Food - Hungary

Hungary

Revenue in the Food market amounts to US$18.22bn in 2024. The market is expected to grow annually by 6.74% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$3.61bn 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$1,883.00 are generated in 2024.
In the Food market, 1.1% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 5,272.00m kg by 2029. The Food market is expected to show a volume growth of 2.7% in 2025.
The average volume per person in the Food market is expected to amount to 479.00kg 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

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Analyst Opinion

The Food market in Hungary is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online food services. Additionally, the sub-markets of dairy, meat, fruits, and vegetables play a significant role in shaping the overall market. The market growth rate is impacted by various factors, including fluctuating prices, government regulations, and competition from imported products.

Customer preferences: Over the past few years, there has been a noticeable increase in demand for organic and locally sourced food products in Hungary. This trend is driven by a growing awareness among consumers about the importance of sustainable and environmentally-friendly practices. Additionally, there has been a shift towards healthier food options, with more individuals seeking out plant-based and gluten-free products. This can be attributed to a rise in health-consciousness and a desire for clean and natural ingredients. As a result, there has been a rise in the availability of these products in The Food market, catering to the changing preferences of consumers.

Trends in the market: In Hungary, The Food market industry is experiencing a surge in demand for organic and locally sourced products, reflecting a growing consumer preference for healthier and more sustainable food options. This trend is expected to continue, with an increasing number of food producers and retailers adopting sustainable and ethical practices in response to consumer demand. This shift towards conscious consumption is also driving innovation in the industry, with the introduction of new technologies and packaging solutions that promote transparency and traceability. These developments have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and embrace sustainable practices to remain competitive in the market.

Local special circumstances: In Hungary, The Food market is heavily influenced by the country's rich agricultural tradition and its location in the heart of Europe. The market is driven by a strong demand for locally sourced, fresh produce, as well as a growing trend towards healthy and organic food options. Additionally, the government's strict regulations on food safety and quality control ensure that consumers have access to high-quality products. The unique combination of these factors creates a competitive and dynamic market, where both domestic and international players must adapt to meet the specific needs and preferences of the Hungarian consumer.

Underlying macroeconomic factors: The Food market market in Hungary is greatly impacted by macroeconomic factors such as changes in global economic trends, the country's economic health, fiscal policies, and other financial indicators. Countries with stable economic conditions and supportive fiscal policies are likely to experience growth in The Food market, while those with economic challenges and restrictive policies may face slower growth. Furthermore, the rising prevalence of health-conscious consumers and a growing demand for sustainable and organic food products are also influencing the market in Hungary. This is driven by a shift towards healthier lifestyles and a growing awareness of the environmental impact of food production.

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.