Market Insights Consumer Food Dairy Products & Eggs

Milk Substitutes - Peru

Peru

Revenue in the Milk Substitutes market amounts to €44.90m in 2024. The market is expected to grow annually by 12.60% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€9,117m in 2024).
In relation to total population figures, per person revenues of €1.31 are generated in 2024.
In the Milk Substitutes market, volume is expected to amount to 25.80m kg by 2029. The Milk Substitutes market is expected to show a volume growth of 13.4% in 2025.
The average volume per person in the Milk Substitutes market is expected to amount to 0.5kg in 2024.

Key regions: India, Canada, China, United States, Russia

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Analyst Opinion

The Milk Substitutes Market in Peru is seeing mild growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of alternative dairy products. This growth is expected to continue as the market adapts to evolving consumer needs and preferences.

Customer preferences: As more consumers in Peru prioritize health and wellness, the demand for plant-based milk substitutes is on the rise. This trend is driven by a growing interest in ethical and environmental considerations, as well as health concerns such as lactose intolerance. Additionally, the increasing availability and variety of milk alternatives, such as almond, soy, and oat milk, cater to diverse dietary preferences and needs. This shift towards plant-based milk substitutes reflects a broader global trend towards sustainable and plant-based diets.

Trends in the market: In Peru, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based milk alternatives, driven by increasing health consciousness and environmental concerns. Additionally, there is a growing trend of incorporating superfoods, such as quinoa and maca, into milk substitutes, catering to the health and wellness trend. This shift towards plant-based options is expected to have a significant impact on traditional dairy producers, who may need to adapt their product offerings to stay competitive. Furthermore, there is a potential for collaboration between traditional and plant-based dairy producers to tap into the growing market for milk substitutes.

Local special circumstances: In Peru, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's traditional consumption habits. Due to the high prevalence of lactose intolerance, there is a growing demand for plant-based milk alternatives. Additionally, the government's focus on promoting sustainable and environmentally-friendly practices has led to the popularity of locally-produced nut and grain-based milk substitutes. This has also created a competitive landscape with a wide variety of options for consumers.

Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Peru is greatly influenced by macroeconomic factors such as economic stability, consumer purchasing power, and government policies. With a growing economy and rising disposable income, the demand for milk substitutes is increasing, as consumers are becoming more health-conscious and looking for dairy alternatives. The government's initiatives to promote healthy eating and reduce dairy consumption also play a significant role in shaping market trends. Furthermore, global trends towards veganism and plant-based diets are also driving the growth of the milk substitutes market in Peru.

Methodology

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.