Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in Portugal is experiencing subdued growth due to factors like changing consumer preferences, health concerns and rising demand for plant-based alternatives in the Dairy Products & Eggs Market within The Food market.
Customer preferences: With the rise in health consciousness, consumers in Portugal are increasingly opting for plant-based milk substitutes as a healthier and more sustainable alternative to traditional dairy products. This trend is driven by a growing awareness of the environmental impact of dairy farming and a preference for clean-label, non-GMO options. Additionally, the rise of flexitarian and vegan diets is also fueling the demand for milk substitutes, as consumers seek to reduce their consumption of animal products.
Trends in the market: In Portugal, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is seeing a rise in plant-based milk alternatives, driven by the increasing demand for dairy-free options. This trend is expected to continue, as consumers become more health-conscious and environmentally aware. Additionally, the rise in veganism and lactose intolerance are also contributing to the growth of this market. This shift towards plant-based alternatives has implications for industry stakeholders, as they need to adapt their products and marketing strategies to cater to this changing consumer preference. It also presents opportunities for new entrants to capitalize on this trend and expand their offerings in this market.
Local special circumstances: In Portugal, the Milk Substitutes market within the Dairy Products & Eggs market is influenced by the country’s strong cultural preference for dairy products. However, changing consumer attitudes towards health and sustainability have led to the rise of plant-based milk alternatives. Additionally, Portugal's geographical location and climate make it a key producer of dairy products, creating a unique market dynamic for milk substitutes. Furthermore, the country's regulatory environment focuses on promoting food safety and quality, shaping the production and distribution of milk substitutes in the market.
Underlying macroeconomic factors: The Milk Substitutes Market in Portugal is significantly impacted by macroeconomic factors such as consumer spending patterns, trade policies, and government regulations. With a strong focus on sustainable and healthy food options, there is a growing demand for plant-based milk substitutes in the country. Additionally, the increasing health consciousness among consumers and the rise in veganism and lactose intolerance are further contributing to the growth of this market. Furthermore, the government's initiatives to promote and support the dairy industry, combined with favorable trade policies, are expected to drive the growth of the Milk Substitutes Market in Portugal.
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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