Key regions: Russia, India, Canada, Japan, South Korea
The Milk Market in North America has seen limited growth, influenced by factors such as changing consumer preferences and competition from alternative dairy products. Despite this, the market remains a significant player in the Food industry, driven by the high demand for milk and dairy products in the region.
Customer preferences: Consumers in North America are increasingly opting for healthier dairy options such as almond milk, oat milk, and other plant-based alternatives. This trend is driven by the growing demand for dairy-free and lactose-free products among individuals with dietary restrictions or those seeking to reduce their dairy intake for health or environmental reasons. Additionally, the rise in veganism and flexitarianism has also contributed to the shift towards non-dairy milks. As a result, the milk market is experiencing a significant growth in the North American region.
Trends in the market: In North America, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based milk alternatives, such as almond and oat milk. This trend is driven by the increasing demand for healthier and more environmentally-friendly options, as well as the rise of vegan and lactose-intolerant consumers. As a result, dairy companies are expanding their product portfolios to include these alternatives. This trend is expected to continue in the coming years, posing challenges for traditional dairy producers but also opening up new opportunities for innovation and growth.
Local special circumstances: In North America, the Milk Market of the Dairy Products & Eggs Market within The Food market is influenced by various factors such as geographical diversity, cultural preferences, and regulatory policies. For instance, in the United States, the consumption of organic milk is on the rise due to the increasing health consciousness and concerns about the use of antibiotics in conventional milk production. In Canada, the government's supply management system plays a significant role in regulating milk production and prices, leading to stable market conditions. These unique local factors play a crucial role in shaping the Milk Market in North America and differentiating it from other markets worldwide.
Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in North America is greatly impacted by macroeconomic factors. These include the overall economic health of the region, government policies, and global economic trends. Countries with stable economies and supportive policies towards the dairy industry, such as Canada and the United States, have a conducive environment for market growth. On the other hand, fluctuations in global milk prices and changes in trade policies can significantly impact the market. Additionally, the growing demand for dairy products from the increasing population and changing consumer preferences towards healthy and nutritious food products are also driving 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.
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