Key regions: India, Canada, Spain, Philippines, United Kingdom
The Nuts Market in the GCC region is experiencing minimal growth due to factors such as limited consumer awareness and lower demand for nuts among the local population. This is impacting the market's growth rate, which remains negligible despite the overall growth in The Food market. However, with increasing health consciousness and growing availability of online platforms, the market is expected to witness a gradual rise in demand for nuts in the coming years.
Customer preferences: The GCC and Nuts Market of the Fruits & Nuts Market within The Food market has seen a rise in demand for organic and natural products, as consumers become more health-conscious and environmentally aware. There has also been a growing preference for locally sourced and sustainable products, reflecting a desire for supporting local communities and reducing carbon footprint. This trend is further fueled by the increasing popularity of vegan and plant-based diets, as well as the demand for healthier snack options.
Trends in the market: In the GCC and Nuts Market of the Fruits & Nuts Market within The Food market, there is a growing trend towards organic and ethically-sourced nuts. This is driven by consumer demand for healthier and environmentally-friendly options. Companies are responding by offering a wider variety of organic and sustainably-produced nuts. This trend is expected to continue, with implications for industry stakeholders to invest in sustainable and ethical sourcing practices to meet consumer demand and stay competitive in the market.
Local special circumstances: In GCC countries, the Nuts Market within the Fruits & Nuts Market is influenced by the region's hot and dry climate, which makes it ideal for growing certain types of nuts. Additionally, cultural preferences for snacking on nuts and the popularity of traditional dishes that use nuts as ingredients also drive the demand for nuts in the region. Furthermore, the strict halal and kosher food regulations in these countries impact the sourcing and sale of nuts, with a focus on ensuring the products are certified and compliant.
Underlying macroeconomic factors: The growth of the Nuts Market within the Fruits & Nuts Market of The Food market is largely impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Countries with strong economic growth and stable financial policies are experiencing higher demand for nuts, as consumers have more disposable income to spend on premium and healthy food options. Additionally, the increasing trend towards healthy snacking and the growing popularity of plant-based diets are driving the demand for nuts, especially in developed countries. Moreover, the rising awareness about the health benefits of nuts, such as high protein and nutrient content, is also contributing to the market growth.
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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