Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in the US has seen minimal growth due to factors such as consumer preference for traditional dairy products, limited awareness about milk substitutes, and lack of regulatory framework.
Customer preferences: As consumers become more health-conscious, there has been a significant rise in the demand for plant-based milk substitutes. This trend is driven by the growing preference for lactose-free and vegan options, as well as concerns about environmental sustainability and animal welfare. Additionally, the shift towards healthier diets and lifestyles has also contributed to the increasing popularity of milk substitutes as a healthier alternative to traditional dairy products.
Trends in the market: In the United States Milk Substitutes Market, there is a growing demand for plant-based milk alternatives, driven by consumer preferences for healthier and more sustainable options. This trend is expected to continue in the coming years, with a projected annual growth rate of 10.9% from 2021 to 2026. Additionally, there has been a rise in the availability of innovative products such as oat milk and almond milk, which are gaining popularity among health-conscious consumers. This trend is significant for industry stakeholders as it presents opportunities for market expansion and diversification of product offerings. However, it also poses challenges for traditional dairy producers, who may need to adapt their strategies to stay competitive in the changing market landscape.
Local special circumstances: In the United States, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the growing demand for plant-based and vegan options. This is due to the increasing health consciousness and ethical considerations among consumers. Additionally, the strict regulations and labeling requirements for these products in the US also play a significant role in shaping the market. Furthermore, the presence of multinational food corporations in the country has led to intense competition and innovation in the milk substitutes market.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is greatly influenced by macroeconomic factors such as consumer preferences, economic growth, and government policies. Countries with growing health consciousness and increasing disposable income are experiencing higher demand for milk substitutes. Additionally, favorable government policies promoting plant-based diets and sustainable food production are driving the growth of the market. Furthermore, global economic trends such as the rising trend of veganism and increasing concerns about animal welfare are also contributing to the growth of the Milk Substitutes 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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