Food - Benin

Benin

Revenue in the Food market amounts to US$5,649.00m in 2024. The market is expected to grow annually by 6.40% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$1,093.00m 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$390.60 are generated in 2024.
In the Food market, 2.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 2,099.00m kg by 2029. The Food market is expected to show a volume growth of 4.4% in 2025.
The average volume per person in the Food market is expected to amount to 119.90kg 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 Benin has seen slow growth due to factors such as limited access to technology, low health awareness, and traditional food preferences. However, the market is expected to grow as consumers become more health-conscious and demand for convenience food and pet food increases. Additionally, government initiatives to promote agriculture and improve food safety are also expected to drive market growth.

Customer preferences: Consumer preferences in Benin's Food Market are shifting towards healthier and more sustainable food options. As the population becomes more health-conscious, there is a growing demand for organic, locally-sourced and ethically-produced food products. This trend is also influenced by the rise of social media, where consumers are increasingly exposed to global food trends and are seeking out more diverse and exotic flavors. As the middle class continues to expand, there is also a growing demand for convenience and ready-to-eat meals, as well as premium and imported food products. This shift towards healthier and more diverse food options is also driven by the desire for a better quality of life and a more varied culinary experience.

Trends in the market: In Benin, The Food market industry is experiencing a shift towards more sustainable and locally sourced products. This trend is being driven by consumer demand for healthier and ethically produced food options. As a result, there is a growing number of small-scale farmers and producers entering the market, offering a wide range of organic and natural products. This trajectory is significant as it not only promotes environmental sustainability but also supports the local economy. Industry stakeholders should take note of this trend and consider incorporating sustainable and locally sourced products into their offerings to stay competitive in the market. Additionally, there is potential for partnerships and collaborations between small-scale farmers and larger food companies to further drive this trend and meet the increasing demand for sustainable food options.

Local special circumstances: In Benin, The Food market is heavily influenced by the country's diverse cultural and geographical factors. With a population of over 11 million people, Benin boasts a wide range of traditional and local cuisines, which play a significant role in shaping The Food market. Additionally, the country's close proximity to the coast and its fertile land contribute to a thriving agricultural sector, with fresh produce being readily available in local markets. Furthermore, Benin's regulatory policies promote small-scale farming and local food production, creating a unique market dynamic focused on sustainable, locally-sourced products.

Underlying macroeconomic factors: In Benin, The Food market is significantly impacted by macroeconomic factors such as government policies, trade agreements, and global economic trends. The country's economic health is heavily dependent on the agricultural sector, which accounts for a large portion of its GDP. As a result, any fluctuations in food prices due to international market trends can greatly affect the performance of The Food market in Benin. Additionally, changes in fiscal policies, such as taxes and subsidies, can also impact the affordability and availability of food products in the market. Therefore, it is crucial to consider these macroeconomic factors when analyzing The Food market in Benin.

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.