Food - Colombia

Colombia

Revenue in the Food market amounts to US$46.87bn in 2024. The market is expected to grow annually by 5.87% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$10.68bn 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$886.30 are generated in 2024.
In the Food market, 1.2% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 17.25bn kg by 2029. The Food market is expected to show a volume growth of 3.6% in 2025.
The average volume per person in the Food market is expected to amount to 284.60kg 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 Colombia has been experiencing slow growth, influenced by factors such as a lack of consumer awareness and limited access to digital technology in certain regions. Additionally, the country's reliance on traditional farming methods and limited infrastructure for food production and distribution have also hindered the market's growth. However, there is potential for growth in sub-markets such as Dairy Products & Eggs and Fruits & Nuts, as the country's growing middle class and increasing health consciousness drive demand for these products. The government's efforts to improve infrastructure and promote modern farming techniques could also contribute to the market's growth in the future.

Customer preferences: As Colombia's economy continues to grow, consumer preferences in The Food market have shifted towards healthier and more sustainable options. This trend is driven by a growing awareness of the impact of food choices on personal and environmental well-being. Additionally, there has been a rise in demand for locally sourced and organic products, reflecting a deeper connection to traditional cultural values and a desire for a more authentic food experience. This has also led to an increase in demand for plant-based and vegetarian options in the market.

Trends in the market: In Colombia, The Food market industry is experiencing a rise in demand for locally-sourced, organic and sustainable food products. This trend is being driven by increasing consumer awareness about the importance of supporting local farmers and reducing their carbon footprint. As a result, more food companies are incorporating these values into their business models, and the government is implementing policies to promote and regulate the production and distribution of these products. This trend has significant implications for both industry stakeholders and consumers, as it creates opportunities for innovation, supports the local economy, and promotes healthier and more environmentally-friendly food choices.

Local special circumstances: In Colombia, The Food market is heavily influenced by the country's rich and diverse agricultural production, as well as its unique cultural heritage. The demand for fresh and locally-sourced ingredients is high, leading to the proliferation of farmers markets and street food stalls. Additionally, government regulations on food safety and labeling play a significant role in shaping consumer behavior and market competition. This, coupled with the country's diverse terrain and climate, creates a dynamic and competitive environment for The Food market industry.

Underlying macroeconomic factors: The Food market in Colombia is heavily influenced by macroeconomic factors such as national economic health, global economic trends, fiscal policies, and other financial indicators. The country's stable economic growth and increasing consumer spending power have contributed to the growth of The Food market. Additionally, favorable government policies and investments in the agricultural sector have helped to boost production and supply. However, challenges such as inflation, currency fluctuations, and trade agreements with other countries can also impact the performance of The Food market in Colombia.

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.