Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in Canada has seen limited growth due to factors such as changing consumer preferences towards healthier options, increasing competition from home-cooked meals, and the impact of the COVID-19 pandemic on food delivery services. Despite this, the Ready-to-Eat Meals and Soups sub-markets have seen moderate growth due to their convenience and affordability. The overall market is expected to slowly rebound as the economy recovers and consumers resume their pre-pandemic eating habits.
Customer preferences: Consumers in Canada are increasingly seeking convenience and time-saving options in their food choices, leading to a rise in demand for convenience foods. This trend is driven by busy lifestyles and a growing preference for on-the-go meals. Moreover, there is a growing demand for healthier and more natural convenience food options, as consumers become more health-conscious and make efforts to reduce their intake of processed foods. The rise in plant-based and organic convenience food options reflects this shift towards healthier food choices. Additionally, the convenience food market has seen a rise in demand for international flavors and cuisines, as consumers crave variety and new experiences in their food choices.
Trends in the market: In Canada, the Convenience Food Market within The Food market is experiencing a surge in demand for healthy and organic options. This trend is being driven by the growing awareness of the importance of a healthy diet and the desire for convenience among busy consumers. As a result, major players in the industry are now offering a wide range of healthier options, such as plant-based and gluten-free products. This trend is expected to continue, as consumers become more health-conscious and seek out convenient yet nutritious options. Industry stakeholders must adapt to this trend by diversifying their product offerings and investing in marketing campaigns that promote the health benefits of their products. Failure to do so could result in losing market share to competitors who cater to this growing demand.
Local special circumstances: In Canada, the Convenience Food Market is heavily influenced by the country's vast geography and diverse cultural makeup. These factors have led to a robust demand for convenience foods that cater to the unique dietary preferences of different regions and ethnicities. Additionally, Canada's strict food regulations and labeling requirements have also shaped the market, with consumers looking for healthy and transparent food options. Furthermore, the country's harsh winters and busy lifestyles have increased the demand for easy-to-prepare and on-the-go convenience foods, making it a significant driver of the market's growth.
Underlying macroeconomic factors: The Convenience Food Market in Canada is heavily influenced by macroeconomic factors such as consumer spending habits, government policies, and economic stability. The growth of the market is directly tied to the overall health of the Canadian economy, as well as global economic trends. For instance, during times of economic downturn, consumers tend to prioritize essential purchases, leading to a decline in convenience food sales. On the other hand, during periods of economic growth, consumers are more likely to spend on convenience foods, leading to an increase in market demand. Additionally, government policies that affect food production, distribution, and import/export can also impact the availability and pricing of convenience foods in the Canadian market. Overall, the Convenience Food Market in Canada is closely linked to the country's economic health and is influenced by a variety of macroeconomic factors.
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)
