Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in China has been witnessing steady growth, driven by factors such as increasing urbanization, busy lifestyles, and the growing trend of snacking. However, the market's growth rate is subdued due to the rising health consciousness among consumers and the availability of healthier food options. This trend is impacting the overall market, with a shift towards healthier and more nutritious options like ready-to-eat meals and soups.
Customer preferences: As consumers in China continue to adapt to busy and fast-paced lifestyles, there has been a notable increase in demand for convenience food options. This has led to a rise in the popularity of ready-to-eat meals and snacks that offer convenience and time-saving benefits. Additionally, with the rise of e-commerce and online grocery shopping, consumers are now able to purchase these convenience foods with greater ease and convenience. This trend is also influenced by the younger generation's preference for on-the-go meals and the increasing number of single-person households in urban areas.
Trends in the market: In China, the Convenience Food Market within The Food market has seen a surge in demand for healthier, more convenient options due to the increasing health consciousness among consumers. There is also a growing trend of using technology to make food ordering and delivery more efficient, with the rise of food delivery apps and smart vending machines. This trend is expected to continue as the Chinese market becomes more urbanized and time-strapped, creating opportunities for industry stakeholders to innovate and cater to changing consumer preferences.
Local special circumstances: In China, the Convenience Food Market is heavily influenced by the country's large population and rapid urbanization. With a growing middle class and changing consumer preferences, there is a high demand for convenient and ready-to-eat meals. Additionally, the Chinese government has implemented policies to promote the consumption of domestic food products, leading to the popularity of local convenience food brands. Moreover, the rise of e-commerce platforms has made it easier for consumers to access and purchase convenience foods, further driving market growth.
Underlying macroeconomic factors: The Convenience Food Market in China is greatly impacted by macroeconomic factors such as consumer spending power, government regulations, and economic growth. As China's economy continues to grow, the demand for convenience food products has also increased due to the rising disposable income of consumers. Additionally, government initiatives to promote healthy eating habits and control food safety have also influenced the market. Furthermore, the increasing urbanization and busy lifestyles of Chinese consumers have also contributed to the growth of the convenience food market. These factors have created a favorable environment for the convenience food market to thrive in China.
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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