Milk - Jamaica | Statista Market Forecast

Milk - Jamaica

Jamaica

Highlights

Revenue in the Milk market amounts to US$185.90m in 2024. The market is expected to grow annually by 5.27% (CAGR 2024-2029).
In global comparison, most revenue is generated India (US$71bn in 2024).
In relation to total population figures, per person revenues of US$65.81 are generated in 2024.
In the Milk market, volume is expected to amount to 100.50m kg by 2029. The Milk market is expected to show a volume growth of 0.9% in 2025.0.
The average volume per person in the Milk market is expected to amount to 34.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market in Jamaica is witnessing minimal growth due to factors such as changing consumer preferences and increasing competition. Despite the convenience of online services, there is still a strong preference for traditional dairy products.

Customer preferences: As health and wellness become increasingly important to consumers in Jamaica, there has been a noticeable shift towards plant-based dairy alternatives in the Milk Market of the Dairy Products & Eggs Market within The Food market. This trend is driven by the growing popularity of veganism and vegetarianism, as well as concerns about the environmental impact of traditional dairy production. As a result, companies are now offering a wider range of dairy-free options, such as almond milk, coconut milk, and oat milk, to cater to this emerging consumer preference.

Trends in the market: In Jamaica, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards organic and locally-sourced milk. This trend is driven by consumers' increasing concern for food safety and sustainability. In the global market, there is a growing demand for plant-based milk alternatives, such as almond and soy milk. This trend has implications for industry stakeholders as they may need to adapt their production and marketing strategies to meet changing consumer preferences. Additionally, there is potential for partnerships between dairy companies and plant-based milk producers to cater to a wider range of consumers.

Local special circumstances: In Jamaica, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's tropical climate and agricultural practices. The majority of milk production comes from small local farms, resulting in limited supply and higher prices. Additionally, strict government regulations on imports and production further affect the market dynamics. This creates a unique market dynamic, with a strong demand for locally sourced and organic milk products.

Underlying macroeconomic factors: The Dairy Products & Eggs Market in Jamaica is heavily influenced by macroeconomic factors, including global economic trends, national economic health, fiscal policies, and other financial indicators. With a growing global demand for dairy products and eggs, Jamaica's export market has seen steady growth. The country's favorable regulatory environment and strong investment in agriculture have also contributed to the market's growth. Additionally, the increasing prevalence of chronic diseases and the aging population worldwide have led to a higher demand for dairy products and eggs as a source of essential nutrients.

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.