Food - Worldwide

  • Worldwide
  • Revenue in the Food market amounts to €8.46tn in 2024. The market is expected to grow annually by 6.83% (CAGR 2024-2028).
  • The market's largest segment is the segment Meat with a market volume of €1.36tn in 2024.
  • In global comparison, most revenue is generated in China (€1,490bn in 2024).
  • In relation to total population figures, per person revenues of €1,092.00 are generated in 2024.
  • In the Food market, 4.8% of total revenue will be generated through online sales by 2024.
  • In the Food market, volume is expected to amount to 3,011.00bn kg by 2028. The Food market is expected to show a volume growth of 3.9% in 2025.
  • The average volume per person in the Food market is expected to amount to 340.10kg in 2024.

Key regions: United States, Canada, China, India, South Korea

 
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Comparación de regiones
 
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Analyst Opinion

Rising awareness of ‘Clean Label’ products, increasing intake of plant-based food, growing demand for regional food, or reducing waste to a minimum in both the production and the consumption phases – these changes in consumer preferences are recently influencing the Food market and causing the market to adapt quickly. The COVID-19 crisis has not only strengthened sustainability trends in the Food market, but also accelerated eCommerce growth and home delivery. This leads to a challenge for retailers: How to attract and retain consumers in an ‘omnichannel’ world? In recent years, food prices have increased and hit a record high in February 2022. The key drivers of the increased food prices are the recovery of global demand, especially the demand for agricultural products for industrial use from China, the rise of fertilizer prices, and rising international freight costs. The rise of food prices mostly affects parts of Africa, the Middle East, and Latin America, which are more dependent on imported food than other regions. Global demand for food is predicted to increase steadily over the coming years. Most additional food demand comes from low- and middle-income countries due to economic development, young population, fast population growth, and non-saturation of food consumption.

Methodology

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.

Visión general

  • Revenue
  • Volume
  • Price
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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