Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in the G7 countries is experiencing negligible growth, influenced by factors such as consumers' increasing demand for ready-to-eat meals and soups, convenience in food preparation, and rising health consciousness. The market's growth is also impacted by the proliferation of online food delivery services and the trend towards healthier food options.
Customer preferences: The Convenience Food Market within The Food market is seeing a rise in demand for healthier and more sustainable options. With consumers becoming increasingly health-conscious, there has been a significant shift towards plant-based and organic convenience food products. This trend is driven by a growing awareness of the environmental impact of food production and the desire for clean and natural ingredients. Additionally, there is a growing demand for convenience food options that cater to specific dietary restrictions and preferences, such as gluten-free, vegan, and keto-friendly.
Trends in the market: In the G7 countries, the Convenience Food Market within The Food market is experiencing a surge in demand for plant-based and organic options. This trend is driven by the growing health and wellness consciousness among consumers, as well as concerns about the environmental impact of traditional food production. As a result, food manufacturers are increasingly investing in research and development of sustainable and healthy convenience food products. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as increased competition and the need for innovative marketing strategies to target health-conscious consumers.
Local special circumstances: In the G7 countries, the Convenience Food Market is heavily influenced by factors such as consumer preferences, dietary trends, and economic stability. For instance, in the United States, the demand for healthier convenience food options has risen due to the increasing health consciousness among consumers. In Japan, the market is driven by the aging population and the need for quick and easy meal solutions. In France, the popularity of frozen meals and ready-to-eat options is driven by the hectic lifestyles of working professionals. These unique local factors shape the market dynamics and drive innovation in the Convenience Food Market within The Food market.
Underlying macroeconomic factors: The Convenience Food market is heavily influenced by macroeconomic factors such as consumer spending power, population demographics, and changing lifestyles. Countries with strong economic growth and rising disposable incomes are experiencing increased demand for convenience food products, as consumers seek out convenient and time-saving meal options. Moreover, changing dietary habits and busy work schedules are driving the demand for convenience food in both developed and emerging markets. Additionally, government initiatives promoting healthy eating habits and the growing trend of food delivery services are further fueling the growth of the Convenience 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.
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