Food - Guinea

Guinea

Revenue in the Food market amounts to US$7.90bn in 2024. The market is expected to grow annually by 10.24% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$1.56bn 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$535.50 are generated in 2024.
In the Food market, 1.8% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 1,601.00m kg by 2029. The Food market is expected to show a volume growth of 2.2% in 2025.
The average volume per person in the Food market is expected to amount to 97.95kg 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 Guinea has been experiencing moderate growth due to a combination of factors such as increasing demand for convenience food, rising health consciousness, and the availability of online food services. The sub-markets for Dairy Products & Eggs, Meat, Fish & Seafood, Fruits & Nuts, Vegetables, Bread & Cereal Products, Oils & Fats, Sauces & Spices, Spreads & Sweeteners, Confectionery & Snacks, Baby Food, Pet Food, Processed Vegetables, Fruit & Potatoes and Pasta & Rice have also contributed to this growth. However, the market's growth rate is currently subdued due to challenges such as lack of infrastructure, low purchasing power, and limited access to technology. These factors are impacting the overall growth rate and hindering the full potential of The Food market in Guinea.

Customer preferences: Consumers in Guinea are showing a growing interest in locally sourced and organic food products, driven by a desire for healthier and more sustainable options. This trend is also fueled by the increasing awareness of the environmental impact of food production and the benefits of supporting local farmers. Additionally, there has been a rise in demand for ready-to-eat and convenience foods, as busy urban lifestyles and changing family structures have led to a shift towards smaller households and a higher demand for quick and easy meal solutions.

Trends in the market: In Guinea, The Food market industry is seeing a rise in e-commerce platforms and online food delivery services. This trend is driven by the increasing use of smartphones and internet access, particularly among younger consumers. As a result, traditional brick-and-mortar food markets are facing competition and are adapting to offer online options. This trend is significant as it reflects a shift in consumer behavior towards convenience and digitalization. Industry stakeholders should be aware of this trajectory and consider investing in online platforms and services to stay competitive in the evolving market.

Local special circumstances: In Guinea, The Food market is heavily influenced by the country's geography and cultural traditions. With a large emphasis on agriculture, the market is primarily driven by locally produced goods and traditional food practices. Additionally, the market is heavily regulated by the government, with strict food safety and quality standards in place. This creates a unique market dynamic, with a focus on locally sourced and traditional foods, as well as a strong emphasis on quality and safety. The market is also influenced by cultural preferences and customs, with certain foods and dishes being more popular in different regions of the country.

Underlying macroeconomic factors: The Food market market in Guinea is heavily influenced by macroeconomic factors such as national economic health, government policies, and global economic trends. The country's economic stability and growth directly affect the purchasing power and consumer behavior in The Food market. Additionally, government policies and fiscal measures, including taxation and subsidies, play a crucial role in shaping the market dynamics. Furthermore, global economic trends, such as changes in commodity prices and exchange rates, also impact the cost of production and distribution, ultimately affecting the market performance in Guinea. As the country continues to develop and diversify its economy, with a focus on agriculture and food production, macroeconomic factors will continue to play a significant role in shaping The Food market market in 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.