Food - Jamaica

Jamaica

Revenue in the Food market amounts to US$3,948.00m in 2024. The market is expected to grow annually by 6.39% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$826.20m 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$1,398.00 are generated in 2024.
In the Food market, 4.2% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 1,053.00m kg by 2029. The Food market is expected to show a volume growth of 1.7% in 2025.
The average volume per person in the Food market is expected to amount to 345.70kg 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 Jamaica is experiencing minimal growth, influenced by factors such as consumer preferences for local produce, limited access to imported goods, and the impact of climate change on agricultural production. Additionally, the sub-markets of Dairy Products & Eggs, Meat, Fish & Seafood, Fruits & Nuts, Vegetables, Bread & Cereal Products, Oils & Fats, Sauces & Spices, Convenience Food, Spreads & Sweeteners, Confectionery & Snacks, Baby Food, Pet Food, Processed Vegetables, Fruit & Potatoes and Pasta & Rice play a significant role in shaping the overall market. The market's slow growth rate can also be attributed to the country's economic challenges and the impact of the global pandemic on consumer spending.

Customer preferences: The Food market in Jamaica has seen a rise in demand for healthier and more sustainable food options. This trend is driven by a growing awareness of the impact of food choices on personal health and the environment. This has led to an increase in the consumption of plant-based and organic products, as well as a preference for locally sourced ingredients. Additionally, there is a growing interest in traditional Jamaican cuisine, as consumers seek to connect with their cultural roots and support local small-scale producers.

Trends in the market: In Jamaica, The Food market industry is experiencing a growing demand for locally sourced, organic and sustainable food products. This trend is driven by consumers' increasing awareness and concern for their health and the environment. As a result, there is a rise in farmers markets and community-supported agriculture programs. This trajectory is significant as it promotes healthier and more environmentally-friendly food choices, while also supporting local farmers. It also presents opportunities for industry stakeholders to tap into the growing demand for these products and develop new marketing strategies to cater to this trend. Additionally, it could lead to partnerships between local farmers and larger retailers, creating a more diverse and sustainable food market in Jamaica.

Local special circumstances: In Jamaica, The Food market is heavily influenced by the country's rich cultural heritage and abundance of fresh, locally-sourced ingredients. The market is driven by the demand for traditional Jamaican dishes, as well as the growing interest in health and wellness, leading to the popularity of organic and plant-based options. Additionally, the country's tropical climate allows for year-round production of certain fruits and vegetables, giving Jamaican food a unique and diverse flavor profile compared to other markets. The government's focus on promoting local agriculture also plays a significant role in shaping The Food market in Jamaica.

Underlying macroeconomic factors: The Food market in Jamaica is heavily influenced by macroeconomic factors, such as the country's economic health and fiscal policies. Global economic trends also play a significant role in shaping the market, as well as the nation's investment in agriculture and trade policies. For instance, favorable trade agreements and government support for small-scale farmers have contributed to the growth of The Food market. However, challenges such as inflation and currency fluctuations can also impact market performance, affecting the purchasing power of consumers and the cost of imported goods. Overall, the market is heavily reliant on the broader economic landscape and policies in Jamaica.

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.