Food - G7

Revenue in the Food market amounts to US$2,184.00bn in 2024. The market is expected to grow annually by 3.53% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$338.50bn 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$2,788.00 are generated in 2024.
In the Food market, 12.3% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 455.60bn kg by 2029. The Food market is expected to show a volume growth of 1.6% in 2025.
The average volume per person in the Food market is expected to amount to 537.60kg 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

Region

Region comparison

Currency

Analyst Opinion

The Food market in G7 has seen slow growth, affected by factors such as changing consumer preferences, increasing health consciousness, and the popularity of convenience and online food services. The sub-markets, such as Dairy Products & Eggs and Meat, have also influenced the overall market's growth rate, with a focus on healthier and more sustainable options. However, challenges like supply chain disruptions and rising production costs have hindered the market's growth potential.

Customer preferences: As health and wellness become a growing priority for consumers, there has been a rise in demand for plant-based and functional foods. This trend is driven by concerns for personal health, sustainability, and ethical considerations. As a result, food companies are increasingly offering a variety of options that cater to these preferences, such as meat alternatives, superfoods, and fortified products. This shift towards more conscious food choices aligns with the growing interest in health and well-being among consumers.

Trends in the market: In the global Food Market industry, there is a growing trend of incorporating technology and data analytics into various aspects of the supply chain. This includes the use of IoT devices to track inventory and optimize storage, as well as the adoption of blockchain technology for traceability and transparency. These trends are significant as they can improve efficiency, reduce waste, and enhance food safety. However, stakeholders must carefully consider the potential implications, such as data privacy concerns and the need for proper infrastructure and training to fully utilize these technologies. As seen in the current trajectory, it is likely that these trends will continue to shape The Food market market and transform the way businesses operate.

Local special circumstances: In The Food market, geographical and cultural factors play a crucial role in shaping the market dynamics. For instance, in South Korea, the rise of online food delivery services can be attributed to the busy lifestyle of the urban population and the popularity of convenience culture. In contrast, in France, where food is considered a cultural staple, traditional markets still dominate the food industry. Additionally, regulatory policies, such as food safety regulations, heavily influence consumer behavior and affect the growth of the market.

Underlying macroeconomic factors: The Food market market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, a strong economy with high consumer spending and low unemployment rates can drive demand for food products, while a weak economy with low consumer confidence and high unemployment rates can lead to lower demand. Moreover, changes in government policies, such as trade agreements and tariffs, can also affect the market by influencing the cost of production and trade flows. Additionally, consumer income levels and purchasing power can greatly influence the types of food products that are in demand. As such, understanding these macroeconomic factors is crucial for businesses operating in The Food market market to anticipate and adapt to changing market conditions.

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.