Key regions: Philippines, United States, Canada, India, China
The Bread & Cereal Products market in China is experiencing subdued growth, influenced by factors such as increasing health consciousness among consumers and the convenience of online food services. Despite the potential for growth in sub-markets like pasta and breakfast cereals, overall growth is hindered by competition and fluctuating demand.
Customer preferences: As China's middle class continues to grow, there has been a noticeable increase in demand for healthier and more nutritious bread and cereal products. This shift is driven by changing lifestyle factors, such as a growing focus on health and wellness, as well as cultural influences promoting a more balanced and diverse diet. As a result, there has been a rise in alternative grain-based products, such as quinoa and buckwheat, as well as an increase in demand for organic and gluten-free options. Additionally, there has been a surge in online sales of bread and cereal products, as consumers seek convenient and contactless shopping options amidst the ongoing pandemic.
Trends in the market: In China, the Bread & Cereal Products market is experiencing a shift towards healthier options, as consumers become more health-conscious. This trend is being driven by the rise in chronic diseases and the government's efforts to promote healthier eating habits. As a result, there has been an increase in the demand for whole grain and organic products. This trend is expected to continue, and industry stakeholders need to adapt by offering more diverse and nutritious options to meet consumer demand. Additionally, there is a growing focus on sustainability, with companies investing in eco-friendly packaging and sourcing methods. This trend not only appeals to health-conscious consumers but also aligns with the government's push for sustainable development. Industry stakeholders need to keep up with these trends to stay relevant in the competitive market.
Local special circumstances: In China, the Bread & Cereal Products Market is heavily influenced by the country's rich history and culture. Traditional Chinese cuisine heavily features staple foods like rice, noodles, and steamed buns, which have a significant presence in the market. Additionally, the Chinese government's strict regulations on food safety and quality have led to a high level of consumer trust in domestically produced food products. These unique factors contribute to a highly competitive and diverse market, with a wide range of both traditional and modern options available to consumers. Furthermore, the increasing emphasis on health and wellness has led to the emergence of new, healthier alternatives to traditional bread and cereal products, catering to the changing preferences of Chinese consumers.
Underlying macroeconomic factors: The Bread & Cereal Products Market within The Food market in China is heavily influenced by macroeconomic factors such as the country's economic health, government policies, and global economic trends. With China being one of the largest consumers of bread and cereal products, any changes in economic conditions can have a significant impact on the market. Factors such as changes in consumer spending patterns, fluctuations in currency exchange rates, and changes in trade policies can all affect the demand for these products. Additionally, government initiatives to promote healthy eating and improve food security are expected to drive market growth in the coming years.
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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