Food - Central America

Central America

Revenue in the Food market amounts to US$70.30bn in 2024. The market is expected to grow annually by 6.35% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$16.41bn 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$1,336.00 are generated in 2024.
In the Food market, 2.5% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 20.83bn kg by 2029. The Food market is expected to show a volume growth of 3.3% in 2025.
The average volume per person in the Food market is expected to amount to 345.70kg 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 Central America has been experiencing minimal growth, influenced by factors such as increasing consumer health awareness, convenience of online services, and adoption of digital technologies. The sub-markets, including Dairy Products & Eggs, Meat, Fish & Seafood, and Fruits & Nuts, all contribute to the overall market's growth rate. The market is impacted by various factors, such as changing consumer preferences and fluctuations in supply and demand, which affect the performance of individual sub-markets. Overall, The Food market in Central America is expected to continue its slow growth in the coming years.

Customer preferences: Consumers in Central America are becoming more health-conscious and are increasingly gravitating towards healthier food options. This trend is fueled by a growing awareness of the importance of nutrition and its impact on overall well-being. As a result, there has been a rise in demand for organic, locally-sourced, and sustainable food products. Additionally, there is a growing preference for plant-based and vegetarian options, reflecting a shift towards a more environmentally-friendly and ethical approach to food consumption. This change in consumer preferences is also influenced by the region's diverse cultural heritage and the popularity of traditional and indigenous cuisines that prioritize fresh and natural ingredients.

Trends in the market: In Central America, 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 a growing middle class and increasing concerns about food safety. Industry stakeholders should take note of these changing preferences and adapt their offerings accordingly, as the market for organic and sustainable products is projected to grow significantly in the coming years. Additionally, the rise of e-commerce and online grocery shopping in the region presents opportunities for digital marketing and distribution strategies to reach a wider audience and cater to changing consumer needs.

Local special circumstances: In Central America, The Food market is heavily influenced by the region's diverse cultural and geographical factors. Each country has its own unique cuisine and food traditions, resulting in a highly fragmented market. Additionally, regulatory policies and import/export regulations vary between countries, impacting the availability and pricing of certain food products. This dynamic market is also heavily influenced by the growing tourism industry, as travelers seek out authentic local cuisine experiences. These factors create a complex and ever-changing landscape for food businesses in Central America.

Underlying macroeconomic factors: The Food market market in Central America is significantly impacted by macroeconomic factors such as economic growth, trade policies, and consumer spending. As the region continues to experience steady economic growth, consumers have more disposable income to spend on food products. Additionally, favorable trade policies and improved regional integration have opened up new markets for food producers, increasing competition and driving innovation in the industry. However, challenges such as currency fluctuations and political instability can also affect market performance, making it essential for companies to carefully monitor economic trends and adjust their strategies accordingly.

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.