Food - G20

Revenue in the Food market amounts to US$6.70tn in 2024. The market is expected to grow annually by 5.87% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$1.03tn 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$1,344.00 are generated in 2024.
In the Food market, 9.5% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 2,291.00bn kg by 2029. The Food market is expected to show a volume growth of 3.9% in 2025.
The average volume per person in the Food market is expected to amount to 392.50kg 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 G20 has seen a steady growth rate due to various factors such as increasing demand for convenience food, rising health consciousness among consumers, and the availability of online food services. The sub-markets, such as Dairy Products & Eggs and Meat, Fish & Seafood, play a significant role in driving the overall market growth. Additionally, the growing trend of plant-based diets and the use of sustainable packaging in the food industry are also impacting the market's growth rate.

Customer preferences: As consumers become more health-conscious, there has been a notable increase in demand for organic, natural, and sustainable food options in The Food market market. This trend is driven by growing concerns about the environmental impact of food production and the desire for healthier, traceable food sources. Additionally, with the rise of social media and food blogging, there is a growing interest in trying new and exotic cuisines, leading to an increase in international food options and flavors in the market.

Trends in the market: In the G20, The Food market industry is experiencing a surge in online food delivery services, with a growing number of consumers turning to convenient and contactless options amidst the COVID-19 pandemic. In addition, there is a rising trend of plant-based and sustainable food products, driven by increasing awareness of health and environmental concerns. These trends are expected to continue in the coming years, with potential implications for industry stakeholders such as increased competition and the need for innovation to meet evolving consumer demands.

Local special circumstances: In China, The Food market industry has experienced significant growth due to the country's large and diverse population with varying dietary preferences. The market is also heavily influenced by the government's policies and regulations, which have led to the rise of online food delivery platforms. In the United States, the market is driven by the increasing health consciousness among consumers, leading to the demand for organic, healthy, and sustainable food options. The country's advanced technology and infrastructure have also contributed to the growth of e-commerce and direct-to-consumer food sales.

Underlying macroeconomic factors: The growth of The Food market market is also influenced by macroeconomic factors such as consumer spending, trade policies, and government subsidies. Countries with strong consumer spending and supportive trade policies are experiencing faster market growth compared to regions with economic uncertainty and limited government support. Additionally, population growth and changing dietary preferences globally are driving the demand for innovative food products and technologies to meet the evolving needs of consumers.

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.