Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market within The Food market in CIS has seen moderate growth due to factors such as increasing demand for convenience, busy lifestyles, and the availability of a wide range of ready-to-eat meals and soups. However, the growth rate is subdued due to health concerns and a shift towards healthier food options.
Customer preferences: As consumers become more health-conscious, they are also looking for convenience in their food choices. This has led to a rise in demand for healthy and convenient options in the Convenience Food Market. Additionally, there has been a growing preference for plant-based and sustainable options, driven by increasing awareness of environmental and ethical concerns. These factors have also led to a shift towards online grocery shopping and meal delivery services, providing consumers with more convenient and customizable food options.
Trends in the market: In the CIS region, the Convenience Food Market within The Food market is experiencing a shift towards healthier and more sustainable options. This is driven by an increasing awareness of the impact of processed foods on health and the environment. As a result, there is a growing demand for organic, plant-based, and locally sourced convenience food products. Additionally, there is a rise in online ordering and delivery of convenience food, as consumers seek more convenient and contactless options. This trend is expected to continue, with potential implications for industry stakeholders to adapt their offerings and distribution channels to meet the changing demands of consumers.
Local special circumstances: In the CIS region, the Convenience Food market is heavily influenced by the local culture of fast-paced lifestyles and the need for quick, convenient meal options. Moreover, the harsh weather conditions and long distances between cities in the region have led to a high demand for shelf-stable and ready-to-eat food products. Additionally, regulatory policies such as import restrictions and food safety standards have influenced the types of convenience foods available in the market. These factors have created a unique market dynamic in the CIS region, making it an attractive market for convenience food manufacturers.
Underlying macroeconomic factors: The Convenience Food Market within The Food market is greatly impacted by macroeconomic factors such as consumer purchasing power, inflation rates, and disposable income levels. These factors influence the demand for convenience food products, as well as the pricing strategies of companies operating within the market. Additionally, government policies and regulations, trade agreements, and economic stability also play a significant role in shaping the growth and development of the Convenience Food Market in the CIS region. Companies with a strong understanding of these macroeconomic factors are better equipped to navigate the market and capitalize on emerging opportunities.
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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