Milk Substitutes - Nordics

Nordics

Highlights

Revenue in the Milk Substitutes market amounts to US$279.40m in 2024. The market is expected to grow annually by 14.27% (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$9.96 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 181.30m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 13.8% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 3.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Nordics has been experiencing mild growth, driven by factors such as increasing health consciousness, convenience of online services, and adoption of digital technologies. This growth rate is impacted by changing dietary preferences and rising concerns about dairy allergies and lactose intolerance.

Customer preferences: As health and environmental concerns continue to gain importance, there is a growing demand for plant-based milk substitutes in the Nordics. This trend is especially prevalent among younger generations, who are more conscious about their food choices and are open to trying new dairy alternatives. This is further fueled by the rise of veganism and flexitarianism, as well as a desire for sustainable and ethical products. As a result, the market for milk substitutes is expected to experience significant growth in the coming years.

Trends in the market: In the Nordics, the Milk Substitutes market is experiencing a surge in demand for plant-based alternatives, driven by consumers' growing concerns for health and sustainability. This trend is expected to continue, with more companies investing in research and development to improve the taste and texture of their products. Additionally, the rise of veganism and flexitarianism in the region is fueling the growth of this market. These trends have significant implications for industry stakeholders, as they must adapt to the changing consumer preferences and invest in innovative techniques to remain competitive in the market.

Local special circumstances: In the Nordics, the Milk Substitutes market is driven by the region's strong focus on sustainability and health-consciousness. This has led to a rise in demand for plant-based milk alternatives, such as oat, soy, and almond milk. Additionally, the region's strict regulations on animal welfare and environmental sustainability have also influenced consumers' decision to shift towards non-dairy milk options. The market is further fueled by the rise of veganism and lactose intolerance among the population, driving the adoption of milk substitutes in the Nordics.

Underlying macroeconomic factors: The Milk Substitutes Market in the Nordics is heavily influenced by macroeconomic factors such as consumer spending power, dietary preferences, and environmental concerns. With a strong focus on health and sustainability, the Nordic countries have seen an increasing demand for plant-based milk alternatives. This trend is closely linked to global health and wellness trends, as well as growing concerns about the environmental impact of dairy production. Furthermore, government policies promoting sustainable agriculture and reducing carbon emissions have also played a role in shaping the growth of the Milk Substitutes Market in the region. As a result, the market is expected to continue its upward trajectory in the coming years, driven by these macroeconomic factors.

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.