Key regions: United Kingdom, Russia, Philippines, United States, Spain
In the Convenience Food Market of G7 nan, the Soups Market is experiencing minimal growth due to factors such as changing consumer preferences and the availability of healthier alternatives. Despite this, the convenience offered by ready-to-eat soups continues to drive some growth in the market. However, increasing competition and the impact of the pandemic on consumer spending have slowed down the market's growth rate.
Customer preferences: As the demand for convenient and time-saving options in The Food market continues to rise, the Soups Market within the Convenience Food Market has seen a significant increase in the adoption of plant-based and vegan options. This trend is fueled by growing concerns over sustainability and animal welfare, as well as health considerations. Additionally, there has been a noticeable shift towards healthier and more natural ingredients, as consumers become more conscious of their food choices and seek out options with minimal processing and additives. This shift is also driven by the rise of health and wellness trends, and a growing focus on clean-label and transparent food products.
Trends in the market: In the G7 countries, the Soups Market of the Convenience Food Market within The Food market is experiencing a surge in demand for plant-based and organic options. This trend is driven by a growing awareness of health and environmental concerns, as well as a desire for more diverse and nutritious meal options. As a result, major players in the industry are expanding their product portfolios to include these offerings. This trajectory is expected to continue, with potential implications including increased competition and potential market saturation for these types of products. In addition, there is a potential for smaller, niche brands to gain traction and disrupt the market with innovative and unique offerings.
Local special circumstances: In Japan, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's unique cultural preferences and dietary habits. The use of traditional ingredients, such as dashi and miso, in instant soup products cater to the local taste preferences. Moreover, the high demand for convenience and the busy lifestyle of the working population have contributed to the growth of the instant soup market in Japan. Additionally, the strict regulations on food safety and labeling have made Japanese consumers highly conscious of the ingredients used in their food, leading to a preference for locally sourced and natural ingredients in soups.
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, inflation rates, and economic growth. Countries with stable economic conditions and high disposable incomes tend to have a higher demand for convenience food products, including soups. Additionally, government policies and regulations related to food safety and labeling can also impact market performance. For instance, countries with stricter food safety regulations are likely to see an increase in demand for packaged soups, as consumers prioritize food safety and convenience. Moreover, economic fluctuations and trade policies can affect the cost of ingredients and production, ultimately impacting the pricing and availability 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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