Milk Substitutes - Taiwan

Taiwan

Highlights

Revenue in the Milk Substitutes market amounts to US$123.70m in 2024. The market is expected to grow annually by 12.26% (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$5.17 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 79.66m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 15.8% in 2025.0.
The average volume per person in the Milk Substitutes market is expected to amount to 1.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Substitutes market in Taiwan is experiencing mild growth due to factors like increasing consumer health awareness, adoption of digital technologies, and convenience of online health services. This has led to significant growth in the Dairy Products & Eggs Market within The Food market.

Customer preferences: As more consumers prioritize health and wellness, there has been a rise in demand for plant-based milk substitutes such as almond, soy, and oat milk. This trend is driven by a growing interest in sustainable and ethical food choices, as well as concerns about lactose intolerance and dairy allergies. Additionally, the popularity of vegan and vegetarian diets has contributed to the growth of the milk substitutes market, as these consumers seek out non-dairy options.

Trends in the market: In Taiwan, the Milk Substitutes market is experiencing a surge in demand for plant-based milk alternatives, driven by the growing popularity of vegetarian and vegan diets. This trend is expected to continue as consumers become more health-conscious and environmentally aware. Additionally, there is a rising demand for lactose-free milk products due to the increasing prevalence of lactose intolerance. These trends are significant as they present opportunities for industry players to expand their product offerings and tap into new market segments. However, it also poses challenges for traditional dairy companies who may need to adapt and diversify their products to stay competitive.

Local special circumstances: In Taiwan, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by the high rates of lactose intolerance among the population. This has led to a rise in demand for plant-based milk alternatives, such as soy, almond, and coconut milk. Additionally, the country's strict regulations on imported dairy products have created a strong demand for locally-produced milk substitutes. The cultural preference for healthy and natural food options also drives the growth of this market.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Taiwan is heavily impacted by macroeconomic factors such as national economic health, government policies, and global economic trends. The growth of this market is heavily influenced by the country's growing health consciousness, rising disposable income, and increasing demand for plant-based alternatives. Additionally, the government's support for sustainable and environmentally-friendly products has further boosted the demand for milk substitutes in Taiwan. The market is also driven by the increasing prevalence of lactose intolerance and allergies, as well as the growing trend of veganism. Overall, the market is expected to experience steady growth in the coming years due to these favorable 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.