Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in the EAEU is facing subdued growth due to factors such as increasing health consciousness among consumers, changing dietary preferences, and the convenience offered by ready-to-eat meals and soups. Despite this, the market is expected to experience significant growth driven by the adoption of digital technologies and the trend towards online food services.
Customer preferences: As convenience becomes a top priority for consumers in the EAEU region, there has been a rise in demand for pre-packaged convenience food options. This trend is driven by the growing number of working professionals and busy households, who are seeking quick and easy meal solutions. Additionally, there has been a shift towards healthier convenience food options, with a focus on natural and organic ingredients. This is influenced by the increasing health consciousness among consumers and their desire for more nutritious food choices.
Trends in the market: In the EAEU, the Convenience Food Market within The Food market is experiencing an increase in demand for healthier, more organic options. This trend is driven by consumers' growing awareness of the importance of nutrition and the impact of processed foods on their health. As a result, there has been a rise in the availability of organic convenience food products in the market. This trend is expected to continue, with a focus on clean labeling and sustainable production methods. Industry stakeholders should take note of this trend and align their offerings accordingly to cater to the changing preferences of consumers.
Local special circumstances: In the EAEU region, the Convenience Food Market within The Food market is heavily influenced by cultural preferences and regulatory policies. For example, in Russia, there is a strong demand for frozen convenience food products due to the harsh climate and the increasing number of working women. In Kazakhstan, there is a growing trend towards healthier convenience food options, driven by the government's efforts to promote a healthier lifestyle. These unique factors shape the consumption patterns and market dynamics of the Convenience Food Market in the EAEU region.
Underlying macroeconomic factors: The Convenience Food Market within The Food market is greatly impacted by macroeconomic factors such as consumer spending power, inflation rates, and government policies. Countries with stable economies and high disposable incomes are likely to see a rise in demand for convenience food products. On the other hand, countries with high inflation rates and economic instability may witness a decline in the consumption of convenience food due to its higher price compared to traditional food. Government policies such as import/export regulations and taxes can also affect the availability and pricing of convenience food products in the 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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