Key regions: South Korea, Russia, Canada, Philippines, China
The BRICS Fresh Meat Market is experiencing moderate growth due to factors such as increasing demand for protein-rich diets, rising disposable income, and a growing population. Despite minimal growth, various sub-markets such as Beef & Veal, Pork, and Poultry are expected to drive the overall market growth. However, challenges such as strict regulations, supply chain disruptions, and changing consumer preferences may impact the market's growth rate.
Customer preferences: As the global demand for sustainable and ethically-sourced food continues to rise, consumers in the Fresh Meat Market are increasingly looking for options that align with their values. This has resulted in a growing preference for locally-sourced, organic, and free-range meat products. Furthermore, there has been a shift towards alternative protein sources such as plant-based meat substitutes, driven by health and environmental concerns. This trend is likely to continue as consumers become more conscious about the impact of their food choices on the environment and animal welfare.
Trends in the market: In BRICS, the Fresh Meat Market of the Meat Market within The Food market is experiencing a shift towards more sustainable and ethically-sourced meat products. This trend is driven by consumer demand for healthier and environmentally-friendly options. Additionally, there is a growing interest in alternative proteins, such as plant-based meat substitutes. These trends are significant as they reflect a changing consumer mindset and have the potential to disrupt the traditional meat market. Industry stakeholders need to adapt to these trends by diversifying their product offerings and investing in sustainable practices to remain competitive in the market.
Local special circumstances: In China, the Fresh Meat market is heavily influenced by the country's cultural preferences for specific types of meat, such as pork and poultry. This has led to a high demand for these products, driving the growth of the market. Additionally, strict regulations on food safety and quality have been implemented by the government, which has had a significant impact on market dynamics. In South Africa, the market is influenced by the country's large and diverse population, leading to a high demand for various types of meat. The market is also affected by the country's geographical landscape, with regions such as the Western Cape being known for its high-quality meat production. This has resulted in a wide range of meat options being available in the market, catering to different consumer preferences.
Underlying macroeconomic factors: The Fresh Meat Market of the Meat Market within The Food market is strongly influenced by macroeconomic factors in BRICS countries. These include global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, the rising disposable income and changing dietary patterns in BRICS countries are contributing to the growth of the Fresh Meat Market. Moreover, government initiatives to promote agriculture and food production are also driving the demand for fresh meat, while favorable trade policies and increasing exports are boosting market growth. However, economic downturns and currency fluctuations in BRICS countries can impact market performance, making it essential for companies to closely monitor and adapt to these macroeconomic factors.
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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