Key regions: Russia, India, Canada, Japan, South Korea
The Milk Market in Asia is experiencing minimal growth due to factors such as changing dietary preferences and rising awareness of lactose intolerance. Despite this, the convenience of online milk services is driving some growth in the market.
Customer preferences: As the demand for healthy and sustainable food options continues to rise in Asia, consumers are increasingly turning to plant-based milk alternatives. This shift is driven by a growing awareness of the environmental impact of dairy production and a desire for lactose-free options. Additionally, the rise of vegan and flexitarian diets, influenced by cultural and lifestyle factors, has also contributed to the growth of the plant-based milk market. This trend is expected to continue as consumers prioritize health and sustainability in their food choices.
Trends in the market: In Asia, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based milk alternatives, driven by increasing health consciousness and environmental concerns. This trend is expected to continue, with a projected CAGR of 11% in the coming years. This has significant implications for industry stakeholders as they adapt to changing consumer preferences and invest in research and development of new plant-based milk products. Additionally, the rise of e-commerce and online grocery platforms in the region is providing new opportunities for market growth and expansion.
Local special circumstances: In Asia, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by cultural preferences and dietary habits. For example, in China, milk consumption is traditionally low due to a preference for soy-based products. However, with increasing health consciousness and western influence, there has been a rise in dairy consumption, leading to a growing market for milk products. In Japan, the market is driven by a strong focus on quality and safety, with strict regulatory standards for dairy products. This has created a demand for premium and organic milk products.
Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Asia is strongly influenced by macroeconomic factors such as population growth, urbanization, and increasing disposable income. As the population in Asia continues to grow, there is a higher demand for dairy products and eggs to meet the dietary needs of the growing population. Additionally, rising urbanization and higher disposable income have led to an increase in the consumption of dairy products and eggs, as they are seen as a symbol of wealth and status. Moreover, government initiatives promoting dairy farming and investments in infrastructure development have also contributed to the growth of the milk market in Asia.
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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