Food - Eastern Asia

Eastern Asia

Highlights

Revenue in the Food market amounts to US$2.21tn in 2024. The market is expected to grow annually by 6.25% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$365.60bn in 2024.
In global comparison, most revenue is generated China (US$2tn in 2024).
In relation to total population figures, per person revenues of US$1.35k are generated in 2024.
In the Food market, 14.7% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 610.50bn kg by 2029. The Food market is expected to show a volume growth of 5.4% in 2025.0.
The average volume per person in the Food market is expected to amount to 301.00kg in 2024.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eastern Asian food market has seen steady growth due to factors like increasing demand for convenience, health-conscious consumers, and growing adoption of digital technologies. However, the minimal growth rate can be attributed to factors like rising costs of production and distribution, changing consumer preferences, and strict regulations.

Customer preferences: As The Food market in Eastern Asia continues to grow, there has been a noticeable shift in consumer preferences towards healthier and more sustainable options. This change is influenced by cultural beliefs in balance and harmony, as well as a rise in health-consciousness among younger generations. This has led to an increased demand for organic and locally-sourced products, as well as a surge in plant-based and vegetarian diets. Furthermore, with the rise of social media and e-commerce, consumers are also becoming more interested in the stories and values behind the food they consume, creating a demand for transparency and ethical sourcing practices from food companies.

Trends in the market: In Eastern Asia, The Food market industry is experiencing a surge in demand for healthy and sustainable food options. This trend is driven by the increasing awareness and concern for health and wellness among consumers. As a result, there is a growing demand for organic, plant-based, and locally-sourced food products. This trajectory is significant as it not only presents opportunities for industry players to tap into this market, but also aligns with the global movement towards more sustainable and ethical food consumption. Industry stakeholders must adapt and innovate to cater to this trend and its potential implications on consumer preferences and purchasing behavior.

Local special circumstances: In Eastern Asia, The Food market is heavily influenced by the region's rich culinary traditions and diverse cultural landscape. Countries such as China, Japan, and South Korea have their own unique food cultures, with specific ingredients, cooking techniques, and flavor profiles. This creates a highly competitive market with a wide range of products and offerings. Additionally, regulatory circumstances play a major role in shaping The Food market in this region. For example, China has strict food safety regulations that impact the production and distribution of food products, while Japan has a strong emphasis on high-quality, locally-sourced ingredients. These factors contribute to the dynamic and ever-evolving nature of The Food market in Eastern Asia.

Underlying macroeconomic factors: The Food market market in Eastern Asia is heavily influenced by macroeconomic factors such as changing consumer preferences, economic growth, and government policies. As the economy in this region continues to grow, the demand for food and beverage products is also increasing. Moreover, the rising income levels and changing lifestyles are driving the demand for convenience foods, leading to a shift in The Food market landscape. Additionally, government initiatives promoting healthy eating habits and food safety regulations are also shaping the market. These factors are expected to drive market growth in the coming years as consumers become more health-conscious and demand high-quality, safe, and convenient food products.

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.