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Convenience Food - Guatemala

Guatemala
  • Revenue in the Convenience Food market amounts to US$1.82bn in 2024. The market is expected to grow annually by 7.15% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$154bn in 2024).
  • In relation to total population figures, per person revenues of US$98.91 are generated in 2024.
  • In the Convenience Food market, volume is expected to amount to 281.60m kg by 2029. The Convenience Food market is expected to show a volume growth of 5.0% in 2025.0.
  • The average volume per person in the Convenience Food market is expected to amount to 13.3kg in 2024.

Definition:

The Convenience Food market covers any form of pre-packaged or prepared food that is intended to be simple to prepare or consume quickly, requiring little to no cooking or other preparation. Examples include ready-to-eat meals, frozen dinners, and soups. The focus of these meals is less on quality and nutrition and more on convenience and accessibility.

Structure:

The market consists of two different submarkets:

  • The Ready-to-Eat Meals market covers products that require minimal preparation by the consumer, i.e., meals that only require heating up.
  • The Soups market covers finished products such as powders for making soup (instant soups), and broth or liquid soups that are purchased in prepared form (tinned soups).

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), 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.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Ready-to-eat meals
  • Soups

Out-Of-Scope

  • Fresh cut salad
  • Frozen vegetables
  • Cut fruit
  • Out-of-home consumption
Convenience Food: market data & analysis - Cover

Market Insights report

Convenience Food: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Convenience Food market in Guatemala is seeing minimal growth, influenced by factors such as the increasing demand for ready-to-eat meals and soups, as well as the convenience and time-saving aspect of these products. However, the slow growth rate could also be attributed to the rising health awareness among consumers, leading to a shift towards healthier and fresher food options. Furthermore, the limited availability and higher cost of digital technologies in Guatemala may also impact the market's growth.

    Customer preferences:
    With the rise of busy lifestyles and a growing number of working professionals in Guatemala, convenience food has become a popular choice among consumers. This trend is further fueled by the increasing availability of ready-to-eat meals and snacks in supermarkets and convenience stores. Additionally, the influence of Western culture has led to a growing preference for fast food and on-the-go meals, as seen in the proliferation of international fast food chains in the country. As a result, traditional home-cooked meals are becoming less common, and convenience food is becoming a staple in Guatemalan households.

    Trends in the market:
    In Guatemala, the Convenience Food Market within The Food market market is experiencing a shift towards healthier, more natural options. This trend is driven by increasing consumer awareness about the negative health impacts of processed foods and the growing demand for organic and locally sourced products. As a result, convenience food companies are investing in new product development and marketing strategies to cater to this trend. This shift towards healthier options not only benefits consumers, but also presents opportunities for industry stakeholders to tap into a growing market segment and differentiate themselves from competitors. Additionally, this trend aligns with the global movement towards sustainable and ethical food choices, which could have positive implications for Guatemala's food industry in the long run.

    Local special circumstances:
    In Guatemala, the Convenience Food Market within The Food market is heavily influenced by the country's unique geographical and cultural factors. As a developing nation with a diverse population, there is a high demand for affordable and convenient food options. Additionally, the government's regulatory policies play a significant role in shaping the market, with a focus on promoting local agricultural products and traditional cuisine. These factors contribute to the growth of local convenience food brands and the popularity of street food markets, making Guatemala a distinct market within the larger Food Market industry.

    Underlying macroeconomic factors:
    The Convenience Food Market in Guatemala is heavily influenced by macroeconomic factors such as consumer spending power, inflation rates, and overall economic stability. As the country's economy continues to grow and develop, there is a greater demand for convenience food options due to changing lifestyles and busier schedules. Additionally, government policies and investments in infrastructure and transportation also play a key role in the market's performance. Furthermore, global economic trends, such as the rise of e-commerce and increasing urbanization, have a significant impact on the convenience food market in Guatemala. These factors create a favorable environment for growth and innovation within the market.

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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