Key regions: Spain, Canada, United Kingdom, United States, Philippines
The Dairy Products & Eggs Market in NAFTA is witnessing modest growth, driven by factors such as increasing health consciousness among consumers, convenience offered by online services, and the growing popularity of milk and yogurt substitutes. However, the market is also impacted by challenges such as fluctuating prices of dairy products and the growing trend of plant-based alternatives. Overall, the market is expected to experience minimal growth in the coming years.
Customer preferences: There has been a growing trend towards plant-based alternatives in the Dairy Products & Eggs Market within The Food market, as consumers become more health-conscious and environmentally aware. This has led to an increase in demand for alternative milk options such as almond, soy, and oat milk, as well as a rise in popularity of plant-based egg substitutes. Additionally, there is a growing demand for organic and locally sourced dairy and egg products, reflecting a shift towards more sustainable and ethical consumption practices.
Trends in the market: In the North American Dairy Products & Eggs market, there is a growing demand for organic and natural products, as consumers become more health-conscious. This trend is expected to continue, with a projected annual growth rate of 6.5% until 2025. This shift towards healthier options is also driving innovation in the market, with companies exploring new product offerings such as plant-based dairy alternatives. This trend has significant implications for industry stakeholders, as they must adapt to meet changing consumer preferences and stay competitive in the market. Additionally, the rise of e-commerce and online grocery shopping is also influencing the distribution of dairy products and eggs, with more consumers opting for home delivery options. This trend is expected to continue, and companies must invest in efficient supply chain and delivery systems to meet the growing demand for online shopping.
Local special circumstances: In Canada, the Dairy Products & Eggs Market is heavily influenced by the country's supply management system, which controls production and pricing of dairy products. This creates a barrier to entry for foreign producers and limits competition, leading to higher prices for consumers. Additionally, Canada's colder climate and vast rural areas make it difficult to transport and distribute dairy products, resulting in higher production costs. These local factors contribute to the unique dynamics of the market and hinder its integration with other markets, such as the US, under the NAFTA agreement.
Underlying macroeconomic factors: The Dairy Products & Eggs Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economic conditions and favorable fiscal policies tend to have higher market demand for dairy and eggs. Additionally, the rise in consumer awareness about the health benefits of dairy and eggs, coupled with the increasing demand for organic and natural products, is further driving market growth. However, unstable economic conditions and fluctuating exchange rates can negatively affect market performance by increasing production costs and hindering 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.
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