Key regions: Russia, India, Canada, Japan, South Korea
The Milk Market in LATAM is seeing minimal growth due to factors such as changing consumer preferences and the increasing availability of alternative dairy products. This trend is expected to continue as the market faces challenges from fluctuating milk prices and changing government regulations.
Customer preferences: Consumers in LATAM are increasingly looking for healthier and more sustainable food options, leading to a rise in demand for plant-based milk alternatives. This trend is driven by cultural preferences, as many countries in the region have a long history of consuming plant-based foods. Additionally, the growing awareness of the environmental impact of dairy production has also played a role in this shift towards plant-based milk. As a result, companies in the Dairy Products & Eggs Market are expanding their offerings to include more plant-based milk products to cater to this growing demand.
Trends in the market: In LATAM, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards organic and plant-based dairy products. This trend is driven by the increasing consumer demand for healthier and more sustainable options. In addition, the adoption of digital technologies such as e-commerce and mobile apps for purchasing dairy products is on the rise. These trends are significant as they reflect a growing awareness and preference for ethically-sourced and environmentally-friendly products. For industry stakeholders, this means the need to adapt to changing consumer demands and invest in digital capabilities to stay competitive in the market.
Local special circumstances: In LATAM, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by cultural preferences and regulatory restrictions. For example, in Mexico, traditional dairy products such as queso fresco and crema are preferred over processed milk, leading to a smaller market for milk producers. In Argentina, strict government regulations on milk production and pricing have resulted in a fragmented market with limited competition. In Brazil, the market is dominated by large dairy cooperatives due to government support and incentives, making it difficult for smaller producers to enter and thrive in the market. These unique local factors greatly impact the dynamics of the Milk Market in LATAM.
Underlying macroeconomic factors: The performance of the Milk Market in the Dairy Products & Eggs Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending, disposable income, and population growth. In countries with strong economic growth and increasing disposable income, the demand for dairy products, including milk, is expected to rise. Additionally, government policies promoting dairy production and consumption, as well as increasing health awareness among consumers, are also key drivers of market growth. On the other hand, economic downturns and volatile commodity prices can negatively impact the market, leading to lower demand and lower prices for milk and other dairy products.
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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