Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Soups Market in the BRICS Convenience Food Market is experiencing minimal growth, influenced by factors such as consumer preferences shifting towards healthier options and convenience. This market's growth rate is impacted by changing dietary habits and a more health-conscious population.
Customer preferences: In the Soups Market of the Convenience Food Market within The Food market, there has been a noticeable increase in demand for healthy and organic options. This trend is driven by a growing awareness of the importance of nutrition and wellness, as well as a desire to support sustainable and environmentally-friendly practices. As a result, there has been a rise in the availability of soups made with natural and organic ingredients, catering to the preferences of health-conscious consumers.
Trends in the market: In the BRICS countries, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more natural soup options. This is driven by the increasing health awareness among consumers and the growing trend of clean eating. As a result, there is a rise in the availability of organic and plant-based soups, as well as soups with no added preservatives or artificial ingredients. This trend is expected to continue, with industry stakeholders focusing on developing and marketing healthier soup options to cater to the evolving consumer preferences. Furthermore, with the rise of e-commerce and online grocery shopping, there is also a growing trend of online soup delivery services, providing convenience and accessibility to consumers. This presents opportunities for industry players to tap into the digital market and reach a wider consumer base.
Local special circumstances: In Brazil, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's diverse culture, with a variety of traditional soup dishes being popular among consumers. Additionally, regulatory changes in recent years have led to the introduction of healthier soup options, catering to the growing demand for nutritious and convenient food choices. Furthermore, the market is driven by the rise of e-commerce and online delivery platforms, making it easier for consumers to access a wide range of soup products from local and international brands.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is also affected by macroeconomic factors such as consumer spending power, trade policies, and economic stability. In countries with stable economies and higher disposable incomes, there is a greater demand for convenience food products, including soups. On the other hand, trade policies and tariffs can impact the cost of imported soups, affecting market growth. Moreover, economic instability can lead to fluctuations in consumer demand and purchasing power, ultimately impacting the sales of soups in the market.
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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