Key regions: Russia, United States, United Kingdom, Canada, India
The Ready-to-Eat Meals market in the GCC has shown minimal growth due to factors such as changing consumer preferences, health concerns, and increasing competition. Despite this, the Convenience Food Market in the region continues to grow steadily, driven by the convenience and time-saving benefits offered by pre-packaged meals.
Customer preferences: Consumers in the GCC region are increasingly turning towards healthier and more convenient options in their food choices, leading to a rise in demand for ready-to-eat meals. This trend is driven by a growing awareness of the importance of nutrition and a busy lifestyle that leaves little time for meal preparation. Additionally, with a significant portion of the population being expatriates, there is a preference for familiar and easy-to-prepare meals that cater to diverse cultural tastes.
Trends in the market: In the GCC, the Ready-to-Eat Meals Market is experiencing a surge in demand, driven by the growing urban population and changing consumer lifestyles. There is a trend towards healthier and more diverse options, such as plant-based and organic meals, as consumers become more health-conscious. This trend is expected to continue, with a focus on convenience and sustainability, as well as technological advancements in packaging and distribution. These developments are significant for industry stakeholders, as they present opportunities for innovation and growth, but also pose challenges in terms of meeting changing consumer preferences and maintaining competitive pricing.
Local special circumstances: In the GCC region, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is heavily influenced by the region's cultural preferences for convenience and fast-paced lifestyles. The market is also impacted by strict Islamic dietary regulations, leading to the popularity of halal-certified ready-to-eat meals. Additionally, the region's extreme weather conditions and high expatriate population drive demand for convenient, shelf-stable meals.
Underlying macroeconomic factors: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is heavily influenced by macroeconomic factors such as economic growth, consumer spending patterns, and government policies. In countries with a stable economy, rising disposable incomes and changing lifestyles have led to an increasing demand for convenient and ready-to-eat meal options. On the other hand, in regions with economic instability and low consumer confidence, the market may experience slower growth due to reduced purchasing power. Government policies, such as taxes and regulations, also play a significant role in shaping the market, as they can either encourage or hinder the growth of the convenience food industry. Additionally, global economic trends, such as changing trade policies and currency fluctuations, can impact the market by affecting the costs of raw materials and finished products.
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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