Food - Cyprus

Cyprus

Revenue in the Food market amounts to US$2,565.00m in 2024. The market is expected to grow annually by 4.78% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$537.00m 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$2,022.00 are generated in 2024.
In the Food market, 8.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 555.40m kg by 2029. The Food market is expected to show a volume growth of 2.8% in 2025.
The average volume per person in the Food market is expected to amount to 385.60kg 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.

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Analyst Opinion

The Food market in Cyprus has been experiencing slow growth, influenced by factors such as a shift towards healthier eating habits, growing demand for locally sourced products, and the convenience of online grocery shopping. While there is minimal growth in the overall market, certain sub-markets, such as fruits and nuts and convenience food, are seeing higher demand due to changing consumer preferences. Additionally, the introduction of new regulations on food safety and labeling is also impacting the market's growth rate.

Customer preferences: The Food market in Cyprus has seen a noticeable increase in demand for locally-sourced and organic products, as consumers prioritize sustainable and healthy food options. This trend is influenced by the growing awareness of the environmental impact of food production and the health benefits of natural ingredients. Additionally, there has been a rise in the popularity of plant-based alternatives and gluten-free options, as consumers become more health-conscious and mindful of dietary restrictions. This shift towards healthier and more sustainable food choices is also driven by the increasing number of health and wellness blogs and social media influencers promoting these lifestyles.

Trends in the market: In Cyprus, The Food market industry is experiencing a shift towards more sustainable and locally sourced products. Consumers are becoming increasingly aware of the environmental impact of their food choices and are seeking out organic and ethically produced options. This trend is expected to continue, with government initiatives promoting sustainable agriculture and consumer demand driving the growth of small-scale, artisanal food producers. Industry stakeholders will need to adapt to these changing consumer preferences, potentially leading to new product offerings and partnerships with local farmers and suppliers.

Local special circumstances: In Cyprus, The Food market industry is heavily influenced by the country's Mediterranean location and cultural traditions. The warm climate and fertile soil allow for the production of high-quality fruits, vegetables, and olive oil, which are staples in the Cypriot diet. This, combined with the local preference for fresh and locally sourced ingredients, has created a strong demand for locally produced food products. Additionally, strict regulations on food safety and labeling have helped to build consumer trust in the market. These unique factors contribute to the dynamic and competitive nature of The Food market industry in Cyprus.

Underlying macroeconomic factors: The Food market in Cyprus is influenced by various macroeconomic factors, including the country's economic growth and stability, government fiscal policies, and global economic trends. The recent economic recovery in Cyprus has led to increased consumer spending and a growing demand for quality food products. Additionally, the country's strong tourism industry and significant investments in infrastructure have contributed to the growth of The Food market. However, the market is also affected by global economic fluctuations, such as changes in commodity prices and trade policies. As a result, businesses operating in The Food market in Cyprus need to closely monitor these macroeconomic factors to make informed decisions and adapt to changing market conditions.

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.