Food - Montenegro

Montenegro

Revenue in the Food market amounts to US$1,257.00m in 2024. The market is expected to grow annually by 5.14% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$310.40m in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$2,007.00 are generated in 2024.
In the Food market, 6.7% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 321.20m kg by 2029. The Food market is expected to show a volume growth of 2.2% in 2025.
The average volume per person in the Food market is expected to amount to 464.00kg 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 Montenegro is experiencing minimal growth due to various factors such as low consumer awareness, limited access to technology, and traditional food consumption habits. Despite the slow growth rate, the market is expected to expand in the future with increasing demand for convenience food and rising health consciousness among consumers. 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 all play a role in shaping the overall market, with potential for growth and innovation.

Customer preferences: One notable trend in The Food market market in Montenegro is the growing demand for organic and locally sourced products. This is driven by a shift towards healthier and more sustainable eating habits, as well as a desire to support local farmers and businesses. Additionally, there is a rising demand for convenience and online ordering options, as busy lifestyles and the COVID-19 pandemic have made in-person shopping less desirable. This has led to an increase in digital platforms and delivery services, catering to the evolving needs and preferences of consumers.

Trends in the market: In Montenegro, The Food market industry is experiencing a trend towards online and contactless delivery services, as well as an increase in demand for locally sourced and organic products. This trend is expected to continue, with consumers becoming more health-conscious and environmentally aware. Additionally, there is a growing interest in traditional Montenegrin cuisine, leading to the development of new food products and experiences. These trends present opportunities for industry stakeholders to innovate and cater to changing consumer preferences, while also promoting sustainability and supporting local producers.

Local special circumstances: In Montenegro, The Food market is heavily influenced by the country's coastal location and Mediterranean climate, which allows for a wide variety of fresh produce and seafood. Additionally, the cultural preference for family-style dining and traditional dishes has shaped the demand for locally-sourced ingredients and home-cooked meals. The regulatory environment also plays a role, with strict food safety regulations and a focus on organic and sustainable farming practices. These factors contribute to a unique and diverse food market in Montenegro, catering to both locals and tourists seeking authentic culinary experiences.

Underlying macroeconomic factors: The Food market in Montenegro is affected by macroeconomic factors such as economic stability, government policies, and consumer purchasing power. Montenegro's recent accession to the European Union has led to increased trade and investment opportunities, driving economic growth in the country. Additionally, the government's focus on promoting sustainable agriculture and food production is creating a favorable environment for The Food market. However, the country's high dependency on imports for food products and fluctuating inflation rates may pose challenges for market growth. Moreover, the rising disposable income of the Montenegrin population is driving demand for premium and healthy food options, presenting opportunities for market players to tap into this growing consumer segment.

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.