Key regions: Russia, China, Spain, Canada, United Kingdom
The Meat Market in the EAEU region has been experiencing moderate growth, impacted by factors such as shifting consumer preferences towards healthier options, the rise of alternative protein sources, and increasing regulatory pressures. This has led to subdued growth in sub-markets such as Fresh Meat, Processed Meat, and Meat Substitutes. However, the market is expected to pick up pace in the future with the introduction of new technologies and innovations in the industry.
Customer preferences: As the demand for healthier and more sustainable food options continues to rise, consumers in the EAEU are increasingly gravitating towards plant-based meat alternatives. This shift is driven by both health and environmental concerns, as well as the growing popularity of vegetarian and vegan diets. Additionally, with a growing focus on food safety and traceability, consumers are also seeking out locally sourced and organic meat products. This trend towards plant-based and ethically sourced meat is expected to continue in the coming years.
Trends in the market: In the EAEU, the Meat Market within The Food market is experiencing a surge in demand for plant-based meat alternatives, driven by changing consumer preferences towards healthier and more sustainable food options. This trend is expected to continue, with major players investing in research and development to improve the taste and texture of these products. Additionally, there is a growing demand for locally sourced and organic meat, leading to the emergence of small-scale producers and niche markets. This shift towards alternative and specialty meat products presents both challenges and opportunities for industry stakeholders, as they navigate changing consumer preferences and potential disruptions to traditional supply chains.
Local special circumstances: In the EAEU, the Meat Market within The Food market is heavily influenced by the region's diverse cultural and regulatory landscape. In Russia, for example, the tradition of consuming meat as a staple food has resulted in a large and competitive market, with a wide variety of meat products available. Kazakhstan, on the other hand, has a strong nomadic heritage, which has led to a preference for high-quality, pasture-raised meat. Additionally, strict regulations on imported meat products in some EAEU countries have resulted in a focus on domestic production and the development of local meat processing industries. These local factors play a significant role in shaping the dynamics of the EAEU Meat Market within The Food market.
Underlying macroeconomic factors: The Meat Market within The Food market in the EAEU is also influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with strong economic growth and stable fiscal policies are expected to see higher demand for meat products, as consumers have more disposable income to spend on higher quality food items. Additionally, investments in agriculture and food processing infrastructure can also drive growth in the Meat Market, as it enables more efficient production and distribution of meat products. However, economic downturns and currency fluctuations can negatively impact the Meat Market, as it may lead to higher production costs and lower consumer spending on meat products.
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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