Key regions: Philippines, United States, Canada, India, China
The Food market in Southern Asia, specifically the Bread & Cereal Products Market, has seen modest growth due to factors such as increasing consumer health awareness and convenience of online services. Subdued growth may be attributed to competition from other staple foods and potential challenges in supply chain infrastructure.
Customer preferences: As health and wellness continue to be major concerns for consumers in Southern Asia, there has been a growing demand for healthier and more nutritious options in the Bread & Cereal Products Market. This has led to a surge in the popularity of ancient grains and plant-based alternatives, as well as organic and gluten-free options. Additionally, with the rise of social media and the increasing influence of Western food trends, there has been a shift towards more diverse and globally-inspired cereal and bread products.
Trends in the market: In Southern Asia, the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for organic and gluten-free options. This trend is driven by the growing health-consciousness among consumers and the increasing prevalence of food allergies. As a result, manufacturers are innovating and expanding their product lines to cater to these preferences. Additionally, there is a shift towards online purchasing and delivery of these products, providing convenience for consumers and opening up new distribution channels. This trend is likely to continue, presenting opportunities for industry stakeholders to capitalize on the growing demand for healthier and more diverse bread and cereal options in the region.
Local special circumstances: In Southern Asia, the Bread & Cereal Products Market is heavily influenced by the region's diverse culinary traditions and preferences. Local grains and cereals, such as rice and wheat, are staples in the diet and therefore, hold a prominent position in the market. Furthermore, dietary restrictions due to religious and cultural beliefs also impact the demand for certain types of bread and cereal products. For example, the high demand for Halal-certified products in predominantly Muslim countries like Indonesia and Malaysia has led to the introduction of a wide range of Halal bread and cereal options. Additionally, government regulations on food fortification and labeling have also shaped the market, with a focus on providing healthier and more nutritious options to consumers.
Underlying macroeconomic factors: The Bread & Cereal Products Market within The Food market in Southern Asia is heavily impacted 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 are experiencing higher demand for bread and cereal products, as consumers have higher purchasing power. Additionally, the rise in health consciousness and changing dietary habits in the region have also influenced the market, with consumers seeking healthier and more nutritious options. This has led to increased investments in research and development, as well as product innovation, to cater to these changing consumer preferences.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
