Key regions: Russia, China, Spain, Canada, United Kingdom
The Meat Market in LATAM is experiencing minimal growth due to several factors, including consumer preference for fresh and processed meat, as well as the increasing popularity of meat substitutes. This can be attributed to the rising health awareness among consumers and the convenience of online shopping for food products. Despite the slow growth rate, the market is expected to continue expanding in the future as the region's economy improves and disposable income increases.
Customer preferences: In LATAM, there is a growing demand for sustainable and ethically-sourced meat products. Consumers are becoming more conscious of the environmental impact of their food choices and are seeking out meat from ecologically responsible sources. This trend is also being driven by a shift towards healthier and more natural diets, with an emphasis on grass-fed and organic meat options. Additionally, the rising popularity of flexitarian and plant-based diets is further diversifying the meat market and challenging traditional meat consumption patterns.
Trends in the market: In LATAM, there is a growing demand for sustainable and ethically-sourced meat products. Consumers are increasingly concerned about the environmental and ethical impact of their food choices, leading to a rise in demand for plant-based alternatives and certified organic and free-range meat products. This trend is expected to continue as consumer awareness and education on sustainability and animal welfare increases. Industry stakeholders must adapt to this trend by investing in sustainable practices and promoting transparency in their supply chains to meet consumer demands and stay competitive in the market.
Local special circumstances: In LATAM, the Meat Market within The Food market is strongly influenced by the region's rich culinary traditions and cultural preferences. For example, in Argentina, the consumption of beef is deeply rooted in the country's history and culture, making it the largest meat market in the region. In Brazil, on the other hand, the demand for poultry and pork is higher due to cultural and religious influences. Additionally, regulatory factors, such as import restrictions and food safety regulations, also play a significant role in shaping the market dynamics in different countries within LATAM. Overall, these unique local factors greatly impact the competitive landscape and consumer behavior in the Meat Market in LATAM.
Underlying macroeconomic factors: The Meat Market within The Food market in LATAM is greatly impacted by macroeconomic factors such as economic stability, trade policies, and consumer preferences. Countries with a stable economy and favorable trade policies tend to have a thriving meat market due to increased demand from both domestic and international consumers. Additionally, changing consumer preferences towards healthier and sustainable options are driving the growth of the meat market in LATAM, as consumers are increasingly seeking high-quality, ethically-sourced meat products. Furthermore, government support and investments in the agriculture sector also play a crucial role in the performance of the meat market in LATAM.
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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