Food - Honduras

Honduras

Revenue in the Food market amounts to US$12.02bn in 2024. The market is expected to grow annually by 6.51% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$2.69bn in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$1,117.00 are generated in 2024.
In the Food market, 1.5% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 3,747.00m kg by 2029. The Food market is expected to show a volume growth of 2.8% in 2025.
The average volume per person in the Food market is expected to amount to 311.60kg 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 Honduras has been experiencing minimal growth, influenced by factors such as increasing demand for convenience and health-conscious food options, as well as the availability of online food services. The sub-markets of dairy products, meat, fruits, and vegetables are driving this growth, while the slow growth in processed foods and confectionery may be impacted by consumer preferences for healthier options.

Customer preferences: In recent years, consumer preferences in The Food market sector in Honduras have shown a shift towards healthier and more diverse food options. There is a growing demand for organic, locally sourced produce, as well as plant-based and gluten-free alternatives. This trend is driven by a combination of cultural influences, such as the traditional emphasis on fresh and natural ingredients, and evolving lifestyle factors, such as increasing awareness of the connection between diet and health. This has also led to an increase in the availability of health-conscious meal delivery services and online recipe resources.

Trends in the market: In Honduras, The Food market industry is experiencing a surge in demand for organic and locally sourced products. This trend is driven by a growing awareness of the benefits of sustainable and healthy eating, as well as a desire to support local farmers and businesses. As a result, many major players in the market are shifting towards offering more organic and locally sourced options. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and a need for greater transparency and traceability in supply chains. Additionally, there is potential for further growth in the market as consumers become more conscious of their food choices and look for more sustainable and ethical options.

Local special circumstances: In Honduras, The Food market is shaped by the country's diverse geography and rich cultural heritage. The mountainous terrain and fertile soil allow for a wide variety of crops to be grown, creating a diverse and unique food landscape. Additionally, the strong influence of indigenous and Spanish cultures has led to a fusion of traditional and modern flavors, making The Food market in Honduras stand out from its neighboring countries. Furthermore, the country's regulatory framework, which prioritizes locally produced goods, has also played a significant role in shaping the dynamics of The Food market.

Underlying macroeconomic factors: The Food market in Honduras is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The country's economy has been facing challenges due to political instability and high levels of poverty, which have resulted in a slow growth rate. However, recent efforts by the government to improve the business climate and attract foreign investment have shown promise, leading to a rise in consumer spending and demand for food products. Furthermore, the increasing urbanization and changing dietary preferences of the population have also contributed to the growth of The Food market in Honduras. These macroeconomic factors play a crucial role in shaping the performance of the market and will continue to do so in the foreseeable future.

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.