Food - Caribbean

Caribbean

Revenue in the Food market amounts to US$50.56bn in 2024. The market is expected to grow annually by 6.45% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$12.14bn 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$1,250.00 are generated in 2024.
In the Food market, 1.0% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 13.83bn kg by 2029. The Food market is expected to show a volume growth of 3.1% in 2025.
The average volume per person in the Food market is expected to amount to 302.20kg 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 Caribbean food market is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing competition, and rising production costs. The sub-markets of dairy products, meat, and convenience food are particularly impacted by these trends. Additionally, the region's reliance on imported ingredients and fluctuating exchange rates also contribute to the slow growth rate.

Customer preferences: With the rise of health consciousness and a growing focus on sustainable living, consumers in The Food market are increasingly prioritizing locally-sourced and organic food options. This trend is driven by a desire for fresher, healthier, and more environmentally-friendly food choices. In addition, there is a growing demand for plant-based and alternative protein products, as consumers become more health-conscious and environmentally aware. This shift towards more sustainable and ethical food choices is also influenced by the cultural heritage and traditions of Caribbean cuisine, which often incorporates a variety of plant-based ingredients.

Trends in the market: In the Caribbean, The Food market is experiencing a shift towards healthier and sustainable options, driven by consumer demand for more ethical and environmentally-friendly products. This trend is expected to continue as consumers become more conscious of their health and the impact of their food choices. Additionally, there is a growing interest in plant-based and vegetarian options, as well as locally-sourced and organic ingredients. This presents an opportunity for industry stakeholders to cater to this demand and differentiate themselves from competitors. Furthermore, as tourism in the Caribbean continues to thrive, The Food market is also seeing an increase in fusion cuisine, combining traditional Caribbean flavors with international influences. This trend not only attracts tourists but also caters to the diverse tastes of the local population. As The Food market in the Caribbean evolves, industry stakeholders should adapt to these trends to remain relevant and competitive in the market.

Local special circumstances: In the Caribbean, The Food market is heavily influenced by its unique geographical landscape and cultural diversity. The region's tropical climate and abundance of fresh produce have led to a strong focus on farm-to-table dining and locally sourced ingredients. Additionally, the Caribbean's rich culinary traditions and fusion of African, European, and indigenous influences have created a vibrant and diverse food culture. This, coupled with the region's growing tourism industry, has resulted in a thriving market for both traditional and modern food offerings. Furthermore, the Caribbean's regulatory environment, with varying import and export policies, has a significant impact on the availability and pricing of certain food products, making it a key factor to consider in market dynamics.

Underlying macroeconomic factors: The Food market in the Caribbean is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. With the Caribbean being a popular tourist destination, the fluctuations in the global economy can greatly impact the purchasing power of tourists and, in turn, the demand for food products. Additionally, the economic health of the Caribbean countries themselves plays a significant role in the strength of The Food market. Government policies and investments in infrastructure and agriculture can greatly affect the supply and distribution of food products. Furthermore, fiscal policies such as taxes and tariffs can impact the cost of imported goods, which can also impact The Food market. Overall, the performance of The Food market in the Caribbean is closely tied to the economic landscape, both globally and domestically.

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.