Key regions: Canada, Philippines, China, Spain, India
The Spreads market in BRICS has seen slow growth due to factors such as low consumer awareness and limited availability of online services. However, there is potential for growth with increasing adoption of digital technologies and rising health consciousness. The sub-markets of Jams & Marmalades, Chocolate Spreads, and Peanut Butter have their own impact on the market, but overall, the convenience offered by online services is a key driver.
Customer preferences: As the demand for healthier and more natural food options continues to grow, consumers in the Spreads Market of the Spreads & Sweeteners Market within The Food market are increasingly gravitating towards spreads made from natural ingredients and free from artificial additives. This trend is driven by a shift towards a more health-conscious lifestyle, with consumers seeking out products that align with their values and dietary preferences. Additionally, there is a growing preference for spreads that cater to specific dietary needs, such as gluten-free, vegan, and low-sugar options. This has led to an increase in product innovation and variety in the market, catering to the diverse preferences of consumers.
Trends in the market: In the BRICS and Spreads Market of the Spreads & Sweeteners Market within The Food market, there is a noticeable trend towards healthier and more natural spreads, as consumers become more health-conscious and seek out products with clean labels. This trend is expected to continue as consumers prioritize health and wellness, leading to potential growth opportunities for industry players in this segment. Additionally, there is a growing demand for plant-based spreads, driven by the increasing popularity of vegan and vegetarian diets. This could have significant implications for the industry, as companies may need to adapt their product offerings to meet this demand and stay competitive in the market.
Local special circumstances: In China, the Spreads Market is experiencing rapid growth due to the country's large population and high demand for convenience food products. The market is also heavily influenced by the country's culture and preference for sweet and savory flavors. Additionally, the Chinese government's focus on promoting a healthy lifestyle has led to an increase in demand for natural and organic spreads and sweeteners. In South Africa, the market is driven by the growing health consciousness among consumers, leading to a rise in demand for low-sugar and low-calorie options. The country's diverse population and rich culinary traditions have also resulted in a variety of unique and locally-sourced spreads and sweeteners in the market.
Underlying macroeconomic factors: The Spreads Market of the Spreads & Sweeteners Market within The Food market is greatly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, countries with stable economies and favorable fiscal policies tend to experience higher demand for spreads and sweeteners, as consumers have more disposable income to spend on food products. Additionally, changes in global economic trends, such as shifts in consumer preferences towards healthier and natural sweetener options, can also impact the performance of the market. Furthermore, fluctuations in currency exchange rates and trade policies between countries can affect the availability and pricing of spreads and sweeteners, ultimately impacting 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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