Key regions: Spain, Japan, China, Philippines, United Kingdom
The Spreads & Sweeteners Market in Bhutan has been experiencing limited growth, influenced by factors such as consumers' preference towards traditional food and limited availability of imported products. However, the increasing health consciousness and the growing demand for convenient food options may drive the market's growth in the future.
Customer preferences: As Bhutanese consumers become more health-conscious, there is a growing trend towards seeking natural and organic spreads and sweeteners. This shift is driven by a cultural preference for traditional and locally sourced ingredients. Additionally, with an increasing focus on sustainability and ethical sourcing, consumers are also choosing products that align with their values. This has led to a rise in demand for fair trade and environmentally-friendly options in the Spreads & Sweeteners Market within The Food market.
Trends in the market: In Bhutan, the Spreads & Sweeteners Market within The Food market is experiencing a shift towards healthier options, with consumers opting for natural and organic products. This trend is reflected in the growing popularity of honey and jaggery as substitutes for processed sugar. Additionally, there is a rising demand for plant-based spreads and sweeteners, driven by the increasing number of health-conscious consumers. These trends are expected to continue, presenting opportunities for industry stakeholders to expand their product offerings and cater to the changing preferences of consumers.
Local special circumstances: In Bhutan, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's unique cultural and religious beliefs. Bhutanese people value traditional and natural ingredients, leading to a preference for local honey and jaggery over refined sugar. Additionally, the country's strict regulations on imports and exports also impact the availability and pricing of spreads and sweeteners in the market. The demand for healthy and organic options is also on the rise, driven by the country's focus on Gross National Happiness.
Underlying macroeconomic factors: The Spreads & Sweeteners Market in Bhutan is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As a small and landlocked country, Bhutan's economy is largely dependent on agriculture, with food and beverages being major contributors to the country's GDP. The recent economic growth and development in Bhutan have led to an increase in purchasing power and changing consumer preferences, resulting in a growing demand for food products such as spreads and sweeteners. Additionally, the government's focus on promoting domestic production and reducing import dependency has also contributed to the growth of the market. However, challenges such as limited access to credit, inadequate infrastructure, and strict regulations on food imports may hinder market growth.
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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