Ready-to-Eat Meals - Equatorial Guinea

Equatorial Guinea

Highlights

Revenue in the Ready-to-Eat Meals market amounts to US$109.10m in 2024. The market is expected to grow annually by 10.58% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$149bn in 2024).
In relation to total population figures, per person revenues of US$62.19 are generated in 2024.
In the Ready-to-Eat Meals market, volume is expected to amount to 23.76m kg by 2029. The Ready-to-Eat Meals market is expected to show a volume growth of 7.8% in 2025.0.
The average volume per person in the Ready-to-Eat Meals market is expected to amount to 9.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Ready-to-Eat Meals Market in Equatorial Guinea is experiencing subdued growth due to factors such as limited access to digital technologies, low health awareness among consumers, and a lack of convenience in online food services. Despite the convenience offered by these meals, the market's growth rate remains below expectations.

Customer preferences: Convenience and portability continue to be key factors driving the growth of the ready-to-eat meals market in Equatorial Guinea. With the rise in urbanization and busy lifestyles, consumers are increasingly seeking convenient meal options that require minimal preparation. This has led to a surge in demand for single-serve and on-the-go meals, catering to the needs of working professionals and busy families. Additionally, the emphasis on healthy and nutritious options has also influenced consumer preferences, leading to the development of healthier ready-to-eat meal options.

Trends in the market: In Equatorial Guinea, the Ready-to-Eat Meals Market within the Convenience Food Market is experiencing a surge in demand due to the growing urban population and changing consumer lifestyles. There is a rising trend of incorporating local and traditional flavors in these meals, catering to the cultural preferences of the population. This trajectory is significant for industry stakeholders as it presents opportunities for product innovation and expansion into new markets. It also has implications for the agriculture sector as it creates a demand for locally sourced ingredients. Additionally, the growing focus on healthy and convenient food options is driving the development of new product lines, such as organic and plant-based ready-to-eat meals.

Local special circumstances: In Equatorial Guinea, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is heavily influenced by the country's geographical location, which limits access to fresh produce and increases the demand for shelf-stable, ready-to-eat meals. Additionally, the country's diverse cultural influences, including Spanish, Portuguese, and French, have resulted in a unique fusion of flavors in the local cuisine, which in turn, affects the variety and preferences of ready-to-eat meals available in the market. Furthermore, the regulatory environment in Equatorial Guinea is relatively underdeveloped, leading to challenges in food safety and labeling for the convenience food industry.

Underlying macroeconomic factors: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market in Equatorial Guinea is also impacted by macroeconomic factors, such as the overall economic stability of the country, as well as global economic trends. A stable and growing economy in Equatorial Guinea can lead to higher consumer spending and increased demand for convenience foods, including ready-to-eat meals. Additionally, fiscal policies and government initiatives that support the food industry, such as investment in food processing technology and infrastructure, can also drive market growth. However, challenges such as limited access to capital and high import costs due to a small domestic market can hinder market expansion. Furthermore, the impact of the COVID-19 pandemic on the global economy and consumer behavior may also affect the growth of the Ready-to-Eat Meals Market in Equatorial Guinea.

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.