Food - Belize

Belize

Revenue in the Food market amounts to US$109.60m in 2024. The market is expected to grow annually by 4.38% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$21.54m 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$262.90 are generated in 2024.
In the Food market, 41.9% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 27.90m kg by 2029. The Food market is expected to show a volume growth of 2.6% in 2025.
The average volume per person in the Food market is expected to amount to 59.63kg 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 Belize is experiencing slow growth due to various factors, such as the limited availability of certain products, high import costs, and a lack of infrastructure for distribution. However, increasing health consciousness among consumers and the convenience of online shopping are expected to drive growth in sub-markets such as fruits and nuts, vegetables, and convenience food. The market for processed vegetables, fruits, and potatoes is also expected to see growth due to the rising demand for healthier and more convenient meal options. Overall, The Food market in Belize is expected to see steady but slow growth in the coming years.

Customer preferences: As Belize experiences a growing tourism industry and an influx of international influences, there has been a noticeable shift in consumer preferences towards more diverse and exotic food options. This trend is driven by a younger demographic seeking new culinary experiences and a growing interest in global cuisines. Additionally, there has been a rise in demand for healthier and more sustainable food options, as consumers become more conscious of their health and the environment. This has led to an increase in the availability of organic and locally-sourced products in the Belizean food market.

Trends in the market: In Belize, The Food market industry is seeing a surge in demand for locally-sourced and organic products, as consumers prioritize health and sustainability. This trend is expected to continue, with an increasing number of farmers and businesses investing in sustainable practices and certifications. This trajectory has significant implications for stakeholders, as it presents opportunities for growth and differentiation, but also requires investments in infrastructure and education to meet consumer expectations. Additionally, with the rise of e-commerce and digital platforms, the industry may see a shift towards online sales and marketing strategies to reach a wider audience.

Local special circumstances: In Belize, The Food market is heavily influenced by the country's geographical location and cultural heritage. Being a small Central American country, Belize relies heavily on imports for its food supply, which can lead to higher prices for consumers. However, the diverse cultural influences in Belize, including Creole, Garifuna, and Maya, have shaped the local cuisine and created a unique demand for traditional and locally sourced ingredients. Additionally, the government's efforts to promote sustainable and organic farming practices have led to the growth of a niche market for organic and healthy food options in Belize. These factors contribute to the dynamic and diverse nature of The Food market in Belize.

Underlying macroeconomic factors: The Food market in Belize is impacted by several macroeconomic factors, including global economic trends, national economic health, fiscal policies, and other financial indicators. The country's economy heavily relies on agriculture, making it vulnerable to fluctuations in global commodity prices. Furthermore, the government's fiscal policies, such as taxation and trade regulations, can significantly affect the cost of production and distribution, thus affecting the market's overall performance. Additionally, the country's economic health, including factors like inflation, unemployment, and consumer confidence, can influence consumer spending and demand for food products. It is crucial for companies operating in The Food market in Belize to closely monitor and adapt to these macroeconomic factors to remain competitive and sustain growth.

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.