Key regions: South Korea, Russia, Canada, Philippines, China
The Fresh Meat market in GCC is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing competition, and fluctuating prices. Despite the convenience of online services, traditional meat markets remain dominant in this region. However, with the growing health consciousness and technological advancements, the market is expected to gradually evolve and adapt to meet the demands of the ever-changing consumer landscape.
Customer preferences: As consumers become more health-conscious and environmentally aware, there has been a growing demand for sustainably and ethically sourced meat in the Fresh Meat Market of the Meat Market within The Food market. This trend is driven by a desire to support local farmers and reduce the environmental impact of meat production. Additionally, there has been an increase in demand for alternative protein sources, such as plant-based meats, as more consumers adopt flexitarian and vegetarian diets. These shifts reflect a growing awareness of the impact of food choices on personal health and the environment.
Trends in the market: In the GCC, the Fresh Meat Market of the Meat Market within The Food market is experiencing a rise in demand for organic and grass-fed meat products. Consumers are increasingly seeking healthier and ethically-sourced options, leading to the growth of small-scale, sustainable farms. This trend is expected to continue as awareness about the benefits of organic and grass-fed meat increases. Industry stakeholders should consider investing in ethical and sustainable production practices to stay competitive in the market.
Local special circumstances: In the GCC region, the Fresh Meat Market of the Meat Market within The Food market is heavily influenced by the cultural preference for fresh, halal meat. This has led to the establishment of specialized meat markets and butcheries that cater to the needs of the Muslim population. Additionally, the hot climate and lack of natural resources for livestock has led to a reliance on imported meats, resulting in a highly competitive market with fluctuating prices. Furthermore, the strict regulations for halal certification and food safety standards have a significant impact on the market dynamics, ensuring high-quality and ethically-sourced meat for consumers.
Underlying macroeconomic factors: The Fresh Meat Market of the Meat Market within The Food market is heavily impacted by macroeconomic factors such as consumer disposable income, population growth, and changing dietary preferences. As the GCC countries experience robust economic growth and increasing disposable incomes, there is a rising demand for high-quality meat products. At the same time, the growing population and urbanization are also contributing to the growth of the market. Furthermore, the shift towards healthier and more diverse diets is driving the demand for fresh meat products, as consumers become more health-conscious and seek out natural and organic options. These macroeconomic factors are expected to continue driving the growth of the Fresh Meat Market in the GCC region in the coming years.
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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