Food - New Zealand

New Zealand

Revenue in the Food market amounts to US$15.21bn in 2024. The market is expected to grow annually by 4.24% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$2.82bn 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$2,887.00 are generated in 2024.
In the Food market, 3.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 2,649.00m kg by 2029. The Food market is expected to show a volume growth of 2.7% in 2025.
The average volume per person in the Food market is expected to amount to 449.70kg 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

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Currency

Analyst Opinion

The Food market in New Zealand is experiencing minimal growth due to factors such as increasing competition, changing consumer preferences, and fluctuating prices of raw materials. Despite this, the market is expected to see steady growth in the sub-markets of dairy products, meat, fruits, and vegetables. Convenience, health consciousness, and online shopping options are also driving the growth of this market. However, challenges such as food safety concerns and environmental issues may impact the overall growth rate.

Customer preferences: Consumers in New Zealand are showing a growing interest in sustainable and ethical food products, resulting in a rise in demand for organic and locally sourced options. This trend is driven by a heightened awareness of environmental and social issues, as well as a desire for healthier and more transparent food choices. Additionally, there is a growing preference for convenient and healthy snacking options, leading to an increase in demand for natural and alternative snacks such as fruit and vegetable chips, protein bars, and plant-based options. This shift towards more conscious and mindful food consumption is also influenced by the rise of wellness and self-care practices, as individuals prioritize their overall health and well-being.

Trends in the market: In New Zealand, The Food market has seen a significant increase in demand for organic and locally sourced products, driven by a growing awareness of the importance of sustainable and ethical consumption. This trend is expected to continue, with consumers becoming more conscious of the environmental and social impact of their food choices. As a result, food producers and retailers are increasingly focusing on transparency and sustainability in their operations. This shift towards ethical and sustainable food production is not only beneficial for the environment, but also presents opportunities for industry stakeholders to differentiate themselves and tap into a growing market segment. Additionally, the rise of e-commerce and online grocery shopping has also impacted The Food market, with an increasing number of consumers opting for convenience and home delivery options. This trend is expected to continue, with online grocery sales projected to increase significantly in the coming years. As a result, industry players may need to adapt their strategies to meet the changing needs and preferences of consumers in this market.

Local special circumstances: In New Zealand, The Food market is heavily influenced by the country's unique geographical location and cultural preferences. The island nation's isolated location results in a strong focus on locally sourced and sustainable food options. Additionally, New Zealand has a strong farming industry, leading to a high availability of fresh and organic produce. These factors, combined with the country's health-conscious culture, drive the demand for healthy and natural food products in the market. Furthermore, New Zealand has strict regulations on food safety and labeling, ensuring the quality and authenticity of products, which sets it apart from other markets.

Underlying macroeconomic factors: The Food market in New Zealand is greatly influenced by macroeconomic factors such as economic stability, consumer confidence, and government policies. The country's strong economy, supported by its stable political environment, has led to a high level of consumer spending and increased demand for quality food products. Furthermore, the government's favorable policies, such as investments in sustainable agriculture and food safety regulations, have boosted the growth of the market. Additionally, the rising health and wellness trend among consumers has led to an increased demand for organic and natural food products, further driving the growth of the market.

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.