Key regions: India, China, United Kingdom, Spain, South Korea
The Processed Meat Market in Australia & Oceania is facing minimal growth due to several factors such as changing consumer preferences towards healthier options, increased awareness about the negative health effects of processed meat, and the rise of alternative protein sources. The sub-markets of Ham & Bacon, Sausages, and Cold & Roast Meat Products are also being impacted by these trends, leading to a stagnant growth rate in the overall market.
Customer preferences: In recent years, there has been a growing trend towards plant-based diets and alternative protein sources in Australia & Oceania, leading to a decline in consumption of processed meat products. This shift is driven by consumer concerns over health and sustainability, as well as cultural influences from indigenous populations that traditionally favor a plant-based diet. Additionally, the rise of flexitarianism and the increasing availability of plant-based meat substitutes are also contributing to the changing landscape of the processed meat market in this region.
Trends in the market: In Australia & Oceania, there is a growing trend towards plant-based and alternative protein options in the Processed Meat Market of the Meat Market within The Food market. This shift is driven by increasing consumer awareness and demand for sustainable and healthier food choices. As a result, companies are investing in research and development of new products and marketing strategies to cater to this demand. This trend is expected to continue, with potential implications for industry stakeholders including potential disruptions to traditional meat production and supply chains.
Local special circumstances: In Australia & Oceania, the Processed Meat Market within The Food market is heavily influenced by the region's unique geography and cultural preferences. With a large coastal population, seafood is a popular choice in processed meat products. Additionally, there are strict regulatory requirements for labeling and food safety, leading to a higher consumer trust in these products. Cultural practices, such as barbequing, also drive demand for processed meat products. These factors contribute to the market's dynamic growth and shape its unique characteristics.
Underlying macroeconomic factors: The Processed Meat Market within the Meat Market of The Food market in Australia & Oceania is significantly impacted by macroeconomic factors. The region's economic health, fiscal policies, and global economic trends all play a critical role in shaping the market's growth. Countries with strong economic performance and favorable fiscal policies are experiencing higher demand for processed meat products due to increased consumer spending power. In contrast, regions with economic challenges and restrictive fiscal policies are witnessing slower market growth. Additionally, changing dietary preferences and increasing health consciousness among consumers are also influencing the demand for healthier and more sustainable 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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