Key regions: Canada, Philippines, China, Spain, India
The Spreads Market in Mexico has been experiencing steady growth due to the increasing adoption of digital technologies, health awareness among consumers, and convenience offered by online services. However, this growth is subdued, likely due to factors such as competition among sub-markets like Jams & Marmalades, Chocolate Spreads, and Peanut Butter, as well as economic challenges and changing consumer preferences.
Customer preferences: As Mexican consumers become more health-conscious, there is a growing demand for natural and organic spreads and sweeteners. This trend is driven by a desire for clean label products and a preference for locally sourced ingredients. Additionally, there is a shift towards alternative sweeteners such as stevia and agave, as well as a preference for natural spreads made from fruits or nuts. This reflects a broader global trend towards healthier and more sustainable food choices.
Trends in the market: In Mexico, the Spreads & Sweeteners Market within The Food market is experiencing a surge in demand for healthier and more natural options. As consumers become more health-conscious, there is a growing trend towards natural and organic spreads and sweeteners. This trend is significant as it reflects a shift towards a healthier lifestyle and a preference for clean-label products. Industry stakeholders must adapt to this trend by offering more natural options and promoting the health benefits of their products. The trajectory of this trend is expected to continue, as consumer awareness and demand for healthier choices remains strong. This presents an opportunity for industry players to capitalize on this trend and gain a competitive advantage.
Local special circumstances: In Mexico, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's rich culinary tradition and preference for sweet flavors. Local ingredients such as agave and cajeta are popular in spreads, while regulatory factors such as taxes on imported sweeteners also impact the market. Additionally, Mexico's diverse geography and climate allow for a range of locally sourced ingredients, leading to a unique and dynamic market for spreads and sweeteners in the country.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market in Mexico is heavily impacted by macroeconomic factors such as consumer spending, economic stability, and government policies. With a strong economy and increasing disposable income, consumers are willing to spend more on premium spreads and sweeteners. Additionally, favorable trade policies and investments in the food industry have improved the availability and affordability of these products. However, fluctuations in global prices of key ingredients, such as sugar and cocoa, can also impact market performance. Moreover, changing consumer preferences towards healthier alternatives and increasing awareness about the negative health effects of excessive sugar consumption are also influencing market trends.
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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