Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Soups Market in the Convenience Food Market of ASEAN has shown minimal growth due to factors such as low consumer awareness and limited access to online services. Despite this, the market is expected to grow steadily, driven by increasing demand for convenient and healthy food options.
Customer preferences: With the rise of busy lifestyles and growing urbanization in ASEAN, the demand for convenience foods, including soups, has increased. This trend is driven by the need for quick and easy meal solutions, especially among younger generations. Additionally, the influence of Western culture has led to a growing interest in international flavors and varieties, further driving the growth of the soups market. As consumers become more health-conscious, there is also a growing demand for healthier and organic options in the convenience food market, which includes soups. This shift towards healthier options is also influenced by the rise of fitness and wellness trends, as individuals seek to maintain a balanced and healthy diet.
Trends in the market: In the ASEAN region, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more convenient options. This trend is driven by a growing awareness of the benefits of a balanced diet and the need for time-saving solutions in busy urban lifestyles. As a result, there is a rise in the availability of low-sodium, organic, and plant-based soup options in the market. This trend is expected to continue, with manufacturers focusing on developing innovative products to cater to the changing consumer preferences. This presents an opportunity for industry stakeholders to capitalize on the growing demand for healthier and more convenient soup options.
Local special circumstances: In the Soups Market of the Convenience Food Market within The Food market, there is a growing demand for healthier and more convenient options. In Thailand, this trend is driven by the increasing number of busy urban professionals seeking quick and nutritious meal solutions. In Indonesia, the market is influenced by the strong cultural preference for soups as part of a balanced meal, leading to a wide variety of local soup options and flavors. Additionally, strict regulatory standards for food safety and labeling play a crucial role in shaping the Soups Market in both countries.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending power, economic growth, and government policies. With the rise of disposable incomes and changing lifestyles, there is a growing demand for convenient and ready-to-eat food products, including soups. Moreover, the increasing urbanization and busy lifestyles in ASEAN countries have led to a higher demand for convenience foods, including soups, as they offer easy and quick meal solutions. Additionally, government initiatives to promote the food industry and investments in food processing infrastructure are further boosting the growth of the Soups Market in the region. These factors, along with the growing population and rising urbanization, are expected to continue driving the demand for soups in the Convenience Food Market within The Food market in the ASEAN 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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