Milk Substitutes - Singapore

Singapore

Highlights

Revenue in the Milk Substitutes market amounts to US$39.34m in 2024. The market is expected to grow annually by 12.78% (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$6.50 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 17.72m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 13.1% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 1.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes Market in Singapore is experiencing mild growth, influenced by factors such as increasing health consciousness and the convenience of online services. This growth is driven by the Dairy Products & Eggs Market within The Food market.

Customer preferences: As more consumers in Singapore become health-conscious, there is a growing demand for dairy-free and plant-based milk substitutes. This trend is driven by factors such as lactose intolerance, environmental concerns, and the rise of veganism. Additionally, with the increasing availability of a wide variety of milk alternatives, including almond, soy, and oat milk, consumers now have more options to choose from in the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market. This shift is also influenced by the changing lifestyles and dietary preferences of younger generations, who are more open to trying new and alternative products.

Trends in the market: In Singapore, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based milk alternatives, as consumers become more health-conscious and environmentally aware. Additionally, there is a growing trend of incorporating functional ingredients, such as probiotics and plant-based proteins, into milk substitutes. These trends are significant as they cater to the changing preferences of consumers and offer a potential alternative to traditional dairy products. Industry stakeholders may need to adapt their product offerings and marketing strategies to capitalize on this growing trend.

Local special circumstances: In Singapore, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's strong focus on health and wellness. With a high percentage of the population adhering to dietary restrictions, such as lactose intolerance or veganism, there is a growing demand for milk substitutes. Additionally, strict regulations on food safety and labeling have led to a highly competitive market with a wide range of innovative and specialized milk substitutes available.

Underlying macroeconomic factors: The Milk Substitutes Market in Singapore is heavily influenced by macroeconomic factors such as the country's strong economic health and favorable fiscal policies. With a robust economy and stable political climate, Singapore offers a favorable environment for businesses to thrive, leading to increased investments and consumer spending. Additionally, the growing health and wellness trend in the country has led to a higher demand for plant-based milk substitutes, driving market growth. Furthermore, Singapore's strategic location and strong trade partnerships also contribute to the growth of the Milk Substitutes Market as it allows for easy access to global markets and a diverse range of products.

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.