Food - Equatorial Guinea

Equatorial Guinea

Revenue in the Food market amounts to US$2,113.00m in 2024. The market is expected to grow annually by 8.17% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$356.70m 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$1,204.00 are generated in 2024.
In the Food market, 4.2% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 577.40m kg by 2029. The Food market is expected to show a volume growth of 5.2% in 2025.
The average volume per person in the Food market is expected to amount to 260.50kg 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 Food market in Equatorial Guinea is experiencing minimal growth, influenced by factors such as limited access to technology and low health awareness among consumers. Despite this, the market shows potential for growth due to the increasing demand for convenience food and the rising popularity of online shopping. Additionally, government initiatives promoting domestic food production and investments in infrastructure may also impact the market's growth rate positively. However, challenges such as lack of infrastructure and resources, as well as the high cost of imported goods, may hinder the growth of the market.

Customer preferences: As Equatorial Guinea's economy continues to grow, there has been a noticeable shift in consumer preferences towards healthier and more sustainable food options. This trend is driven by increasing awareness of the health and environmental benefits of organic and locally sourced produce. Furthermore, with the rise of social media and influencer culture, there has been a growing demand for visually appealing and Instagram-worthy food products, leading to a rise in artisanal and gourmet food offerings in the market.

Trends in the market: In Equatorial Guinea, The Food market industry is experiencing a rise in demand for locally sourced and organic products. This trend is driven by a growing awareness of the health benefits of natural food, as well as a desire to support local farmers and promote sustainable practices. As a result, industry stakeholders are investing in developing and promoting these products, while also implementing eco-friendly packaging and distribution methods. This trend is expected to continue, with potential implications for the industry including increased competition and the need for continuous innovation in product offerings and marketing strategies.

Local special circumstances: In Equatorial Guinea, The Food market is heavily influenced by the country's tropical climate and abundant natural resources. The market is primarily driven by the local demand for fresh produce and seafood, with a focus on sustainability and traditional farming practices. Additionally, government regulations and cultural preferences play a major role in shaping the market, with a strong emphasis on locally grown and sourced products. This unique combination of factors creates a distinct market dynamic that sets Equatorial Guinea apart from other countries in the region.

Underlying macroeconomic factors: The Food market in Equatorial Guinea is greatly impacted by macroeconomic factors such as the country's overall economic health and global economic trends. As a developing nation, Equatorial Guinea's economic growth is heavily reliant on its oil reserves, making it vulnerable to fluctuations in global oil prices. Additionally, the country's fiscal policies, such as its budget allocation for agriculture and food production, can greatly influence market performance. Other financial indicators, such as inflation rates and foreign investment, also play a role in shaping The Food market in Equatorial Guinea.

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.