Food - Asia

Asia

Revenue in the Food market amounts to US$4,437.00bn in 2024. The market is expected to grow annually by 6.79% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$808.80bn in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$976.40 are generated in 2024.
In the Food market, 8.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 1,853.00bn 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 339.50kg 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

Currency

Analyst Opinion

The Food market in Asia has been steadily growing, driven by factors such as increasing consumer demand for convenience, rising health consciousness, and the adoption of digital technologies. However, the market's growth rate is minimal, likely influenced by challenges such as fluctuations in the supply of raw materials and changing consumer preferences. These factors may also impact sub-markets such as Dairy Products & Eggs, Meat, Fish & Seafood, and Convenience Food. Overall, The Food market in Asia is facing both opportunities and challenges as it continues to expand.

Customer preferences: The growing influence of Western cuisine and the rise of global food chains have led to a shift in consumer preferences in The Food market market in Asia. Millennials and Gen Z are increasingly opting for Western-style fast food and convenience foods, while also seeking healthier options such as plant-based and organic products. This trend is driven by a desire for convenience and health consciousness, as well as the influence of Western media and cultural norms. Additionally, the rise of e-commerce and food delivery services has made it easier for consumers to access a wide range of food options, further fueling the demand for Western-style foods.

Trends in the market: In Asia, The Food market market is experiencing a surge in demand for plant-based and sustainable food products. This trend is driven by increasing awareness of the health and environmental benefits of such products. With the rise of e-commerce and online grocery platforms, consumers have more access to these products, leading to a projected growth of the market. This trend has significant implications for industry stakeholders, such as food producers and retailers, who may need to adapt their strategies and offerings to cater to this growing demand. Additionally, this trend presents opportunities for new players to enter the market and offer innovative and eco-friendly food options.

Local special circumstances: In China, The Food market is heavily influenced by the country's large population and changing dietary preferences. With a growing middle class and increasing urbanization, there is a demand for convenience and healthier food options. This has led to a rise in online grocery delivery services and a shift towards organic and imported food products. Additionally, the Chinese government's policies on food safety and quality have also impacted the market, with stricter regulations and a push towards sustainable and environmentally friendly practices.

Underlying macroeconomic factors: The Food market market in Asia is greatly impacted by macroeconomic factors such as economic stability, government policies, and consumer spending. Countries with strong economic growth, stable political environments, and rising disposable incomes are experiencing higher demand for food products. Additionally, changing dietary preferences and increasing health consciousness among consumers are driving the demand for healthier and organic food options. Moreover, the growing population and urbanization in Asia are expected to further boost The Food market in the region.

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.