Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food market in Australia & Oceania is experiencing minimal growth due to factors such as consumers' increasing demand for healthier options and the convenience offered by online food delivery services. The sub-markets of Ready-to-Eat Meals and Soups also contribute to this trend. However, the slow growth rate could be impacted by factors such as rising costs of ingredients and changing consumer preferences for fresh, home-cooked meals.
Customer preferences: Consumers in Australia and Oceania are increasingly turning to convenient food options as busy lifestyles and growing urbanization limit the time for meal preparation. This has led to a rise in demand for ready-to-eat meals, snacks, and on-the-go options. Health-conscious consumers are also driving the growth of healthier convenience food options, such as frozen or pre-packaged meals with natural and organic ingredients. The trend towards healthier convenience food options is also influenced by the growing awareness of food allergies and intolerances, prompting manufacturers to offer a wider range of options to cater to specific dietary needs.
Trends in the market: In Australia and Oceania, the Convenience Food market is experiencing a shift towards healthier and more sustainable options. This trend is being driven by consumer demand for more nutritious and environmentally-friendly options. As a result, there has been an increase in the availability of organic, plant-based, and gluten-free convenience food products. This trend is expected to continue, with a focus on clean label and natural ingredients. Additionally, there is a growing trend of convenience food brands partnering with local producers and utilizing sustainable packaging, in line with the region's focus on sustainability. This shift towards healthier and sustainable options is significant for industry stakeholders as it presents opportunities for growth and innovation, but also poses challenges in terms of sourcing and production. It also reflects the changing consumer preferences and values, highlighting the need for convenience food companies to adapt and evolve to stay relevant in the market.
Local special circumstances: In Australia & Oceania, the Convenience Food Market is heavily influenced by the region's diverse cultural background and its unique geography. The remote location and scattered population of the islands make convenience foods an essential part of daily life, with a high demand for ready-to-eat meals and snacks. Additionally, the strong influence of Western food trends and the growing health-conscious consumer base have led to the introduction of healthier convenience food options in the market, such as organic and plant-based products. The region's strict food safety regulations also play a significant role in shaping the convenience food market landscape, ensuring the availability of safe and high-quality products for consumers.
Underlying macroeconomic factors: The Convenience Food Market in Australia & Oceania is influenced by a variety of macroeconomic factors such as economic stability, consumer spending patterns, and government regulations. With a growing population, rising disposable incomes, and busy lifestyles, the demand for convenience food products is expected to continue rising in the region. However, the market is also impacted by global economic trends, trade policies, and fluctuations in commodity prices, which can affect the availability and cost of raw materials used in convenience food production. Additionally, government initiatives to promote healthy eating and combat obesity may also impact consumer preferences and purchasing decisions in the Convenience Food Market.
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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