Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in LATAM is seeing minimal growth due to factors such as increasing demand for Ready-to-Eat Meals and Soups, rising health concerns, and the convenience of online services. Despite this slow growth, digital technologies are being adopted to enhance the market's potential.
Customer preferences: In LATAM, there has been a notable shift towards healthier and more convenient food options, driven by an increasing focus on personal well-being and convenience. This has led to a rise in demand for fresh and organic convenience foods, as well as meal kits and delivery services. Additionally, there has been a growing demand for plant-based and vegetarian options, as consumers become more conscious of their environmental impact. This trend is further fuelled by the growing adoption of online grocery shopping and food delivery services, making it easier for consumers to access healthy and convenient food choices.
Trends in the market: In LATAM, the Convenience Food Market is experiencing a surge in demand for healthier and more convenient options. This trend is driven by changing consumer preferences and a growing awareness of the importance of a balanced diet. As a result, food companies are investing in product innovation and expanding their range of healthy convenience food options. This trajectory is significant as it reflects a shift towards a more health-conscious consumer base. It also presents opportunities for industry stakeholders to tap into this growing market segment and develop partnerships with health and wellness brands. Additionally, this trend has the potential to impact the traditional food market, as consumers increasingly prioritize convenience and health in their food choices.
Local special circumstances: In Latin America, the Convenience Food Market is heavily influenced by the region's diverse cultural influences, leading to a wide variety of popular convenience food options. In countries like Mexico, traditional street foods play a significant role in the market, while in Brazil, the popularity of fast food chains has grown due to the country's fast-paced lifestyle. Additionally, regulatory factors such as trade agreements and import restrictions also impact the availability and popularity of convenience food products in different countries within the region.
Underlying macroeconomic factors: The Convenience Food Market in LATAM is heavily impacted by macroeconomic factors such as consumer purchasing power, disposable income, and trade policies. Countries with a stable economy and rising disposable income are expected to have a higher demand for convenience food products, as consumers seek to save time and effort in meal preparation. On the other hand, fluctuations in currency exchange rates and trade agreements can significantly affect the cost of importing and exporting convenience food products, ultimately influencing market performance. Additionally, changing dietary habits and growing health consciousness among consumers are also shaping the demand for healthier and more convenient food options in the region.
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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