Key regions: India, Canada, China, United States, Russia
The Milk Substitutes market in the UK is experiencing subdued growth due to factors like changing consumer preferences and increasing health concerns. Online availability and convenience also play a role in driving the market's growth.
Customer preferences: As consumers become more health-conscious, there has been a rise in demand for plant-based milk substitutes such as almond, coconut, and oat milk. This trend is driven by a growing preference for plant-based diets and concerns over the environmental impact of traditional dairy farming. Additionally, the rise of veganism and lactose intolerance has also contributed to the popularity of milk substitutes. These products offer a convenient and sustainable alternative to traditional dairy products, catering to the changing lifestyles and preferences of consumers.
Trends in the market: In the United Kingdom, 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 largely driven by health-conscious consumers seeking non-dairy options, as well as those with lactose intolerance or dairy allergies. Additionally, the rise of veganism and environmental concerns have also contributed to the growth of this market. As a result, industry stakeholders are investing in research and development to innovate new products and meet the evolving needs of consumers. This trend is expected to continue in the coming years, with potential implications for traditional dairy companies and the overall dairy industry.
Local special circumstances: In the United Kingdom, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's high demand for plant-based and vegan options. This trend is driven by cultural factors, such as an increasing awareness of animal welfare and environmental concerns. Additionally, the UK's strict regulations on food labeling and advertising also play a role in shaping the market, as consumers are becoming more conscious about the ingredients and health benefits of their food choices.
Underlying macroeconomic factors: The growth of the Milk Substitutes market is heavily influenced by macroeconomic factors such as consumer trends, government regulations, and economic stability. In countries with a growing health-conscious population and increasing demand for plant-based products, the market for milk substitutes is expected to experience significant growth. On the other hand, countries with restrictive regulatory environments and economic instability may see slower market growth due to limited consumer spending and investment in the food sector. Additionally, the rising awareness about the environmental impacts of dairy production and the growing popularity of vegan diets are also driving the demand for milk substitutes in the global market.
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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