Food - APAC

APAC

Revenue in the Food market amounts to US$4,166.00bn in 2024. The market is expected to grow annually by 6.78% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$768.40bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$970.90 are generated in 2024.
In the Food market, 8.9% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 1,773.00bn kg by 2029. The Food market is expected to show a volume growth of 4.6% in 2025.
The average volume per person in the Food market is expected to amount to 343.60kg in 2024.

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

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

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Analyst Opinion

The Food market in APAC is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online services. Sub-markets within the food industry, such as dairy products, meat, fruits, and vegetables, contribute to this overall trend. The pace of growth may also be impacted by the region's economic climate and shifting dietary trends.

Customer preferences: The Food market in APAC is experiencing a shift in consumer preferences towards healthy and sustainable food options, driven by a growing awareness of the impact of food choices on personal health and the environment. This trend is further accelerated by the rise of digital platforms and social media, allowing consumers to easily access information and reviews about the origins and production methods of their food. As a result, there has been an increase in demand for organic, locally-sourced, and plant-based food products. This shift is also influenced by the changing demographics in APAC, where a younger and more health-conscious population is driving the demand for ethical and transparent food choices.

Trends in the market: In APAC, The Food market market is seeing a surge in demand for healthier and more sustainable food options. This trend is driven by increasing awareness about the negative impact of processed and fast food on health and the environment. As a result, there is a growing demand for plant-based and organic products, and a rise in the adoption of technology-driven solutions such as online grocery shopping and meal planning apps. This trend is expected to continue, presenting opportunities for industry stakeholders to tap into the growing market for healthy and sustainable food options.

Local special circumstances: In the APAC region, The Food market is shaped by diverse local factors. In China, the market is influenced by the country's large population and rapid urbanization, leading to high demand for convenient and healthy food options. In Japan, the market is driven by the country's aging population and their preference for functional foods. In Indonesia, the market is driven by the growing middle class and their increasing adoption of Western eating habits, leading to a rise in demand for processed and packaged foods. These unique factors contribute to the dynamic and ever-evolving nature of The Food market in APAC.

Underlying macroeconomic factors: The Food market market in APAC is heavily impacted by macroeconomic factors such as economic growth, consumer spending, and government policies. The region's strong economic growth and rising disposable incomes have led to a significant increase in demand for food products, especially among the middle-class population. Furthermore, government initiatives promoting healthy eating habits and food safety regulations have also influenced market growth. However, the market is facing challenges such as inflation, rising input costs, and supply chain disruptions due to the ongoing COVID-19 pandemic. Despite these challenges, The Food market market in APAC is expected to continue its growth trajectory, driven by the region's favorable economic conditions and increasing focus on health and wellness.

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.