Food - Guatemala

Guatemala

Revenue in the Food market amounts to US$23.29bn in 2024. The market is expected to grow annually by 7.20% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$5.70bn 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$1,268.00 are generated in 2024.
In the Food market, 2.0% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 6,504.00m kg by 2029. The Food market is expected to show a volume growth of 3.4% in 2025.
The average volume per person in the Food market is expected to amount to 308.90kg 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 Guatemala has seen minimal growth due to factors such as low consumer spending power, limited access to technology, and lack of awareness about healthy food options. However, the market is expected to grow as the government promotes local production and consumption, and consumers become more health-conscious. This growth is also driven by the increasing demand for convenience food and the rising popularity of international cuisines. Despite these challenges, The Food market in Guatemala has the potential for significant growth in the future.

Customer preferences: As in the previous paragraph, consumers in The Food market in Guatemala are also experiencing shifts in their preferences. With the growing popularity of healthy eating and wellness trends, there has been an increase in demand for organic and locally-sourced products. This is driven by a desire for fresher and more sustainable options. Additionally, the rise of social media and influencer culture has also influenced consumer choices in The Food market, with a focus on aesthetically pleasing and Instagram-worthy dishes. Furthermore, there has been a noticeable increase in demand for plant-based and vegetarian options, reflecting a growing awareness and concern for environmental and ethical issues. This shift towards healthier and more conscious food choices is also driven by the rising middle class and their evolving lifestyles.

Trends in the market: In Guatemala, The Food market industry is experiencing a surge in demand for organic and locally-sourced products, as consumers become more health-conscious and environmentally aware. This trend is expected to continue as the country's middle class grows and places a higher value on sustainable and ethical food options. Industry stakeholders must adapt to this trend by investing in sustainable farming practices and promoting their products' authentic and ethical origins to appeal to consumers. Additionally, there is potential for the development of online platforms for direct-to-consumer sales, catering to the growing popularity of e-commerce in the country.

Local special circumstances: In Guatemala, The Food market is heavily influenced by the country's rich agricultural traditions and diverse cultural heritage. The market is driven by a strong demand for fresh, locally grown produce, as well as traditional dishes and ingredients. Additionally, government regulations and policies aimed at promoting sustainable farming practices and supporting small-scale farmers play a crucial role in shaping the market. These unique factors contribute to a vibrant and dynamic Food Market that sets it apart from other markets in the region.

Underlying macroeconomic factors: The Food market in Guatemala is heavily influenced by macroeconomic factors such as the country's GDP growth, inflation rates, and government policies. As the country continues to experience economic growth and stability, consumers have more disposable income to spend on food products. Additionally, changing dietary preferences and an increase in tourism have also contributed to the growth of the market. However, factors such as natural disasters and political instability can negatively impact market performance. Thus, it is crucial for businesses to stay updated on these macroeconomic indicators and adapt their strategies accordingly to succeed in the competitive Food Market in Guatemala.

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.