Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in South Korea is experiencing minimal growth due to factors such as consumer preference for traditional dairy products and lack of awareness about alternatives. Nonetheless, the convenience of online services may drive future growth.
Customer preferences: The growing trend towards plant-based diets and veganism has led to a significant increase in demand for milk substitutes in South Korea. This shift is driven by a variety of factors, including environmental concerns, animal welfare considerations, and health-consciousness. Additionally, the rise of lactose intolerance and dairy allergies among South Korean consumers has also fueled the demand for non-dairy milk alternatives. As a result, companies are increasingly offering a diverse range of milk substitutes, such as almond, soy, and coconut milk, to cater to the evolving preferences of consumers in the country.
Trends in the market: In South Korea, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is seeing a surge in demand for plant-based milk alternatives, driven by the increasing health consciousness among consumers. This trend is expected to continue, with more consumers opting for dairy-free options due to lactose intolerance or dietary preferences. This shift towards plant-based milk substitutes is also driven by the growing availability of innovative products such as almond milk, soy milk, and oat milk. This trend is significant as it presents a potential growth opportunity for industry players, and could also impact the traditional dairy industry.
Local special circumstances: In South Korea, the Milk Substitutes Market is heavily influenced by the country's strong dairy industry and cultural preference for dairy products. However, the market is also shaped by government regulations that restrict the importation of certain dairy products, creating a demand for alternative milk substitutes. Additionally, the country's high-tech culture has led to the popularity of plant-based milk alternatives, such as soy and almond milk, catering to health-conscious consumers. This unique combination of traditional values and modern influences has resulted in a diverse and competitive Milk Substitutes Market in South Korea.
Underlying macroeconomic factors: The Milk Substitutes Market in South Korea is largely influenced by macroeconomic factors such as technological advancements, government regulations, and consumer spending. With a strong economy and a supportive regulatory environment, South Korea has seen significant growth in the demand for milk substitutes. Additionally, the rising health consciousness among consumers and the increasing prevalence of lactose intolerance have also contributed to the growth of this market. Furthermore, the country's aging population and increasing urbanization have resulted in a shift towards healthier and plant-based food options, further driving the demand for milk substitutes.
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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