Food - Cuba

Cuba

Revenue in the Food market amounts to US$17.23bn in 2024. The market is expected to grow annually by 5.10% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$4.72bn in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$1,542.00 are generated in 2024.
In the Food market, 0.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 4,413.00m kg by 2029. The Food market is expected to show a volume growth of 2.5% in 2025.
The average volume per person in the Food market is expected to amount to 357.50kg 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 Cuban food market has seen slow growth due to factors such as limited access to digital technologies, low health awareness, and reliance on traditional food practices. However, increasing demand for convenience and shifting consumer preferences towards healthier options may drive growth in sub-markets like fruits & nuts and vegetables. The market's growth rate is impacted by government regulations and limited imports, but innovations in production and distribution may contribute to future growth.

Customer preferences: As Cuban cuisine gains popularity worldwide, there has been a surge in demand for authentic Cuban ingredients and spices. This trend is driven by consumers' desire for unique and exotic flavors, as well as the growing interest in cultural diversity and global cuisine. Moreover, the increasing availability of international grocery stores and online shopping options has made it easier for consumers to access and incorporate Cuban ingredients into their diets. This shift towards diverse and global flavors reflects a growing interest in cultural experiences and a desire for more adventurous and diverse taste profiles.

Trends in the market: In Cuba, The Food market industry is experiencing a significant trend towards sustainable and locally sourced products. This is driven by the government's push for self-sufficiency and the growing demand for organic and environmentally-friendly foods. This trend is expected to continue as the government invests in agriculture and encourages small-scale farming. This has significant implications for industry stakeholders, as there is a potential for increased competition and a shift towards more sustainable farming practices. Additionally, as consumers become more conscious of their food choices, companies may need to adapt their strategies to meet these changing demands.

Local special circumstances: In Cuba, The Food market is heavily influenced by the country's unique geographical and cultural circumstances. The island nation's isolation from the global market has led to a reliance on local produce and traditional cooking methods. Additionally, strict government regulations and restrictions on private enterprise have limited the growth of large-scale food businesses. This has resulted in a market dominated by small, family-owned businesses and a strong emphasis on community and sustainability. These factors have created a distinct and dynamic food market in Cuba, setting it apart from other markets around the world.

Underlying macroeconomic factors: The performance of The Food market in Cuba is greatly impacted by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. With Cuba's recent economic growth and improved trade relations with other countries, The Food market is expected to experience a positive growth trajectory. The implementation of new fiscal policies and investments in the food industry by the government are also contributing to the market's growth. However, challenges such as limited access to resources and infrastructure may hinder the market's potential. The increasing demand for quality and diverse food options in the country, driven by a growing population and rising income levels, presents opportunities for market growth.

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.