Food - NAFTA | Statista Market Forecast

Food - NAFTA

NAFTA

Highlights

Revenue in the Food market amounts to US$1.18tn in 2024. The market is expected to grow annually by 4.52% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$207.10bn 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$2.31k are generated in 2024.
In the Food market, 17.7% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 281.10bn kg by 2029. The Food market is expected to show a volume growth of 2.3% in 2025.0.
The average volume per person in the Food market is expected to amount to 496.00kg 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 NAFTA has seen minimal growth due to various factors such as changing consumer preferences, increasing health consciousness, and the convenience of online food services. 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 play a significant role in shaping the overall market. However, this growth rate is impacted by factors such as fluctuating prices of raw materials, changing government regulations, and rising competition from alternative health products.

Customer preferences: Consumers in The Food market are becoming more health-conscious and environmentally aware, driving a demand for sustainable and ethically-sourced food products. There is also a growing interest in plant-based and alternative protein options, as well as a shift towards cleaner, minimally processed foods. Additionally, the rise of social media and food bloggers has influenced consumer preferences, with a greater emphasis on visually appealing and Instagram-worthy meals. As consumers become more educated about food production and sourcing, they are seeking transparency and authenticity from food brands.

Trends in the market: In The Food market, there is a growing trend of incorporating technology into the supply chain to improve efficiency and transparency. This includes the use of blockchain to track food safety and origin, as well as the adoption of online ordering and delivery services. Additionally, there is a rise in demand for organic and locally sourced products, driven by consumer desire for healthier and more sustainable options. These trends are significant as they address consumer needs and preferences, but also pose challenges for industry stakeholders to adapt and compete in a rapidly changing market. With the potential for increased regulations and scrutiny on food production, companies must prioritize transparency and innovation to stay competitive.

Local special circumstances: In The Food market market, unique local factors play a crucial role in shaping market dynamics. For instance, in Japan, the market is heavily influenced by cultural preferences for fresh and high-quality food. This has led to the popularity of food delivery services that specialize in locally sourced and organic products. In Mexico, the market is driven by regulatory policies that prioritize food safety and traceability, leading to the emergence of food traceability technologies. These local factors contribute to the market's growth and highlight the importance of understanding regional nuances for businesses operating in The Food market market.

Underlying macroeconomic factors: The performance of The Food market market is also impacted by macroeconomic factors such as trade agreements, government policies, and economic stability. In countries that are part of NAFTA, the market may experience growth due to increased trade and investment opportunities. On the other hand, economic instability and unfavorable trade agreements may hinder market growth. Additionally, government policies such as tariffs and subsidies can also have a significant impact on the market's performance. Overall, a country's economic health and policies play a crucial role in shaping The Food market market.

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.