Key regions: India, United States, Japan, United Kingdom, China
The Bread & Cereal Products market in Sri Lanka has been experiencing subdued growth, impacted by various factors such as changing consumer preferences, economic challenges, and the emergence of alternative food options. Nevertheless, the market continues to grow, driven by the convenience and affordability of bread products.
Customer preferences: As the demand for healthier food options continues to rise in Sri Lanka, the Bread Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards whole grain and gluten-free breads. This trend is driven by a growing awareness of the health benefits of these bread options and an increasing number of individuals with dietary restrictions. Moreover, the convenience of pre-packaged and frozen bread products is appealing to busy consumers, leading to a rise in their popularity.
Trends in the market: In Sri Lanka, the Bread Market of the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier options. This trend is driven by growing health consciousness among consumers, leading to an increase in demand for whole grain and multi-grain breads. This presents opportunities for industry stakeholders to capitalize on this trend by offering innovative and healthier bread products. Additionally, there is a rise in online grocery shopping, which is expected to have a positive impact on the bread market as consumers seek convenience and safety during the pandemic.
Local special circumstances: In Sri Lanka, the Bread Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's unique cultural preferences. The consumption of bread is deeply ingrained in Sri Lankan cuisine, with traditional dishes like roti and string hoppers being staples in every household. Additionally, the country's tropical climate and agricultural practices contribute to the availability of local ingredients, such as coconut milk and bananas, which are often incorporated into bread recipes. These factors, coupled with the country's growing urban population, drive the demand for a diverse range of bread products, catering to both traditional and modern tastes.
Underlying macroeconomic factors: The Bread Market of the Bread & Cereal Products Market within The Food market in Sri Lanka is affected by various macroeconomic factors. The country's economic growth and stability, as well as global economic trends, play a significant role in shaping the market. Fiscal policies, such as taxes and subsidies, also impact the pricing and availability of bread products. Moreover, the rising health consciousness among consumers is driving the demand for healthier bread options, leading to the introduction of new products in the market. Additionally, the increasing disposable income and urbanization in Sri Lanka have resulted in a shift towards convenience and packaged food products, boosting the bread market's growth.
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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