Key regions: Spain, Japan, China, Philippines, United Kingdom
The Food market in Eastern Asia is witnessing moderate growth in the Spreads and Sweeteners sub-markets, driven by factors such as increasing health consciousness and the convenience of online shopping. However, subdued growth in the overall market is being impacted by factors like fluctuating raw material prices and changing consumer preferences towards healthier alternatives.
Customer preferences: As consumers in Eastern Asia become more health-conscious, there is a growing demand for natural and organic spreads and sweeteners. This trend is driven by the traditional cultural belief in the use of natural remedies and ingredients for health and wellness. Additionally, with the increasing prevalence of chronic diseases in the region, there is a shift towards low-sugar and low-calorie options, leading to an increase in demand for alternative sweeteners such as stevia and monk fruit. The rising interest in clean and transparent labels also contributes to the popularity of natural spreads and sweeteners.
Trends in the market: In Eastern Asia, the Spreads & Sweeteners Market within The Food market is experiencing a shift towards healthier options, driven by growing health consciousness among consumers. This trend is reflected in the rise of natural and organic spreads and sweeteners, as well as low-sugar and low-calorie options. In addition, there is a growing demand for plant-based spreads and sweeteners, as more consumers adopt vegetarian and vegan diets. These trends are significant for industry stakeholders as they indicate a need for innovation and product diversification in order to meet changing consumer preferences. There is also potential for partnerships and collaborations with health and wellness companies to create new, healthier options for the market.
Local special circumstances: In Japan, the Spreads & Sweeteners Market within The Food market is influenced by a strong preference for traditional and natural ingredients. This has led to the rise of locally-produced, organic spreads and sweeteners, as well as a demand for natural sweeteners such as stevia. Additionally, strict regulations on food additives have resulted in limited use of artificial sweeteners, creating a unique market for healthier and more natural options. This trend is also seen in South Korea, where consumers prioritize natural and locally-sourced ingredients, driving the growth of niche spreads and sweeteners made from traditional Korean ingredients like honey and gochujang.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Eastern Asia is greatly impacted by macroeconomic factors such as consumer purchasing power, inflation rates, and government policies. Countries with stable economic conditions and rising disposable incomes are witnessing a higher demand for spreads and sweeteners, leading to market growth. On the other hand, countries facing economic challenges and high inflation rates are experiencing slower market growth due to reduced consumer spending. Additionally, government policies promoting healthy eating habits and regulating the use of artificial sweeteners are also influencing market performance in the region.
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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