Key regions: South Korea, Russia, Canada, Philippines, China
The Fresh Meat market in Western Asia is experiencing minimal growth due to various factors such as changing consumer preferences, increasing competition, and government regulations. The sub-markets of Beef & Veal, Pork, Poultry, Mutton & Goat, and Other Fresh Meat are all impacted by these factors. Despite the convenience offered by online meat services, the traditional market still holds a strong presence in the region, contributing to the slow growth rate. Additionally, health awareness among consumers is also influencing their purchasing decisions, with a shift towards healthier and more sustainable options.
Customer preferences: With the growing demand for healthier and more sustainable food options, consumers in the Fresh Meat Market of the Meat Market within The Food market are increasingly turning towards plant-based alternatives. This trend is driven by a rising awareness of the environmental impact of meat production and a growing preference for ethical and eco-friendly choices. As a result, there is a surge in demand for plant-based meat substitutes, such as tofu, tempeh, and seitan, as well as a variety of plant-based burgers and sausages. Additionally, there is a growing interest in locally sourced and organic meat, as consumers prioritize supporting small businesses and reducing their carbon footprint.
Trends in the market: In Western Asia, the Fresh Meat Market within the Meat Market of The Food market is experiencing a shift towards healthier and ethically sourced meat options. There is a growing demand for grass-fed and antibiotic-free meat, as well as a rise in plant-based alternatives. This trend is significant as it reflects a shift towards more sustainable and conscious consumption. It also presents opportunities for industry stakeholders to innovate and cater to this growing demand. However, it may also pose challenges for traditional meat producers who may need to adapt to changing consumer preferences.
Local special circumstances: In Western Asia, the Fresh Meat market is heavily influenced by cultural and religious practices. With a large Muslim population, there is a high demand for halal meat, leading to the growth of halal-certified meat producers and suppliers in the region. Additionally, the region's arid climate and limited water resources have led to the development of innovative and sustainable farming practices, such as vertical farming and hydroponics, to meet the growing demand for fresh meat. These factors contribute to the unique market dynamics of the Fresh Meat market in Western Asia.
Underlying macroeconomic factors: The Fresh Meat Market in Western Asia is greatly impacted by macroeconomic factors such as economic stability, consumer purchasing power, and government policies. Countries with strong economic growth and stable inflation rates tend to have higher demand for fresh meat products, as consumers have more disposable income to spend on food. Additionally, government policies such as import tariffs and subsidies can greatly influence the availability and pricing of fresh meat in the market. Moreover, global economic trends, such as changes in commodity prices and trade agreements, can also have a significant impact on the Fresh Meat Market in Western Asia.
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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