Food - Finland

Finland

Revenue in the Food market amounts to US$17.97bn in 2024. The market is expected to grow annually by 3.83% (CAGR 2024-2029).
The market's largest segment is the segment Dairy Products & Eggs with a market volume of US$3.61bn 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$3,199.00 are generated in 2024.
In the Food market, 5.5% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 3,091.00m kg by 2029. The Food market is expected to show a volume growth of 1.5% in 2025.
The average volume per person in the Food market is expected to amount to 508.40kg 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 Finland has been experiencing slow growth, primarily due to a decline in consumption of traditional Finnish foods and increasing health awareness among consumers. Factors such as the rise of online grocery shopping and convenience food options have also impacted the market's growth rate. However, the sub-markets of convenience food, bread & cereal products, and sauces & spices are seeing slight growth due to changing consumer preferences. The market's negligible growth rate can also be attributed to the increasing competition from imported products and fluctuating prices of raw materials.

Customer preferences: Consumers in Finland are increasingly turning towards sustainable and locally sourced food options, driven by a growing awareness of environmental issues and a desire for healthier and more ethical choices. This trend is also influenced by a rise in vegetarian and vegan diets, as well as an increased interest in traditional Finnish cuisine and heritage foods. As a result, there has been a surge in demand for organic and plant-based products, as well as a focus on reducing food waste and supporting small-scale producers. This shift towards conscious consumption is also reflected in the popularity of farmer's markets and farm-to-table dining experiences.

Trends in the market: In Finland, The Food market is experiencing a rise in demand for locally sourced and organic products, driven by consumer preferences for healthy and sustainable food options. This trend is expected to continue, with a growing number of food companies investing in sustainable and ethical production methods. Additionally, there is a growing interest in plant-based and vegetarian options, as well as a push towards reducing food waste through innovative packaging and distribution solutions. These trends are significant for industry stakeholders as they must adapt to changing consumer demands and invest in sustainable practices to remain competitive in the market.

Local special circumstances: In Finland, The Food market is heavily influenced by the country's geographical location and cultural traditions. With a large coastline and access to fresh seafood, seafood products are a significant part of the Finnish diet. Additionally, the use of locally sourced and organic ingredients is highly valued, contributing to the country's reputation for high-quality, healthy food products. The Finnish government also has strict regulations on food safety and labeling, ensuring consumer confidence in the market. These unique factors have shaped The Food market in Finland, making it stand out from other markets and driving consumer demand for locally sourced and sustainable food options.

Underlying macroeconomic factors: The Food market in Finland is heavily influenced by macroeconomic factors such as the country's economic stability, consumer purchasing power, and government policies on food production and distribution. With a strong economy and high disposable income, Finnish consumers are willing to spend more on high-quality, locally-sourced food products. Moreover, the Finnish government's sustainable food policies and investments in agricultural technology have led to the growth of The Food market, catering to the increasing demand for organic, healthy, and sustainable food options. These factors contribute to the overall growth and success of The Food market in Finland.

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.