Food - Malaysia

Malaysia

Revenue in the Food market amounts to US$57.99bn in 2024. The market is expected to grow annually by 6.80% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$15.19bn 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$1,631.00 are generated in 2024.
In the Food market, 0.7% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 17.54bn kg by 2029. The Food market is expected to show a volume growth of 4.7% in 2025.
The average volume per person in the Food market is expected to amount to 406.20kg 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 Malaysia has been experiencing minimal growth, with factors such as changing consumer preferences, increasing health consciousness, and the convenience of online food services impacting the market. Sub-markets such as Dairy Products & Eggs, Meat, and Fruits & Nuts are seeing slower growth, while Convenience Food and Pet Food are growing at a faster pace. The market's overall growth rate is influenced by these sub-markets and their varying growth rates.

Customer preferences: The diverse cultural influences in Malaysia have led to a rise in demand for fusion cuisine, with a blend of traditional and foreign flavors. This reflects the changing preferences of Malaysian consumers, who are increasingly looking for unique and innovative food options. Moreover, the growing trend of health consciousness has led to a rise in demand for organic and plant-based products, as well as a shift towards healthier cooking methods such as grilling and steaming. These changes in consumer preferences are driven by a desire for healthier food options and a more diverse culinary experience.

Trends in the market: In Malaysia, The Food market industry is experiencing a surge in demand for healthier and more sustainable food options. As consumers become more health-conscious, there is a growing trend towards plant-based and organic products. This trend is being driven by a combination of factors, including concerns about the environment and animal welfare, as well as a desire for natural and nutritious food options. This trajectory is significant for industry stakeholders as it presents an opportunity for growth and innovation, particularly for companies that can adapt to this shift towards healthier and more sustainable food choices. However, there may also be potential implications for traditional food producers who may need to adjust their offerings to meet the changing preferences of consumers.

Local special circumstances: In Malaysia, The Food market is heavily influenced by the country's diverse cultural background and geographical location. With a mix of Malay, Chinese, and Indian cuisine, the market offers a unique blend of flavors and dishes. Additionally, Malaysia's tropical climate allows for a wide variety of fresh produce and seafood, making it a hub for local and international food trade. The country's halal certification also plays a significant role in shaping the market, catering to the Muslim population and influencing food production and distribution. Government regulations also play a role in promoting food safety and quality standards, ensuring a competitive and thriving market.

Underlying macroeconomic factors: The Food market in Malaysia is heavily influenced by macroeconomic factors such as economic growth, consumer spending patterns, and government policies. The country's strong economic growth and increasing disposable income have led to a rise in demand for high-quality and diverse food products. Additionally, the government's support for the agriculture sector and investments in food processing technologies have also contributed to the growth of the market. However, factors such as inflation, fluctuating commodity prices, and changing consumer preferences can impact market performance. Moreover, the recent COVID-19 pandemic has also affected The Food market, with disruptions in supply chains and changes in consumer behavior. Despite these challenges, The Food market in Malaysia is expected to continue growing due to the country's stable economic outlook and increasing focus on promoting sustainable and healthy food options.

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.