Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in ASEAN is seeing minimal growth due to factors such as changing consumer preferences towards healthier options, increasing competition from local and international brands, and the rising demand for customization and convenience in Ready-to-Eat Meals and Soups. Despite this, the market is expected to continue growing as digital technologies enable easier access to these products and improve overall health awareness among consumers.
Customer preferences: As busy lifestyles and the demand for convenience continue to rise in ASEAN, the Convenience Food Market within The Food market is experiencing a shift towards healthier and more sustainable options. Consumers are becoming increasingly health-conscious and are seeking out products that align with their values and dietary preferences. This trend is driven by cultural influences, such as the rising popularity of plant-based diets, as well as demographic shifts towards younger and more environmentally-conscious consumers. As a result, there is a growing demand for organic, natural, and sustainably-sourced convenience food products in the region.
Trends in the market: In ASEAN, the Convenience Food Market is experiencing a rise in demand for healthier and more sustainable options. This trend is driven by increasing awareness of the impact of food choices on personal health and the environment. As a result, food manufacturers are incorporating more plant-based and organic ingredients into their products, while also exploring alternative packaging materials. This trajectory towards healthier and sustainable convenience foods not only benefits consumers, but also presents opportunities for industry stakeholders to tap into new markets and improve their brand image. Additionally, with the rise of e-commerce and online food delivery services, convenience food companies are also investing in digital platforms and partnerships to improve their accessibility and reach a wider customer base. This trend is expected to continue, as consumers prioritize convenience and health in their food choices, and industry players adapt to meet these changing demands.
Local special circumstances: In the Convenience Food Market within The Food market, ASEAN countries have seen a rise in demand for ready-to-eat meals due to changing lifestyles and urbanization. In Thailand, the market is driven by the popularity of street food culture and the increasing number of working professionals seeking quick and convenient meal options. In Indonesia, the market is influenced by the diverse local cuisine and the growing trend of snacking. These local factors have led to the growth of convenience food companies in the region, catering to the unique preferences and demands of each country.
Underlying macroeconomic factors: The Convenience Food Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending power, economic stability, and government policies on food production and distribution. Countries with strong economic growth and stable political environments are experiencing higher demand for convenience foods due to increased disposable income and changing lifestyles. Additionally, government initiatives to promote food safety and support the development of the food industry are expected to drive market growth in the coming years. Moreover, the rising urbanization and busy lifestyles in the ASEAN region are also contributing to the growth of the Convenience Food Market as consumers seek convenient and quick meal solutions.
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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