Food - Mongolia

  • Mongolia
  • Revenue in the Food market amounts to US$5,069.00m in 2024. The market is expected to grow annually by 12.14% (CAGR 2024-2029).
  • The market's largest segment is the segment Meat with a market volume of US$1,345.00m 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$1,451.00 are generated in 2024.
  • In the Food market, 1.9% of total revenue will be generated through online sales by 2024.
  • In the Food market, volume is expected to amount to 1,359.00m kg by 2029. The Food market is expected to show a volume growth of 4.8% in 2025.
  • The average volume per person in the Food market is expected to amount to 324.50kg in 2024.

Key regions: United States, Canada, China, India, South Korea

 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

The Food market in Mongolia is experiencing moderate growth, driven by factors such as increasing demand for convenience food, rising consumer awareness about healthy eating, and the availability of online food services. The sub-markets of Dairy Products & Eggs, Meat, Fish & Seafood, Fruits & Nuts, Vegetables, Bread & Cereal Products, Oils & Fats, Sauces & Spices, Spreads & Sweeteners, Confectionery & Snacks, Baby Food, Pet Food, Processed Vegetables, Fruit & Potatoes and Pasta & Rice all contribute to this growth. However, challenging terrain and limited infrastructure in Mongolia impact the market's growth rate, resulting in mild growth overall.

Customer preferences:
As Mongolia's economy continues to grow, consumer preferences in The Food market are also evolving. With a rising middle class, there is a growing demand for healthier and more convenient options. This has led to an increase in the popularity of organic and natural products, as well as a demand for online food delivery services. Additionally, there is a trend towards plant-based and vegetarian options, reflecting a shift towards healthier and more environmentally conscious lifestyles.

Trends in the market:
In Mongolia, The Food market is experiencing a surge in demand for organic and locally-sourced products, as consumers become more health-conscious and environmentally aware. This trend is expected to continue as the government promotes sustainable agriculture and supports small-scale producers. Additionally, there is a growing trend of online food delivery services, providing convenience for busy urban consumers. These trends are significant for industry stakeholders, as they highlight the importance of catering to changing consumer preferences and investing in technology to improve supply chain efficiency. However, there may be potential implications for traditional food retailers who may struggle to compete with these emerging trends.

Local special circumstances:
In Mongolia, The Food market is heavily influenced by the country's nomadic traditions and harsh climate. Due to the vastness of the landscape and limited access to fresh produce, the market is dominated by traditional, preserved foods like dried meats and dairy products. Additionally, government regulations on food imports and exports also play a significant role in shaping the market. These unique factors contribute to a distinct market dynamic, with a focus on locally sourced and preserved foods.

Underlying macroeconomic factors:
The Food market in Mongolia is heavily influenced by macroeconomic factors such as economic growth, inflation rates, and government policies. Mongolia's economic growth has been relatively stable in recent years, with a GDP growth rate of 5.1% in 2019. However, the country has experienced high inflation rates, which have negatively impacted consumer purchasing power. In addition, government policies, such as import tariffs and trade agreements, can significantly impact The Food market by affecting the availability and prices of imported goods. Furthermore, the global economic slowdown and trade tensions between major economies can also have a ripple effect on Mongolia's food market, as it heavily relies on imports for some food products.

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.

Overview

  • Revenue
  • Volume
  • Price
  • Sales Channels
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)