Food - Lesotho | Statista Market Forecast

Food - Lesotho

Lesotho

Highlights

Revenue in the Food market amounts to US$745.30m in 2024. The market is expected to grow annually by 8.30% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$143.60m in 2024.
In global comparison, most revenue is generated China (US$2tn in 2024).
In relation to total population figures, per person revenues of US$316.30 are generated in 2024.
In the Food market, 8.2% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 258.50m kg by 2029. The Food market is expected to show a volume growth of 3.9% in 2025.0.
The average volume per person in the Food market is expected to amount to 95.50kg in 2024.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Food market in Lesotho has been experiencing slow growth, influenced by factors such as limited access to technology, low health awareness, and reliance on traditional food sources. The sub-markets of dairy, meat, fruits, and vegetables have seen some growth, but convenience food, spreads, and snacks have faced challenges. This minimal growth rate is impacted by the country's economic struggles and lack of infrastructure for food production and distribution.

Customer preferences: Consumers in Lesotho are increasingly turning towards healthier food options, driven by a growing awareness of the link between diet and health. This has led to a rise in demand for organic and locally sourced produce, as well as gluten-free and plant-based alternatives. Furthermore, there is a growing preference for convenience and ready-to-eat meals, as busy lifestyles and urbanization continue to shape consumer habits. This trend is also reflected in the popularity of online grocery shopping and food delivery services.

Trends in the market: In Lesotho, The Food market industry is currently experiencing a rise in demand for locally sourced, organic products. This trend is driven by consumer preferences for healthier and more sustainable food options. As a result, farmers are increasingly shifting towards organic farming methods and small-scale producers are gaining more recognition. This trajectory is significant as it promotes the growth of the local economy and supports the livelihoods of small-scale farmers. Additionally, it has the potential to attract investment in the agricultural sector and improve food security in the country. However, this trend also poses challenges for larger food companies who may struggle to adapt to this shift in consumer preferences. It also raises questions about supply chain management and the availability of organic certification for local producers. Overall, the rise of organic, locally sourced food in Lesotho's market has both positive and potentially disruptive implications for industry stakeholders.

Local special circumstances: In Lesotho, The Food market is heavily influenced by the country's geography and climate. Due to its mountainous terrain and limited arable land, the production of certain crops and livestock is challenging and often relies on imports. This has led to a unique market dynamic where local produce is highly valued, and imported goods are often more expensive. Additionally, cultural factors such as traditional food preferences and dietary restrictions also play a significant role in shaping The Food market in Lesotho. With limited regulations on food imports, the market is highly competitive, with local and international brands vying for consumer attention. This has led to a diverse range of products available, catering to the diverse needs and tastes of the Lesotho population.

Underlying macroeconomic factors: The Food market in Lesotho is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. As a small, developing country, Lesotho's food market is impacted by fluctuations in global food prices, as well as its own economic stability. The country's reliance on agriculture and its exposure to natural disasters also play a significant role in the performance of its food market. Additionally, government policies and investments in infrastructure, such as transportation and storage facilities, can greatly affect the supply and demand of food products. The increasing prevalence of chronic diseases and the growing population in Lesotho also present opportunities for growth in The Food market, as consumers seek healthier and more sustainable food options.

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.