Milk - Puerto Rico | Statista Market Forecast

Revenue in the Milk market amounts to US$453.20m in 2024. The market is expected to grow annually by 4.10% (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$138.70 are generated in 2024.
In the Milk market, volume is expected to amount to 338.40m kg by 2029. The Milk market is expected to show a volume growth of 1.0% in 2025.0.
The average volume per person in the Milk market is expected to amount to 98.9kg in 2024.

Definition:

Milk is defined as a protein- and fat-rich opaque white or creamy-colored fluid. This combination of nutrients can also be milked from other animals such as sheep and goats, but from an economic perspective, cow's milk remains the world's most important dairy product.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Regular fresh milk
Full-fat milk, reduced-fat milk, low-fat milk, skimmed milk, semi-skimmed milk
Regular pasteurized milk, ultra-pasteurized (UHT) milk, raw milk
Flavored milk, barista milk
Lactose-free milk

Preserved and powdered milk
Yogurt drinks
Non-dairy milk substitutes
Out-of-home consumption

The Dairy Products & Eggs market in Puerto Rico is facing negligible growth, impacted by factors such as decreasing milk consumption and increasing competition from alternative dairy products. Despite this, digital technologies and online services are being adopted, driven by health consciousness and convenience for consumers.

Customer preferences: As the demand for healthier and more sustainable food options rises, Puerto Rican consumers are gravitating towards plant-based milk alternatives such as almond, coconut, and oat milk. This shift in consumer preferences is driven by health consciousness and environmental concerns. Additionally, the growing trend of flexitarian and vegan diets is also contributing to the decline in traditional cow's milk consumption. With a large population of lactose-intolerant individuals in Puerto Rico, the market for non-dairy milk is expected to continue expanding in the coming years.

Trends in the market: In Puerto Rico, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards organic and plant-based milk alternatives. This trend is driven by consumer demand for healthier and more sustainable options. Additionally, there is a growing focus on local production and sourcing of milk products, as well as innovative packaging solutions. These trends are significant as they reflect changing consumer preferences and have the potential to impact traditional dairy industry stakeholders such as farmers and processors. Furthermore, they align with global trends towards healthier and more environmentally friendly food choices.

Local special circumstances: In Puerto Rico, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the island's tropical climate and rich agricultural heritage. This has resulted in a strong emphasis on locally sourced dairy products, as well as a demand for organic and hormone-free options. Additionally, strict regulations on imported dairy products have led to a unique market where locally produced milk and dairy products are highly valued. This has also paved the way for small-scale dairy producers to thrive and cater to the demand for high-quality, locally sourced products.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Puerto Rico is influenced by macroeconomic factors such as population growth, income levels, and consumer preferences. The relatively high population growth rate in Puerto Rico, coupled with increasing disposable income, has resulted in a growing demand for dairy products and eggs. Furthermore, the government's fiscal policies, such as subsidies for the dairy industry and investments in agriculture, have helped to support the growth of the market. However, the recent economic downturn in Puerto Rico has affected consumer purchasing power and could potentially lead to a decline in demand for dairy and egg 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.