Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Convenience Food Market in Vietnam is facing subdued growth due to various factors including changing consumer preferences and competition from traditional food options. Despite this, the Soups Market within The Food market is experiencing moderate growth, driven by the convenience offered by ready-to-eat soups and increasing health consciousness among consumers.
Customer preferences: The demand for ready-to-eat soups is on the rise in Vietnam, as consumers are looking for convenient and time-saving meal options. This trend is driven by the fast-paced lifestyle of urban consumers, who are increasingly opting for quick and easy meal solutions. Moreover, the growing influence of Western cuisine and busy work schedules have also contributed to the popularity of soups in the Convenience Food Market. As a result, manufacturers are introducing a variety of flavors and packaging options to cater to the evolving taste preferences of Vietnamese consumers.
Trends in the market: In Vietnam, the Soups Market of the Convenience Food Market within The Food market is experiencing a growing demand for healthier and more convenient options. This trend is driven by a shift towards a more health-conscious population and increasing urbanization. As a result, companies are introducing a variety of soups made with natural, organic ingredients and offering them in convenient packaging. This trend is expected to continue in the future, with consumers seeking out more nutritious and convenient meal options. This presents opportunities for industry stakeholders to capitalize on this trend and develop innovative products to meet the evolving needs of consumers.
Local special circumstances: In Vietnam, the Soups Market of the Convenience Food Market is heavily influenced by the country's rich culinary history and the popularity of street food culture. Traditional Vietnamese soups, such as pho and bun bo hue, have a strong presence in the market, alongside newer, more modern options. Additionally, the country's strict regulations on food safety and quality control have shaped the market, with consumers preferring packaged soups from reputable brands. The growing trend of health-consciousness has also led to the demand for healthier soup options, made with natural and organic ingredients.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is heavily impacted by macroeconomic factors in Vietnam. The country's economic growth and stability, as well as government policies and regulations, greatly influence the performance of the market. The growing middle class and increasing urbanization in Vietnam have led to a higher demand for convenience food products, including soups. Additionally, the country's strong investment in infrastructure and technological advancements have enabled the convenience food market to expand rapidly. Moreover, Vietnam's favorable trade agreements and growing export market have also contributed to 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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