Food - Guyana

Guyana

Revenue in the Food market amounts to US$548.20m in 2024. The market is expected to grow annually by 7.74% (CAGR 2024-2029).
The market's largest segment is the segment Confectionery & Snacks with a market volume of US$102.60m 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$668.90 are generated in 2024.
In the Food market, 12.7% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 290.20m kg by 2029. The Food market is expected to show a volume growth of 2.9% in 2025.
The average volume per person in the Food market is expected to amount to 304.20kg 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 Guyana has seen limited growth due to factors such as low consumer awareness, lack of access to digital technologies, and limited availability of online food services. However, increasing demand for convenience and healthy food options, as well as government initiatives to promote local agriculture, are expected to drive growth in sub-markets such as Fruits & Nuts, Vegetables, and Oils & Fats. The market's minimal growth rate is also impacted by challenges such as limited infrastructure and high import costs for processed foods.

Customer preferences: As Guyana's economy continues to grow, there has been a noticeable increase in disposable income among its citizens. This has resulted in a shift in consumer preferences, with a growing demand for convenience and quality in The Food market. As a result, there has been a rise in popularity of online grocery shopping and delivery services. Additionally, there has been a growing interest in health and wellness, leading to an increase in demand for organic and locally sourced products. This trend is also influenced by the cultural value placed on fresh and natural foods in Guyana.

Trends in the market: In Guyana's Food Market, there is a clear trend towards incorporating more locally-sourced and organic ingredients. This shift towards sustainability and health-consciousness has been driven by consumer demand for fresher and more environmentally-friendly options. Additionally, there is a growing interest in incorporating traditional Guyanese flavors and dishes into modern cuisine, catering to a sense of cultural pride and nostalgia. These trends not only reflect a changing consumer landscape but also present opportunities for market players to differentiate themselves and tap into a growing niche market. As the demand for sustainable and culturally-rich food options continues to rise, industry stakeholders should consider incorporating these trends into their strategies to stay competitive in the evolving market.

Local special circumstances: In Guyana, The Food market is heavily influenced by its tropical climate and rich cultural diversity. The country's location on the northern coast of South America makes it a prime location for agriculture, resulting in a variety of locally grown produce. The population's diverse ethnic backgrounds also contribute to the unique flavors and dishes found in the market. Additionally, regulatory factors, such as import restrictions and tariffs, play a significant role in shaping the market, as the government aims to protect and promote local products. This combination of geographical, cultural, and regulatory factors creates a dynamic and distinct food market in Guyana.

Underlying macroeconomic factors: The Food market in Guyana is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Guyana's economy has seen steady growth in recent years, with a GDP growth rate of 4.1% in 2020. This growth has been fueled by the country's focus on diversifying its economy and increasing foreign investment. Additionally, Guyana's government has implemented policies to support the agriculture sector, which plays a significant role in the country's food market. However, challenges such as inflation and currency fluctuations can impact the market's performance and create uncertainties for businesses operating in the food industry.

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.