Milk - Singapore | Statista Market Forecast

Revenue in the Milk market amounts to US$507.80m in 2024. The market is expected to grow annually by 5.73% (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$83.90 are generated in 2024.
In the Milk market, volume is expected to amount to 238.10m kg by 2029. The Milk market is expected to show a volume growth of 3.9% in 2025.0.
The average volume per person in the Milk market is expected to amount to 33.3kg 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 Milk Market in Singapore has seen minimal growth due to factors such as rising competition, changing consumer preferences, and increasing health concerns. Despite these challenges, the convenience of online milk services and increasing awareness about the nutritional benefits of dairy products are expected to drive growth in the future.

Customer preferences: As health and wellness continue to gain importance among Singaporean consumers, there is a growing trend towards plant-based milk alternatives in the Milk Market of the Dairy Products & Eggs Market within The Food market. This is driven by a growing preference for vegan and vegetarian diets, as well as concerns about lactose intolerance and environmental sustainability. This shift towards plant-based milk options is likely to continue, with more brands and products entering the market to cater to this demand.

Trends in the market: In Singapore, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a rise in demand for organic and plant-based milk alternatives. This trend is driven by increasing health consciousness and concerns about the environmental impact of traditional dairy farming. The trajectory of this trend is expected to continue as consumers become more informed about the benefits of non-dairy milk options. This has significant implications for industry stakeholders, who may need to adapt their product offerings and marketing strategies to cater to this shift in consumer preferences. Additionally, there is a potential for increased competition in the market as more players enter the plant-based milk segment.

Local special circumstances: In Singapore, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's strict regulations on food safety and hygiene. This has led to a high level of trust in locally produced dairy products, creating a competitive advantage for domestic producers. Additionally, Singapore's small land area and high population density make it difficult for large-scale dairy farming, leading to a reliance on imported milk. This unique combination of factors has shaped the milk market in Singapore, making it different from other markets in the region.

Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Singapore is heavily influenced by macroeconomic factors such as consumer spending, population growth, and government regulations. As a small and highly developed country, Singapore has a strong and stable economy, which contributes to the growth of its food market. Additionally, with a high demand for dairy products and eggs, the government has implemented regulations to ensure food safety and quality, which in turn, drives market growth. Furthermore, as Singapore's population continues to grow and become more affluent, there is an increasing demand for premium and organic dairy products, further fueling market expansion.

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.