Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Soups Market in Mongolia has seen subdued growth, impacted by factors such as limited consumer awareness and traditional food preferences. Despite this, convenience and a growing focus on health are driving some growth in the digital health market.
Customer preferences: The Soups Market of the Convenience Food Market within The Food market is experiencing a rise in demand for healthier and more nutritious options. This is driven by a growing awareness of the importance of a balanced diet and the desire for convenient yet healthy meal options. As a result, there has been an increase in the availability of plant-based, organic, and gluten-free soup options to cater to the changing consumer preferences. Additionally, there has been a rise in demand for soups made with locally sourced, fresh ingredients, reflecting a growing trend towards supporting local and sustainable food production.
Trends in the market: In Mongolia, the Convenience Food Market is experiencing an increase in demand for healthy and convenient options, particularly in the Soups Market. With a growing health-conscious population, there is a trend towards the use of natural and organic ingredients in soups, as well as the introduction of new flavors and ethnic varieties. This trajectory is significant as it reflects a shift towards healthier eating habits and a desire for more diverse and convenient meal options. Industry stakeholders should take note of this trend and consider incorporating these elements into their product offerings to stay relevant in the market. Additionally, there is potential for collaboration with local farmers and suppliers to source natural ingredients, creating a more sustainable and locally-sourced product.
Local special circumstances: In Mongolia, the Soups Market within the Convenience Food Market is heavily influenced by the nomadic lifestyle of the population. The demand for quick and easy meals is high, leading to the popularity of instant soups and noodles. Additionally, the harsh climate and limited access to fresh ingredients make soups a popular and practical choice for meals. The market is also influenced by traditional Mongolian cuisine, with soups like "tsuivan" and "buuz" being popular options. These unique local factors play a significant role in shaping the Soups Market in Mongolia.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is significantly impacted by macroeconomic factors such as consumer spending patterns, inflation rates, and overall economic stability. In Mongolia, for example, the growing disposable income of the middle class is driving the demand for convenient and affordable food options like soups. Similarly, in countries like South Korea and Japan, where the aging population is increasing, there is a growing demand for convenient and easy-to-prepare meals, including soups. Additionally, global economic trends such as the shift towards healthier food options and the increasing popularity of plant-based diets are also influencing the growth of the Soups Market within the Convenience Food 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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