Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in the Dairy Products & Eggs Market is experiencing minimal growth worldwide. Factors such as changing consumer preferences, increasing health concerns, and convenience offered by alternative dairy products are impacting this growth rate.
Customer preferences: The increasing popularity of plant-based diets and lactose intolerance has led to a growing demand for milk substitutes in the Dairy Products & Eggs Market within The Food market. This trend is driven by a shift towards healthier and sustainable food choices, influenced by cultural preferences and evolving lifestyles. As a result, companies are innovating and expanding their offerings in the milk substitutes market to cater to this growing consumer segment.
Trends in the market: In recent years, there has been a significant increase in demand for plant-based milk substitutes, driven by the rise in veganism and lactose intolerance. This trend is expected to continue, with the global milk substitutes market projected to reach $32.4 billion by 2025. In addition, there is a growing trend towards clean label and natural ingredients in milk substitutes, as consumers become more health-conscious and seek out alternatives to traditional dairy products. This shift towards healthier options is expected to have a significant impact on the dairy industry, as more consumers turn to plant-based alternatives. Moreover, the emergence of innovative and sustainable milk substitutes, such as oat milk and pea milk, is also driving the growth of this market. This presents opportunities for industry stakeholders to tap into new markets and diversify their product offerings to meet changing consumer preferences. However, with the rise of plant-based milk substitutes, there may be a potential decline in demand for traditional dairy products, leading to challenges for dairy farmers and processors. As such, it is crucial for industry players to adapt and innovate in order to stay competitive in the evolving milk substitutes market.
Local special circumstances: In Japan, the Milk Substitutes Market is primarily driven by the rise in health and wellness trends, as well as the increasing number of lactose-intolerant individuals. The country's strong dairy industry has also led to the development of innovative and high-quality plant-based alternatives. In China, the market is heavily influenced by the country's large population and the government's initiatives to reduce dairy consumption and promote alternative protein sources. These factors have led to the emergence of a diverse range of milk substitute products, including soy, almond, and coconut milk.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is impacted by macroeconomic factors such as changing dietary preferences, rising health consciousness, and increasing vegan and vegetarian populations. Countries with favorable economic conditions and a growing focus on plant-based diets are experiencing higher demand for milk substitutes. Additionally, government initiatives promoting sustainable and environmentally-friendly alternatives are also contributing to market growth. However, challenges such as high production costs and limited availability of raw materials may hinder market growth in certain regions.
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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