Key regions: Spain, Japan, China, Philippines, United Kingdom
The Food market in Mexico has seen steady growth in the Spreads & Sweeteners sub-markets, driven by factors such as increasing health consciousness among consumers and the convenience of online shopping. However, the overall market's growth rate remains subdued due to factors such as economic uncertainty and changing consumer preferences.
Customer preferences: Driven by a growing health consciousness, consumers in Mexico are increasingly looking for healthier and natural alternatives in their food choices. This has led to a rise in demand for natural and organic spreads and sweeteners, as they are perceived as healthier options compared to their artificial counterparts. This trend is further fueled by the increasing prevalence of lifestyle diseases and the desire for a more balanced and nutritious diet. As a result, manufacturers are focusing on marketing their products as healthier and more natural to cater to this evolving consumer preference.
Trends in the market: In Mexico, the Spreads & Sweeteners Market within The Food market is experiencing a shift towards healthier and more natural alternatives. This trend is driven by consumer demand for clean label products and a desire for reduced sugar and artificial ingredients. As a result, companies are investing in R&D to develop innovative products using natural sweeteners like stevia and honey. This trend is expected to continue, as consumers become more health-conscious and seek out healthier options in their diets. This presents opportunities for industry stakeholders to tap into the growing demand for healthier spreads and sweeteners, while also addressing concerns around sugar intake and artificial additives. Additionally, the rise of e-commerce and online grocery shopping in Mexico is opening new distribution channels for these products, allowing companies to reach a wider consumer base and drive sales.
Local special circumstances: In Mexico, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's rich history and cultural preferences. Traditional sweeteners like agave nectar and piloncillo are still widely used, while the popularity of natural and organic products is on the rise. The market is also impacted by the country's regulations on sugar content in food products, leading to an increase in alternative sweeteners like stevia and monk fruit. Additionally, the high demand for convenience and on-the-go options has driven the growth of spreads and sweeteners in single-serve packaging.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Mexico is significantly impacted by macroeconomic factors such as changing consumer preferences, rising disposable incomes, and government policies promoting healthy eating. Additionally, the increasing demand for natural and organic products, coupled with the growing health consciousness among consumers, is driving the market growth in Mexico. Moreover, the country's stable economic growth and favorable trade agreements with other countries are expected to boost the market's performance in the coming years.
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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