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Convenience Food - Guyana

Guyana
  • Revenue in the Convenience Food market amounts to US$27.04m in 2024. The market is expected to grow annually by 6.26% (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$32.99 are generated in 2024.
  • In the Convenience Food market, volume is expected to amount to 16.75m kg by 2029. The Convenience Food market is expected to show a volume growth of 2.0% in 2025.0.
  • The average volume per person in the Convenience Food market is expected to amount to 18.2kg 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 Guyana has seen slight growth due to factors such as busy lifestyles, increasing urbanization, and the availability of a variety of ready-to-eat meals and soups. However, the market's growth rate is minimal due to challenges such as low consumer awareness and limited distribution channels in remote areas.

    Customer preferences:
    With the growing popularity of convenience food in Guyana, there has been a noticeable shift towards healthier and more nutritious options. This trend is driven by the increasing awareness of the importance of a balanced diet and the influence of Western dietary practices. Consumers are also showing a preference for locally sourced and organic convenience food products, reflecting their desire for more sustainable and environmentally friendly choices. Additionally, the rise in dual-income households and busy lifestyles has led to a demand for time-saving and ready-to-eat convenience meals, further fueling the growth of this market.

    Trends in the market:
    In Guyana, the Convenience Food Market within The Food market is experiencing a surge in demand for healthier and more diverse options. This trend is driven by a growing awareness of the importance of nutrition and convenience in busy lifestyles. As a result, there is an increase in the availability of plant-based and organic convenience foods. This trajectory is significant as it caters to the changing preferences of consumers and presents opportunities for industry stakeholders to innovate and cater to this market segment. However, it also poses challenges for traditional convenience food manufacturers who may need to adapt their products to meet these new demands.

    Local special circumstances:
    In Guyana, the Convenience Food Market is heavily influenced by the country's diverse cultural landscape. Due to the varied ethnic groups and their culinary preferences, the market offers a wide range of convenient food options, such as Chinese, Indian, and Caribbean fusion cuisines. Additionally, the country's tropical climate and fertile land allow for the production of a variety of fresh fruits and vegetables, which are often incorporated into convenience food products. This cultural and geographical diversity greatly impacts the market dynamics, making it a unique and vibrant sector within the overall Food Market.

    Underlying macroeconomic factors:
    The Convenience Food Market within The Food market in Guyana is greatly impacted by macroeconomic factors such as inflation, consumer purchasing power, and government policies. With a growing economy and increasing disposable income, there is a rising demand for convenience food products in the market. However, fluctuating inflation rates and changing consumer preferences can also affect the market growth. Moreover, government initiatives to promote healthy eating habits and regulate food labeling also play a significant role in shaping the convenience food market in Guyana. Furthermore, global economic trends and trade policies can also influence the import and export of convenience food products, thus impacting the market's performance.

    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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    Convenience Food: market data & analysis - BackgroundConvenience Food: market data & analysis - Cover

    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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