Key regions: Canada, China, Spain, Japan, Philippines
The Convenience Food Market in NAFTA has seen minimal growth due to factors such as changing consumer preferences, health and wellness concerns, and competition from other food categories. The Ready-to-Eat Meals and Soups sub-markets have also been impacted by these factors, leading to a stagnant overall market growth rate.
Customer preferences: The Convenience Food Market within The Food market is witnessing a growing demand for healthier and more diverse options, as consumers become more health-conscious and prioritize convenience in their busy lifestyles. This trend is driven by changing cultural attitudes towards food, with a focus on natural and organic ingredients, as well as increasing awareness of the impact of diet on overall health. As a result, there has been a rise in demand for plant-based and functional food products, catering to specific dietary needs and preferences. This shift is also influenced by the aging population and the need for easy-to-prepare and nutritious meals for older consumers.
Trends in the market: In the NAFTA region, there is a growing demand for convenience foods, driven by busy lifestyles and a desire for quick and easy meal options. As a result, there is a trend towards healthier convenience food options, such as plant-based and organic options, as consumers become more health-conscious. This trend is expected to continue, as consumers prioritize convenience without compromising on health. This can have significant implications for industry stakeholders, as they may need to adapt their product offerings to meet this demand and differentiate themselves in a competitive market. Additionally, there may be opportunities for partnerships with health and wellness brands to further capitalize on this trend.
Local special circumstances: In the NAFTA region, the Convenience Food Market within The Food market market is heavily influenced by the convenience-driven culture of the United States. The fast-paced lifestyle and on-the-go eating habits have led to a high demand for convenient and ready-to-eat meals. This trend is also seen in Canada and Mexico, but with their own unique local factors. In Canada, the large immigrant population has brought in diverse cuisines, leading to a wide range of convenience food options. In Mexico, the popularity of street food and snack culture has influenced the convenience food market, with a focus on traditional and authentic flavors.
Underlying macroeconomic factors: The Convenience Food Market within The Food market is heavily impacted by macroeconomic factors like trade policies, consumer spending patterns, and economic health of the countries involved in the North American Free Trade Agreement (NAFTA). With the increasing demand for convenience foods, countries with stable economic growth and higher consumer spending power are expected to experience higher market growth. Additionally, favorable trade policies and investments in the food industry can further boost the market, while economic instability and restrictive trade policies can hinder market growth. Moreover, changing dietary preferences and increasing health consciousness among consumers are also influencing market trends.
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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