Key regions: South Korea, Philippines, Canada, United States, Japan
The Spreads & Sweeteners Market in GCC is experiencing slight growth due to factors such as consumer preference for healthier options, increasing awareness of the negative effects of refined sugar, and the convenience of online shopping. However, the minimal growth rate can be attributed to the rising competition within the sub-markets of Honey, Sugar, and Artificial Sweeteners.
Customer preferences: With the growing concern for health and wellness, consumers are becoming more conscious about their sugar intake and are actively seeking out healthier alternatives. This has led to a rise in demand for natural sweeteners such as stevia and honey, as well as sugar substitutes like monk fruit and erythritol. Additionally, the trend towards plant-based diets and vegan lifestyles has also contributed to the increasing popularity of these sweeteners in the Spreads & Sweeteners Market within The Food market.
Trends in the market: In the Spreads & Sweeteners Market within The Food market, the GCC region is experiencing a growing demand for healthier alternatives to sugar, leading to a rise in the use of natural sweeteners such as stevia and honey. Additionally, there is a trend towards clean label products, with consumers seeking out products with minimal additives and preservatives. This shift towards healthier and cleaner options is significant for industry stakeholders as it requires them to adapt their product offerings to meet consumer demands. It also presents opportunities for new market entrants in the natural sweeteners segment.
Local special circumstances: In GCC and Sweeteners Market of the Spreads & Sweeteners Market within The Food market, local factors such as religious and cultural beliefs greatly influence the demand for certain types of sweeteners. For example, in countries like Saudi Arabia and Kuwait, there is a high demand for date syrup, which is considered a traditional and natural sweetener in the region. Additionally, the use of artificial sweeteners is restricted in some GCC countries due to strict regulations on food additives. These factors greatly impact the product offerings and sales in the Sweeteners Market within the region.
Underlying macroeconomic factors: The GCC and Sweeteners Market of the Spreads & Sweeteners Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending power, disposable income, and overall economic stability. Countries with strong economic growth and favorable fiscal policies are experiencing higher demand for spreads and sweeteners, as consumers have more purchasing power and are more likely to splurge on premium products. On the other hand, countries with weaker economic conditions may see a decline in demand for spreads and sweeteners as consumers prioritize essential goods over discretionary purchases. Additionally, global economic trends such as changing dietary preferences and increasing health consciousness are also impacting the demand for healthier and natural sweeteners, driving market growth in this segment.
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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