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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Jun 2024
Sources: Statista Market Insights, Statista Consumer Insights Global
Most recent update: Sep 2024
Source: Statista Market Insights
The Food market in ASEAN is currently experiencing slow growth, due to factors such as changing consumer preferences, increasing competition, and economic uncertainties. Despite this, certain sub-markets, such as Fruits & Nuts and Convenience Food, continue to show promising growth due to their perceived health benefits and convenience. Additionally, the growing demand for natural and organic products is expected to drive the growth of sub-markets like Dairy Products & Eggs and Vegetables. However, challenges such as food safety concerns, limited resources, and changing regulations may hinder the overall market's growth rate in the region.
Customer preferences: As the ASEAN region experiences rapid urbanization and a growing middle class, there is a notable shift in consumer preferences towards convenient and healthy food options. This is driven by an increasing awareness of the importance of a balanced diet and the desire for on-the-go options. As a result, there has been significant growth in the demand for meal delivery services and healthy snacking alternatives. Furthermore, with the rise of social media and influencer culture, there is a growing interest in unique and Instagram-worthy food experiences, leading to a rise in food tourism and the popularity of food festivals and markets.
Trends in the market: In the ASEAN region, The Food market industry is experiencing a surge in demand for plant-based and organic products, driven by a rising health consciousness among consumers. This trend is expected to continue as consumers become more aware of the benefits of a plant-based diet and the potential health risks associated with conventional meat and dairy products. The significance of this trend lies in the potential for industry stakeholders to tap into a growing market segment and diversify their product offerings. However, this also poses challenges for traditional food companies as they adapt to changing consumer preferences and compete with new, niche players in the market. Additionally, this trend has implications for the sustainability and environmental impact of the food industry, as plant-based products have a lower carbon footprint and are seen as a more sustainable option for the future. As such, industry stakeholders need to be aware of these trends and adapt their strategies accordingly to remain competitive in the evolving Food Market landscape.
Local special circumstances: In The Food market of ASEAN, the unique local factors play a significant role in shaping the market dynamics. For example, in Indonesia, the market is heavily influenced by the diverse cultural backgrounds of its population, leading to a wide variety of food options and preferences. In Malaysia, the market is driven by the country's strong Islamic beliefs, resulting in a high demand for halal-certified food products. Additionally, in Singapore, the strict regulatory framework ensures food safety and quality, making it a leading hub for food exports and imports in the region. These factors differentiate the ASEAN food market from others and greatly impact its growth and development.
Underlying macroeconomic factors: The Food market market in ASEAN is also impacted by macroeconomic factors such as consumer spending power, trade policies, and government initiatives. Countries with strong economic growth and supportive trade policies are likely to experience higher demand for food products, while those with slower economic growth and restrictive trade measures may see a decline in market performance. Furthermore, government efforts to promote domestic food production and reduce reliance on imports can also affect the market by altering supply and demand dynamics. Socioeconomic factors such as population growth and urbanization rates also play a role in shaping The Food market landscape in ASEAN, as these factors influence consumer preferences and purchasing behaviors.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights