Food - BRICS | Statista Market Forecast

Food - BRICS

BRICS

Highlights

Revenue in the Food market amounts to US$2.96tn in 2024. The market is expected to grow annually by 7.38% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$524.30bn in 2024.
In global comparison, most revenue is generated China (US$2tn in 2024).
In relation to total population figures, per person revenues of US$896.60 are generated in 2024.
In the Food market, 10.5% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 1.34tn kg by 2029. The Food market is expected to show a volume growth of 5.1% in 2025.0.
The average volume per person in the Food market is expected to amount to 333.00kg in 2024.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Food market in BRICS is seeing gradual growth due to factors such as rising health consciousness, increasing adoption of online services, and convenience. However, challenges in the sub-markets such as fluctuations in prices, strict regulations, and availability of alternative products may impact the overall market's growth rate.

Customer preferences: Consumers in the BRICS countries are increasingly adopting a more health-conscious approach to food, leading to a rise in demand for organic and natural products. This trend is fueled by growing concerns about environmental sustainability and the desire for healthier, cleaner food options. Additionally, there is a growing preference for plant-based and vegetarian diets, as well as a shift towards more sustainable and ethical food production practices. This shift in consumer preferences is also influenced by the rising middle class and their desire for higher quality and healthier food options.

Trends in the market: In the BRICS countries, The Food market industry is experiencing a surge in demand for organic and locally-sourced products, as consumers become more health-conscious and environmentally aware. This trend is expected to continue, driven by the growing middle class and increasing disposable income. Additionally, there is a rising preference for online grocery shopping and food delivery services, as seen in the success of platforms like Brazil's iFood and China's Meituan Dianping. This shift towards e-commerce in The Food market sector presents opportunities for industry players to expand their reach and streamline operations.

Local special circumstances: In The Food market market, Brazil stands out for its abundance of natural resources and diverse cuisine, heavily influenced by indigenous ingredients and traditions. This unique blend of flavors has resulted in a thriving local food industry, with a focus on sustainable and organic farming practices. In China, the market is heavily regulated, with strict food safety laws and a growing demand for healthier and more nutritious options. This has led to the rise of e-commerce platforms and food delivery services, catering to the increasingly health-conscious Chinese consumers.

Underlying macroeconomic factors: The Food market market in BRICS is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. As the BRICS countries experience rapid economic growth and rising disposable incomes, there is a growing demand for high-quality and diverse food products. In addition, favorable government policies and investments in the food industry, along with increasing urbanization and changing dietary patterns, are also driving the growth of The Food market market in BRICS. On the other hand, fluctuating exchange rates, inflation, and trade policies may pose challenges for companies operating in this market. Additionally, global economic trends, such as the rise of e-commerce and the increasing focus on sustainable and organic products, are also shaping The Food market market in BRICS. Overall, a combination of economic factors and consumer preferences are influencing the growth and development of The Food market market in BRICS.

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.