Key regions: Canada, Spain, South Korea, United States, Japan
The Other Cereal Products Market in LATAM has seen limited growth due to factors such as low consumer awareness and preference for traditional breakfast options. This has resulted in a negligible growth rate in the Bread & Cereal Products Market, impacting the overall growth of The Food market in the region.
Customer preferences: As consumers become more health-conscious, there has been a growing demand for gluten-free and organic options in the Other Cereal Products Market. This trend is driven by an increased awareness of food allergies and a preference for natural and sustainable products. Additionally, there has been a rise in demand for convenient and on-the-go options, such as single-serve cereal cups and snack bars, catering to busy lifestyles and the growing snacking culture.
Trends in the market: In LATAM, the Other Cereal Products market within the Bread & Cereal Products market is witnessing a rise in demand for healthier and convenient options, such as cereal bars and granola. This trend is driven by changing consumer preferences and increasing health consciousness. Additionally, there is a growing focus on sustainable packaging and sourcing of ingredients, reflecting a shift towards environmentally-friendly practices. These trends are significant for industry stakeholders as they present opportunities for product innovation and differentiation, while also addressing consumer demands. However, they also pose challenges in terms of supply chain and production, which may require adjustments and investments from companies operating in this market.
Local special circumstances: In LATAM, the Other Cereal Products Market is heavily influenced by traditional breakfast preferences, such as corn-based products in Mexico and quinoa-based products in Peru. Additionally, regulatory policies and cultural beliefs play a significant role in shaping consumer demand and product innovation. For example, in Argentina, the market is driven by the popularity of gluten-free products, while in Chile, the demand for organic and natural cereal products is on the rise due to increasing health awareness. These unique local factors contribute to the diverse and dynamic nature of the Other Cereal Products Market in LATAM.
Underlying macroeconomic factors: The Other Cereal Products Market of the Bread & Cereal Products Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending, disposable income, and overall economic stability. Countries with robust economic growth and a strong middle class are likely to see increased demand for Other Cereal Products, as consumers have more disposable income to spend on non-essential food items. Additionally, government policies that support the agriculture and food industries can have a significant effect on the availability and affordability of Other 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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