Key regions: Russia, India, Canada, Japan, South Korea
The Milk Market in ASEAN has seen minimal growth, influenced by factors such as low consumer awareness and lack of availability in certain regions. However, with increasing health consciousness and online accessibility, the market is expected to experience a gradual growth in the coming years.
Customer preferences: As the demand for healthier food options continues to rise, there has been a noticeable shift towards plant-based milk alternatives in the ASEAN region. This trend can be attributed to the growing health consciousness among consumers and the increasing number of individuals adopting vegetarian or vegan diets. Additionally, there has been a rise in demand for dairy-free products due to the prevalence of lactose intolerance in the region. This shift towards plant-based milk products is expected to continue, with consumers seeking more sustainable and ethical food choices.
Trends in the market: In ASEAN, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards more demand for organic and plant-based milk alternatives. This trend is driven by increasing consumer awareness of health and environmental benefits. Additionally, there is a growing market for lactose-free and functional dairy products. These trends are expected to continue to grow in the coming years, providing opportunities for industry stakeholders to expand their product offerings and cater to changing consumer preferences.
Local special circumstances: In the ASEAN region, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the diverse cultural and regulatory landscape. In countries like Indonesia and Malaysia, the Islamic dietary laws play a significant role in shaping consumer preferences for halal-certified dairy products. In contrast, in Vietnam and Thailand, the growing health consciousness among consumers has led to a surge in demand for organic and plant-based milk alternatives. Additionally, the varying levels of government support for the dairy industry also impact the competitiveness and pricing of dairy products in different ASEAN markets.
Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in ASEAN is affected by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other financial indicators that impact market performance. For example, countries with a strong economy and stable fiscal policies tend to have a higher demand for dairy products, leading to growth in the market. On the other hand, countries with a weaker economy and unstable fiscal policies may experience sluggish market growth. Additionally, factors such as population growth, urbanization, and changing dietary preferences also play a significant role in shaping the Milk Market in ASEAN.
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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