Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in BRICS is witnessing steady growth, driven by factors such as increasing demand for ready-to-eat meals and soups, growing health consciousness among consumers, and the convenience offered by online food delivery services. However, this growth is impacted by subdued economic conditions, high competition, and changing consumer preferences.
Customer preferences: The Convenience Food Market within The Food market is witnessing a rise in demand for healthier and more convenient options, as consumers become more health-conscious and time-strapped. This has led to an increase in the availability of plant-based and organic convenience food products, catering to the growing trend of clean eating. Additionally, with the rise of e-commerce platforms and the convenience of online grocery shopping, consumers are increasingly opting for home delivery services for their convenience food purchases. This shift towards healthier and more convenient options is driven by changing consumer lifestyles and the desire for more sustainable and mindful food choices.
Trends in the market: In the BRICS countries, the Convenience Food Market within The Food market is experiencing a shift towards healthier and more sustainable options. This is driven by the increasing awareness among consumers about the negative health impacts of processed foods and the environmental impact of food production. As a result, there is a growing demand for organic, plant-based, and locally sourced convenience foods. This trend is expected to continue, with industry players focusing on developing and marketing more sustainable and nutritious options to meet consumer demand. This presents opportunities for new market entrants and challenges for traditional convenience food manufacturers to adapt and stay competitive.
Local special circumstances: In China, the Convenience Food Market is heavily influenced by the country's large population and fast-paced lifestyle. With high levels of urbanization and a growing middle class, there is a strong demand for quick and convenient food options. This has led to the rise of e-commerce platforms offering online grocery delivery and meal preparation services. On the other hand, in South Africa, the Convenience Food Market is driven by the country's diverse cultural influences and growing health consciousness. This has resulted in a demand for healthier convenience food options, such as plant-based and organic products, catering to the unique dietary preferences of the local population. Additionally, regulatory measures promoting food safety and sustainability have also shaped the market dynamics in South Africa.
Underlying macroeconomic factors: The Convenience Food Market within The Food market is influenced by macroeconomic factors such as changing consumer lifestyles, rising disposable income, and urbanization in BRICS countries. As the economies of these nations continue to grow, there is an increasing demand for convenient and ready-to-eat food options. Moreover, government initiatives to promote food security and address food shortages have also contributed to the growth of this market. Additionally, the rise in dual-income households and the increasing number of working professionals have led to a higher demand for convenience food, as it offers quick and easy meal solutions for busy individuals. These factors, along with the overall economic growth and stability in BRICS countries, are expected to continue driving the growth of the Convenience Food Market within The 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.
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)
