Key regions: Russia, China, Spain, Canada, United Kingdom
The Meat Market in Canada is experiencing minimal growth due to factors such as the increasing demand for plant-based meat substitutes, consumer health awareness, and convenience of online meat purchases. The sub-markets of Fresh Meat and Processed Meat are also impacted by these factors. However, the Meat Substitutes market is expected to have the highest growth rate due to the rising trend of plant-based diets.
Customer preferences: As the demand for healthy and sustainable food choices continues to rise, Canadian consumers are increasingly turning towards plant-based meat alternatives. This trend is driven by a growing awareness of the environmental impact of traditional meat production, as well as a desire for healthier and more ethical options. Additionally, the rise of flexitarian and vegetarian lifestyles among younger demographics is also contributing to the growth of the plant-based meat market in Canada.
Trends in the market: In Canada, the Meat Market within The Food market industry is seeing a rise in plant-based meat alternatives. This trend is driven by consumer demand for healthier and more sustainable options, as well as concerns over the environmental impact of traditional meat production. Companies are investing in research and development to create more realistic and appealing plant-based products, while also improving their supply chain to meet the increasing demand. This trend is expected to continue, with potential implications for traditional meat producers who may face competition and need to adapt to changing consumer preferences.
Local special circumstances: In Canada, the Meat Market within The Food market is heavily influenced by the country's vast geographical landscape and diverse cultural influences. The demand for locally-sourced and sustainable meat products is on the rise, driven by consumer awareness and government regulations promoting ethical and environmentally-friendly practices. Moreover, Canada's strict food safety standards and labeling requirements contribute to the market's dynamics and growth. Additionally, the country's multicultural population also plays a role in shaping the demand for different types of meat, such as halal or kosher options.
Underlying macroeconomic factors: The Meat Market within The Food market in Canada is heavily influenced by macroeconomic factors such as consumer spending, import and export policies, and government regulations. With a stable and growing economy, Canada has a strong demand for high-quality meat products, both domestically and internationally. Additionally, the increasing awareness of the health benefits of lean protein and the growing trend of plant-based diets are also driving the demand for innovative and sustainable meat alternatives. As a result, the Canadian meat market is expected to experience steady growth in the coming years, supported by favorable economic conditions and shifting consumer preferences.
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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