Key regions: Canada, Spain, South Korea, United States, Japan
The Other Cereal Products Market in the Bread & Cereal Products Market within The Food market in G7 is experiencing minimal growth due to factors such as limited consumer awareness, low demand, and lack of innovation in the market. Despite the convenience of online services, the growth rate remains negligible.
Customer preferences: The growing health and wellness trend has led to an increased demand for alternative and healthier options in the Other Cereal Products Market. Organic and gluten-free cereal products are gaining popularity, catering to the needs of health-conscious consumers. Moreover, the rise of vegan and plant-based diets has also influenced the market, with companies introducing cereal products made from alternative ingredients such as quinoa, amaranth, and millet. This shift towards healthier and more diverse options is driven by changing consumer preferences and a desire for healthier and sustainable food choices.
Trends in the market: In the G7 and Other Cereal Products Market of the Bread & Cereal Products Market within The Food market, there is a noticeable shift towards healthier and more diverse cereal options. This trend is driven by increasing consumer demand for nutritious and convenient breakfast options. As a result, companies are introducing new product lines that cater to dietary preferences such as gluten-free, organic, and plant-based cereals. This trend is expected to continue as consumers prioritize health and wellness, presenting growth opportunities for industry stakeholders in the Other Cereal Products Market.
Local special circumstances: In the Other Cereal Products Market of the Bread & Cereal Products Market within The Food market, local factors play a crucial role in shaping the market dynamics. In Japan, for instance, there is a strong cultural preference for traditional rice-based breakfast foods, leading to a limited demand for other cereal products. In contrast, the European market is driven by a growing trend towards health and wellness, resulting in a higher demand for alternative grains and cereal products. Additionally, stringent regulations on food labeling and production processes in Europe also impact the market landscape.
Underlying macroeconomic factors: The Other Cereal Products Market within the Bread & Cereal Products Market of The Food market is greatly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with strong economic growth and stable fiscal policies tend to experience higher demand for cereal products, as consumers have more disposable income to spend on food. On the other hand, countries with economic instability and weak fiscal policies may see a decline in demand for cereal products, as consumers prioritize essential goods over non-essential items like cereals. Additionally, fluctuations in global commodity prices and currency exchange rates can also impact the cost of producing and purchasing cereal products, further influencing 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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