This assignment will discuss the factors affecting the demand and supplyof some given products, for forecasting their demand and supply in thefuture.
Convenience foods have become an ineluctable thing of today’s hecticlives. The demand for convenience foods is increasing day by day. Today,most people are migrating to urban areas, wherein because of thedemanding and busy life schedule, people prefer to spend only a verylittle time on cooking. Longer working hours, more women entering thework force and more single people living alone are some factors whichcontribute to the increased demand for convenience foods.Nowadays women are no longer confined to their households, and thenumber of working women is increasing day by day. This trend is moremarked in developed countries, especially European countries. Of the totalworkforce of UK, about 29% was contributed by women at the beginningof 20
century. But it increased to 46% by 2000, and it is estimated thatby 2010 one in five UK workers will be mothers (Microsoft, 2007). It is themain reason for the increased demand of frozen food in Europe. Europe isthe largest market for frozen food contributing 38.6% of global value. Theready meals market contributed about $52.4 billion in 2007 throughoutthe world, which was 3.5% higher than that of the previous year.Whereas, the ready meal market in UK is growing at an average annualrate of 5.3% which is very high when compared to the global average of 3.5% (Research and Markets, 2008).With the working population increasing every year, the demand forconvenience foods will be soaring in the coming years. It is expected thatthe ready meals market will contribute about $61.7 billion in 2012, which