Key regions: Russia, United States, United Kingdom, Canada, India
The Ready-to-Eat Meals Market in APAC is experiencing minimal growth, impacted by factors such as changing consumer preferences, health concerns, and the convenience of pre-packaged meals. This growth is expected to continue due to the rising demand for on-the-go food options and busy lifestyles.
Customer preferences: Convenience and time-saving have become key considerations for consumers in APAC, driving the growth of the Ready-to-Eat Meals Market in the Convenience Food Market of The Food market. Busy lifestyles and the increasing number of working individuals have led to a rise in demand for quick and easy meal options. Additionally, the growing popularity of e-commerce and online food delivery platforms has made it easier for consumers to access ready-to-eat meals, further fueling the market growth.
Trends in the market: In APAC, the Ready-to-Eat Meals Market within the Convenience Food Market is experiencing a surge in demand due to the growing working population and busy lifestyles. This has led to the rise of innovative and healthier ready-to-eat options, such as organic and plant-based meals. Additionally, there is a growing trend of using e-commerce platforms to purchase these meals, providing convenience and accessibility. This trend is expected to continue on its upward trajectory, with potential implications for industry stakeholders such as increased competition and the need for product differentiation.
Local special circumstances: In China, the Ready-to-Eat Meals Market within the Convenience Food Market is flourishing due to the high demand for convenience and time-saving options among the urban population. The country's fast-paced lifestyle and increasing disposable income have led to the popularity of ready-to-eat meals as a convenient and affordable option. Moreover, the Chinese government's emphasis on food safety and quality control has also contributed to the growth of this market.
Underlying macroeconomic factors: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market in APAC is greatly impacted by macroeconomic factors such as economic growth, consumer spending patterns, and government policies. With the region experiencing strong economic growth and rising disposable incomes, consumers are increasingly turning towards convenient and time-saving meal options, thereby fueling the demand for ready-to-eat meals. Moreover, favorable government policies, such as initiatives to promote a healthy lifestyle and increase food safety regulations, are also expected to drive market growth. However, high import costs and fluctuating raw material prices may hinder market growth in some countries. Overall, the increasing purchasing power and changing lifestyles in the region are expected to drive the demand for ready-to-eat meals in APAC.
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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