Key regions: Philippines, United States, Canada, India, China
The Bread & Cereal Products market in India has been facing subdued growth due to factors such as changing consumer preferences, increasing health concerns, and competition from alternative breakfast options. However, with the rise in health awareness and convenience of online food services, the market is expected to grow steadily in the coming years.
Customer preferences: With the rise of health consciousness among consumers in India, there has been a notable shift towards healthier options in the Bread & Cereal Products Market. This has led to a surge in demand for organic and whole grain products, as well as gluten-free and low-carb options. Additionally, with the increasing influence of Western culture, there has been a growing preference for international bread and cereal varieties, such as bagels and granola, among urban consumers. These evolving dietary preferences are driven by a desire for a healthier lifestyle and a growing awareness of the impact of food on overall well-being.
Trends in the market: In India, the Bread & Cereal Products Market within The Food market is experiencing a shift towards healthier options as consumers become more health-conscious. This trend is driven by the increasing prevalence of lifestyle diseases and the government's initiatives to promote healthier eating habits. This has led to a rise in demand for whole grain and multigrain products, as well as gluten-free and organic options. Industry stakeholders are adapting to this trend by introducing new product lines and promoting the health benefits of their offerings. Additionally, e-commerce and online grocery platforms are gaining popularity as consumers seek convenience and safety during the ongoing pandemic. This trend is expected to continue in the future, with potential implications for the industry, such as increased competition and the need for product innovation and marketing strategies to cater to changing consumer preferences.
Local special circumstances: In India, the Bread & Cereal Products Market in The Food market is heavily influenced by the nation's diverse cultural and dietary preferences. The large vegetarian population has led to a high demand for grain-based products such as chapatis and rice. Additionally, the country's vast geographical reach and varying climatic conditions have resulted in a wide range of cereal and bread products being produced and consumed. Government regulations promoting food fortification and increasing health consciousness among consumers have also influenced the market dynamics.
Underlying macroeconomic factors: The Bread & Cereal Products Market within The Food market in India is heavily influenced by macroeconomic factors such as the country's economic growth, consumer purchasing power, and government policies. As India's economy continues to grow, there is a corresponding increase in consumer spending, resulting in a rise in demand for bread and cereal products. The government's initiatives to improve food security and promote healthy eating habits also play a significant role in driving market growth. Additionally, global economic trends, such as fluctuations in commodity prices and changes in trade policies, impact the availability and cost of raw materials, ultimately affecting market performance.
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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