Key regions: Russia, United States, United Kingdom, Canada, India
The Ready-to-Eat Meals market in the Convenience Food Market of G20 is witnessing minimal growth, influenced by factors such as changing consumer preferences and increasing availability of healthier options. Convenience and time-saving benefits are driving the demand for online food services in this market.
Customer preferences: Globalization and urbanization have led to a rise in demand for ready-to-eat meals, especially in developing countries. This trend is driven by busy lifestyles and a growing preference for convenience among consumers. As a result, there has been an increase in the availability of a diverse range of ready-to-eat meals, catering to different dietary preferences and restrictions. Furthermore, there is a growing demand for healthier options, leading to the development of ready-to-eat meals with organic and natural ingredients.
Trends in the market: In the G20 countries, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more sustainable options. Consumers are increasingly seeking out plant-based and organic ready-to-eat meals, and companies are responding by expanding their product lines to meet this demand. This trend is expected to continue as consumers become more health-conscious and environmentally aware. As a result, industry stakeholders are investing in research and development to create innovative and sustainable options, while also exploring partnerships and acquisitions to expand their market share. This trend has the potential to drive significant growth in the Ready-to-Eat Meals Market, while also promoting a more sustainable and healthful food system.
Local special circumstances: In Japan, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is heavily influenced by the country's aging population and busy urban lifestyle. This has led to a high demand for quick and convenient meal options that cater to specific dietary needs and preferences. Additionally, strict food safety regulations and a strong focus on quality and freshness have shaped the market, with consumers willing to pay a premium for premium products. The market also sees a strong presence of traditional Japanese cuisine, leading to a diverse range of ready-to-eat meals that cater to both local and international tastes.
Underlying macroeconomic factors: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, countries with strong economic growth and stable fiscal policies tend to have a higher demand for convenience food products, including ready-to-eat meals. Additionally, as the global population continues to grow and urbanization increases, there is a growing demand for convenient and time-saving food options, further driving the growth of the convenience food market. Moreover, the ongoing trend of busy lifestyles and increasing disposable income in many countries also contribute to the rising demand for ready-to-eat meals. On the other hand, economic downturns and unstable economic conditions can negatively impact the demand for convenience food products, leading to a decline in the market growth.
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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