Food - Ecuador

Ecuador

Revenue in the Food market amounts to US$16.76bn in 2024. The market is expected to grow annually by 3.21% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$4.01bn 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$924.20 are generated in 2024.
In the Food market, 4.1% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 4,449.00m kg by 2029. The Food market is expected to show a volume growth of 1.8% in 2025.
The average volume per person in the Food market is expected to amount to 226.60kg 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.

Market

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Analyst Opinion

The Food market in Ecuador is facing challenges in terms of growth, with a negligible growth rate. Factors such as the country's economic instability and changing consumer preferences are impacting the market. However, the increasing demand for healthier and convenient food options, as well as the growing trend of online food shopping, are driving some growth in sub-markets like Dairy Products & Eggs and Convenience Food. Overall, the market is expected to continue facing moderate growth in the foreseeable future.

Customer preferences: Consumers in Ecuador are increasingly looking for healthier and more sustainable food options, leading to a rise in demand for organic and locally sourced products. This trend is driven by a growing awareness of the impact of food choices on personal health and the environment. Additionally, as more Ecuadorians adopt busier lifestyles, there is a shift towards convenient and on-the-go food options, such as ready-to-eat meals and snack bars. This trend is also influenced by the rising influence of Western fast food chains in the country.

Trends in the market: In Ecuador, The Food market industry is experiencing a surge in online grocery shopping and delivery services. This trend has been accelerated by the COVID-19 pandemic and is expected to continue as consumers become more accustomed to the convenience and safety of buying food online. The significance of this trend is reflected in the increased investment by major players in developing and expanding their e-commerce capabilities. Industry stakeholders should pay attention to this trajectory and invest in strengthening their online presence to remain competitive in the market. Additionally, this trend has implications for supply chain management and logistics, as companies will need to adapt to the increased demand for timely and efficient delivery services.

Local special circumstances: In Ecuador, The Food market is heavily influenced by the country's diverse geography and rich agricultural resources. The market is driven by the demand for traditional local produce, such as quinoa, cacao, and bananas, which are highly valued in international markets. Additionally, the country's strong cultural tradition of using fresh ingredients in cooking has led to a thriving local food industry. However, regulatory challenges, such as strict import and export regulations, can impact the market dynamics and limit the availability of certain products.

Underlying macroeconomic factors: The Food market in Ecuador is heavily impacted by macroeconomic factors such as economic stability, government policies, and global market trends. The country's overall economic health, including its GDP growth and inflation rates, play a crucial role in determining the purchasing power of consumers and their willingness to spend on food products. Additionally, government fiscal policies, such as taxes and subsidies, can significantly affect the cost of food production and distribution. Moreover, global economic trends, such as trade agreements and currency exchange rates, can impact the import and export of food products, influencing the overall market 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.