Key regions: United Kingdom, Russia, Philippines, United States, Spain
In Cambodia, the Soups Market of the Convenience Food Market is experiencing slow growth, impacted by factors such as limited consumer awareness and lack of access to digital technologies. This has resulted in a negligible growth rate in the overall Food Market.
Customer preferences: In recent years, the Soups Market of the Convenience Food Market within The Food market has seen a rise in demand for healthier and more nutritious options. This trend is driven by a growing awareness of the importance of a balanced diet and the impact of food on overall health. As a result, there has been an increase in the availability of soups made with fresh, locally sourced ingredients and free from artificial additives. Additionally, there is a growing preference for plant-based soups, catering to the rising number of vegetarians and vegans in Cambodia. This shift towards healthier and more sustainable options is reflective of changing consumer attitudes towards health and wellness.
Trends in the market: In Cambodia, the Soups Market of the Convenience Food Market is experiencing a shift towards healthier options, with a growing demand for soups made from fresh, locally sourced ingredients. This trend is driven by a rise in health-conscious consumers and a growing awareness of the benefits of a balanced diet. Additionally, there is a growing preference for convenience, as busy lifestyles lead to an increase in demand for quick and easy meal options. This trend is expected to continue, presenting opportunities for industry stakeholders to tap into the demand for healthier and more convenient soup options.
Local special circumstances: 'In Cambodia, the Convenience Food Market is heavily influenced by the country's unique cultural and geographical factors. The market is dominated by street food vendors, offering a variety of soups and other quick meals to locals and tourists alike. This is due to the country's strong street food culture and the hot and humid climate, which makes soups a popular and refreshing choice. Additionally, Cambodia has a large Buddhist population, leading to a strong demand for vegetarian and plant-based soups, catering to their dietary restrictions.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in Cambodia is heavily impacted by macroeconomic factors such as the country's economic growth, consumer spending power, government policies, and global economic trends. Cambodia's growing economy, with a projected 6.9% GDP growth in 2021, is expected to drive consumer spending and increase demand for convenience foods, including soups. Additionally, favorable government policies promoting foreign investments and trade liberalization have attracted major players in The Food market, stimulating market growth. However, the recent COVID-19 pandemic has significantly impacted the economy and consumer behavior, leading to a decline in demand for soups and other convenience foods. The market is expected to recover in the coming years as the economy stabilizes and consumer spending power improves.
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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