Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in North America is experiencing minimal growth due to factors such as increasing health consciousness and the convenience of online services. Despite this slow growth, the market continues to expand in the Dairy Products & Eggs Market within The Food market.
Customer preferences: Consumers in North America are increasingly turning towards plant-based milk substitutes, such as almond, soy, and coconut milk, due to growing concerns about health, sustainability, and animal welfare. This trend is further fueled by the rise of flexitarian and vegan diets, as well as a growing interest in alternative sources of protein. Additionally, the popularity of dairy-free and lactose-free options among individuals with dietary restrictions or intolerances is also contributing to the growth of the milk substitutes market.
Trends in the market: In North America, the Milk Substitutes Market within the Dairy Products & Eggs Market is experiencing a surge in demand for plant-based milk alternatives such as almond, soy, and oat milk. This trend is driven by increasing health consciousness and concerns over animal welfare and environmental sustainability. As consumers shift towards a more plant-based diet, the market for milk substitutes is expected to grow significantly. This presents opportunities for industry stakeholders to expand their product offerings and cater to changing consumer preferences. Additionally, the rise of e-commerce and online grocery platforms has made it easier for consumers to access and purchase these products, further driving the growth of the market.
Local special circumstances: In North America, the Milk Substitutes Market within the Dairy Products & Eggs Market is heavily influenced by health consciousness and the rise of plant-based diets. With a large population of vegans and vegetarians, the market is driven by demand for alternatives to traditional dairy products. In addition, the region's strict regulations on food labeling and safety play a significant role in shaping consumer preferences and product development. This unique combination of factors has propelled the growth of milk substitutes, such as almond, soy, and coconut milk, in the North American market.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is impacted by various macroeconomic factors in North America. The market is influenced by global economic trends such as changing consumer preferences towards plant-based dairy alternatives and the growing demand for lactose-free products. National economic health also plays a crucial role, as countries with strong dairy industries and high disposable incomes drive market growth. Fiscal policies, such as subsidies and tariffs, can also significantly impact market performance. Additionally, the rising trend of health and wellness, coupled with the increasing prevalence of lactose intolerance, is driving the demand for milk substitutes in North America. This is further accelerated by the aging population, which is more prone to digestive issues and seeking alternative dairy options.
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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