Key regions: Philippines, United States, Canada, India, China
The Bread & Cereal Products Market in Benin is seeing minimal growth, influenced by factors such as consumer preference for traditional foods, limited access to technology, and lack of awareness about the benefits of digital health services. However, with increasing health consciousness and the potential for online sales, there is potential for growth in this market.
Customer preferences: Consumers in Benin are increasingly looking for healthier and more convenient food options, leading to a rise in demand for gluten-free and organic bread and cereal products. This trend is driven by the growing awareness of the benefits of a healthy diet and an increase in health-conscious consumers. Additionally, the rising urbanization and busy lifestyles have led to a shift towards on-the-go breakfast options, such as cereal bars and ready-to-eat cereals. This preference for convenience is also reflected in the increasing popularity of online grocery shopping and food delivery services.
Trends in the market: In Benin, there is a growing trend of incorporating traditional local grains, such as fonio and sorghum, into bread and cereal products. This trend is driven by factors such as increasing consumer demand for healthier and more diverse food options, as well as government initiatives to promote the use of local and sustainable ingredients. This trajectory is significant as it not only promotes local agriculture and supports small-scale farmers, but also offers health benefits by providing a wider range of nutrients in the diet. Industry stakeholders, including food manufacturers and retailers, should take note of this trend and consider incorporating these traditional grains into their products to cater to the changing consumer preferences and stand out in the market.
Local special circumstances: In Benin, the Bread & Cereal Products Market within The Food market is heavily influenced by the country's geographical location and cultural preferences. As a small, landlocked nation with limited agricultural resources, Benin relies heavily on imported goods for its food supply. As a result, the market for bread and cereal products is largely dependent on global prices and availability. Additionally, due to the country's French colonial heritage, there is a strong preference for baguettes and other French-style breads, which sets it apart from other markets in the region.
Underlying macroeconomic factors: The Bread & Cereal Products Market in Benin is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. With a growing population and increasing disposable income, there is a growing demand for convenient and affordable food options, leading to a rise in the consumption of bread and cereal products. Additionally, favorable government policies promoting foreign investments and trade agreements have created a conducive environment for market growth. However, challenges such as inflation, fluctuating exchange rates, and supply chain disruptions can hinder market growth in the country.
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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