Key regions: Spain, Japan, China, Philippines, United Kingdom
The Food market in BRICS has seen moderate growth in the Spreads & Sweeteners sub-sectors, influenced by factors such as consumer demand for healthier options, increasing use of digital technologies in food production, and the convenience of online shopping. However, the growth rate in this market remains subdued due to price sensitivity and competition among different brands. This has led to a focus on innovation and product differentiation to drive growth in the Spreads & Sweeteners market in BRICS.
Customer preferences: The BRICS countries, Brazil, Russia, India, China, and South Africa, are seeing a growing demand for healthier and more natural food options, leading to a rise in sales of organic and natural spreads and sweeteners. This trend is being driven by a shift towards healthier lifestyles and a desire for transparency in food production. As consumers become more health-conscious, they are turning towards products that are free from artificial ingredients and additives. This has also resulted in an increase in demand for plant-based spreads and sweeteners, as they are perceived as healthier alternatives to traditional options. Additionally, with the rise of social media and the sharing of food culture, there has been a growing interest in globally inspired flavors and ingredients in spreads and sweeteners, catering to diverse palates and preferences.
Trends in the market: In the BRICS countries, the Spreads & Sweeteners Market within The Food market is experiencing a shift towards healthier and natural alternatives. There is a growing demand for plant-based sweeteners such as stevia and monk fruit, as consumers become more health-conscious and seek products with lower sugar content. This trend is expected to continue as the market for natural and organic products expands. Additionally, there is a rise in demand for spreads made from alternative ingredients like nut butters and fruit-based spreads, catering to the increasing popularity of plant-based diets. These trends highlight the need for industry players to adapt to changing consumer preferences and invest in innovative product offerings to stay competitive in the market.
Local special circumstances: In Brazil, the Spreads & Sweeteners Market within The Food market is influenced by the country's rich cultural landscape and diverse dietary preferences. The demand for natural and organic sweeteners is on the rise due to a growing health consciousness among consumers. Additionally, Brazil's strict regulations on artificial sweeteners have led to a surge in demand for alternative sweetening options. The market is also shaped by the country's large agricultural sector, which allows for the production of a variety of locally sourced and sustainable spreads.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market is heavily influenced by macroeconomic factors, such as global economic trends, national economic health, fiscal policies, and financial indicators. For instance, countries with strong economic growth and stable fiscal policies are witnessing higher demand for spreads and sweeteners, as consumers have more disposable income to spend on food products. Moreover, the rising trend of healthy eating and increasing concerns about the adverse effects of sugar consumption on health are driving the demand for natural and low-calorie sweeteners in the market. These factors, coupled with the growing population and changing dietary habits, are expected to contribute to the growth of the Spreads & Sweeteners Market in BRICS countries.
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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