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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Jun 2024
Sources: Statista Market Insights, Statista Consumer Insights Global
Most recent update: Sep 2024
Source: Statista Market Insights
The Food market in Nordics is experiencing slow growth, influenced by factors such as changing consumer preferences, increasing competition, and fluctuating raw material prices. The sub-markets of dairy products, meat, fruits, and convenience food are particularly affected. However, the market is expected to pick up due to rising health consciousness and the availability of a wide range of food options.
Customer preferences: As consumers in the Nordics become more health-conscious, there is a growing demand for sustainable and organic food options. This trend is driven by a cultural emphasis on clean and natural living, as well as a desire for transparency and ethical sourcing in food production. Additionally, the increasing prevalence of vegan and vegetarian diets in the region has led to a rise in plant-based alternatives and a shift towards flexitarianism. This trend is also influenced by the growing concern for animal welfare and the environmental impact of traditional meat consumption.
Trends in the market: In the Nordics, The Food market industry is seeing a shift towards sustainable and plant-based options as consumers become more health-conscious and environmentally aware. This trend is driven by the growing demand for organic and locally sourced products, as well as the rise of flexitarian and vegan diets. This trajectory is significant as it poses challenges for traditional meat and dairy producers, but also creates opportunities for innovative companies offering alternative protein sources. Additionally, this trend has implications for industry stakeholders as they need to adapt their product offerings and marketing strategies to cater to this changing consumer behavior.
Local special circumstances: In the Nordics, The Food market is heavily influenced by the region's focus on sustainable and locally sourced food products. The Nordic countries have strict regulations and standards for food production, ensuring high quality and environmentally friendly practices. This has led to a rise in demand for organic and artisanal food products, as well as a growing trend towards plant-based diets. Additionally, the Nordic countries have a strong food culture, with traditional dishes and ingredients that are unique to each country. This creates a strong sense of identity and pride in local food, driving consumer preferences in the market.
Underlying macroeconomic factors: The growth of The Food market market is heavily impacted by macroeconomic factors such as consumer purchasing power, government regulations, and international trade policies. Countries with stable economic health and supportive regulatory frameworks are experiencing higher market growth compared to regions with economic instability and strict regulations. Additionally, changing consumer preferences and the rise of health consciousness among individuals are driving the demand for healthier and sustainable food options, leading to the growth of The Food market market in the Nordics.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights