Food - LATAM

LATAM

Revenue in the Food market amounts to US$755.70bn in 2024. The market is expected to grow annually by 6.41% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$176.70bn 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$1,190.00 are generated in 2024.
In the Food market, 3.0% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 270.90bn kg by 2029. The Food market is expected to show a volume growth of 3.5% in 2025.
The average volume per person in the Food market is expected to amount to 374.50kg 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 LATAM has seen steady growth due to various factors such as increasing demand for convenience food, rising health consciousness among consumers, and the availability of a wide range of products including dairy, meat, fruits, vegetables, and more. However, the market's growth rate is minimal, influenced by ongoing economic challenges, changing consumer preferences, and increasing competition from alternative food options.

Customer preferences: As the demand for healthier and more sustainable food options continues to grow in LATAM, consumers are increasingly looking for plant-based alternatives to traditional meat products. This trend is being driven by a combination of cultural influences, including the popularity of vegetarian and vegan diets in the region, as well as concerns over the environmental impact of meat production. As a result, we are seeing a rise in the availability and variety of plant-based options in The Food market, catering to the shifting preferences of health-conscious and environmentally-conscious consumers.

Trends in the market: In LATAM, The Food market is experiencing a surge in demand for organic and sustainable products, as consumers become more health-conscious and environmentally aware. This trend is expected to continue, with a focus on clean labels and transparent sourcing. Additionally, there is a growing interest in plant-based alternatives and functional foods, such as probiotics and superfoods. These trends are significant for industry stakeholders, as they must adapt to changing consumer preferences and invest in innovative products. There may also be implications for supply chain management, as companies strive to meet the demand for ethically-sourced ingredients.

Local special circumstances: In LATAM, The Food market market is heavily influenced by the region's rich culinary heritage and diverse cultural influences. Each country has its own unique preferences and traditions when it comes to food, making it a highly dynamic and competitive market. Additionally, regulatory differences between countries can greatly impact the market, as some may have stricter food safety and labeling regulations than others. These factors contribute to the constantly evolving landscape of The Food market market in LATAM, making it a challenging yet exciting environment for businesses.

Underlying macroeconomic factors: The Food market market in LATAM is heavily influenced by macroeconomic factors such as economic stability, consumer spending power, and government policies. Countries with a stable economy and strong consumer confidence are experiencing higher market growth compared to those with economic volatility and low consumer purchasing power. Additionally, government policies such as trade agreements, tariffs, and subsidies can greatly impact The Food market by affecting production costs, import and export regulations, and market competition. Furthermore, rising health concerns and changing dietary preferences are driving the demand for healthier and more sustainable food options, leading to a shift in market trends and consumer behavior.

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.