Key regions: South Korea, Russia, Canada, Philippines, China
The Fresh Meat market in LATAM has seen slow growth due to factors such as fluctuating consumer demand, changing dietary preferences, and competition from alternative protein sources. However, increasing urbanization and rising disposable incomes are expected to drive market growth in the coming years.
Customer preferences: As consumer awareness of sustainability and ethical sourcing increases, there has been a growing demand for grass-fed and pasture-raised fresh meat in the LATAM region. This trend is also driven by a preference for high-quality, natural and organic products. Additionally, with the rise of health-consciousness, there is a growing demand for leaner cuts of meat and alternatives to traditional red meat, such as plant-based protein options. These shifts in consumer preferences are also influenced by changing demographics, with younger generations showing a greater interest in sustainable and healthy food choices.
Trends in the market: In LATAM, the Fresh Meat Market of the Meat Market within The Food market is experiencing a rise in demand for organic and grass-fed meats due to growing health and environmental concerns. This trend is expected to continue as consumers become more health-conscious and seek sustainable food options. Additionally, there is a growing trend of online meat delivery services, providing convenience and access to a wider range of meat products. These trends signify a shift towards healthier and more sustainable consumption habits in the region and present opportunities for industry stakeholders to adapt and meet consumer demands. However, it also poses challenges for traditional meat producers and retailers who may need to adjust their practices and offerings to remain competitive in the market.
Local special circumstances: In LATAM, the Fresh Meat Market of the Meat Market within The Food market is heavily influenced by the region's diverse cultural preferences and consumption habits. While beef is a staple in Argentina, Brazil, and Uruguay, pork and poultry are more popular in Mexico, Colombia, and Chile. This reflects the influence of Spanish and Portuguese colonization, as well as indigenous culinary traditions. Additionally, regulatory differences, such as import restrictions and labeling laws, create unique challenges for companies operating in multiple countries. These factors contribute to the dynamic and fragmented nature of the Fresh Meat Market in LATAM, making it essential for companies to understand the local nuances and adapt their strategies accordingly.
Underlying macroeconomic factors: The growth of the Fresh Meat Market in LATAM is influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. Countries with strong economic growth and stable political environments are experiencing higher demand for fresh meat products, leading to overall market growth. Additionally, increasing urbanization and rising disposable incomes are driving consumer spending on high-quality, premium meat products. However, fluctuations in exchange rates and trade policies can impact the cost of imports and exports, affecting market performance in the region. Furthermore, consumer preferences for healthier and sustainable food options are also influencing the demand for organic and grass-fed 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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