Milk - Lesotho | Statista Market Forecast

Milk - Lesotho

Lesotho

Highlights

Revenue in the Milk market amounts to US$23.03m in 2024. The market is expected to grow annually by 8.45% (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$9.77 are generated in 2024.
In the Milk market, volume is expected to amount to 18.82m kg by 2029. The Milk market is expected to show a volume growth of 5.5% in 2025.0.
The average volume per person in the Milk market is expected to amount to 6.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Milk Market in Lesotho has witnessed sluggish growth, influenced by factors such as low purchasing power, limited access to technology, and lack of health awareness. However, with the increasing demand for dairy products, the market is expected to experience gradual growth in the coming years.

Customer preferences: With a growing emphasis on health and wellness in Lesotho, there is a rising demand for dairy alternatives such as almond and soy milk. This trend is partly driven by cultural preferences, as many individuals in Lesotho follow a lactose-free or vegan diet. Additionally, with the increase in urbanization and busy lifestyles, there is a growing need for convenient and on-the-go options, making dairy alternatives a popular choice among consumers. This shift towards plant-based milk options is expected to continue in the coming years.

Trends in the market: In Lesotho, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a trend towards increased demand for organic and locally-sourced milk products. This trend is driven by consumers' growing awareness of the environmental and health benefits of these products, as well as the desire to support local farmers and the economy. This trajectory is significant for industry stakeholders, as it presents opportunities for diversification and expansion into the organic and local market segments. However, it also poses challenges for traditional milk producers who may struggle to compete with these new players. As a result, industry stakeholders will need to adapt their business strategies to stay relevant and competitive in this evolving market.

Local special circumstances: In Lesotho, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's small and predominantly rural population. This results in limited dairy production and distribution infrastructure, leading to a high reliance on imported products. Additionally, the traditional nomadic lifestyle of many Basotho people also impacts the market, as dairy consumption is not a common practice. These unique local factors contribute to the low market demand for milk and dairy products in Lesotho, making it a challenging market for dairy producers and suppliers.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Lesotho is heavily influenced by macroeconomic factors such as global economic trends and national economic health. The country's small, open economy is highly dependent on agriculture, with dairy production being a significant contributor. Fiscal policies, such as subsidies and import tariffs, also play a role in shaping the market. Additionally, Lesotho's relatively low GDP per capita and high poverty rates may impact consumer spending on dairy products. However, the country's growing population and increasing urbanization present opportunities for market growth.

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.