as a rise in lactose intolerance. Additionally, the popularity of veganism and flexitarianism has also contributed to the growth of the milk substitutes market.
Trends in the market: In New Zealand, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a shift towards plant-based alternatives, driven by the increasing demand for healthier and more sustainable options. This trend is expected to continue, with projections showing a growth of 9.6% in the market by 2025. This has significant implications for industry stakeholders, as they will need to adapt to changing consumer preferences and invest in alternative milk products to remain competitive. Furthermore, the rise of veganism and lactose intolerance among consumers is also contributing to the growth of this market.
Local special circumstances: In New Zealand, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by the country's strong dairy culture and availability of quality, locally produced dairy products. However, the growing trend of plant-based diets and concerns over sustainability have led to a rise in demand for milk substitutes. Additionally, the country's strict regulations on food labeling and safety play a significant role in shaping the market landscape.
Underlying macroeconomic factors: The Milk Substitutes Market within the Dairy Products & Eggs Market in New Zealand is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's strong economy and stable political environment contribute to a favorable market for milk substitutes. Additionally, New Zealand's high level of consumer awareness and demand for healthy and sustainable food options has led to a growing market for milk substitutes. Furthermore, the country's strong investment in agriculture and dairy production has created a competitive market for alternative milk products. The increasing prevalence of lactose intolerance and the rise of veganism and vegetarianism globally are also key drivers of the milk substitutes market in New Zealand.
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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