Food - Peru

Peru

Revenue in the Food market amounts to US$52.96bn in 2024. The market is expected to grow annually by 5.41% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$13.05bn 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$1,548.00 are generated in 2024.
In the Food market, 3.8% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 19.56bn kg by 2029. The Food market is expected to show a volume growth of 3.5% in 2025.
The average volume per person in the Food market is expected to amount to 494.20kg 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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Analyst Opinion

The Food market in Peru is experiencing minimal growth, influenced by factors such as the increasing demand for convenience food, rising health consciousness among consumers, and the availability of a variety of food products. The sub-markets of dairy products, meat, fruits, and vegetables are driving this growth, while sauces, spreads, and snacks are also contributing. The slow growth rate can be attributed to economic challenges and competition from alternative food options.

Customer preferences: There has been a growing interest in healthy and sustainable food options in Peru. This has led to a rise in demand for organic and locally sourced products. Consumers are also increasingly seeking out plant-based and vegetarian options, influenced by cultural traditions and environmental concerns. Additionally, there is a growing demand for convenient and ready-to-eat meals, driven by busy lifestyles and the rise of single-person households. This shift towards healthier and more convenient food choices is also reflected in the popularity of online grocery shopping and meal delivery services.

Trends in the market: In Peru, The Food market is experiencing a surge in demand for organic and locally-sourced foods. This trend is driven by consumers' increasing awareness of sustainable and healthy eating habits. As a result, there is a growing market for small-scale farmers and producers who are able to offer these products. This trend also presents opportunities for companies to invest in and develop sustainable agricultural practices. However, there may be challenges in meeting this demand and ensuring the authenticity of organic products. Industry stakeholders will need to stay ahead of these trends and adapt their strategies to meet the changing consumer preferences.

Local special circumstances: In Peru, The Food market is heavily influenced by the country's diverse geography and rich cultural heritage. The Andes Mountains and the Amazon rainforest provide a wide variety of unique ingredients and traditional cooking techniques. Additionally, the government's efforts to promote sustainable and organic farming practices have led to a growing demand for locally sourced and environmentally friendly food products. These factors have contributed to a dynamic and constantly evolving market that caters to both traditional and modern tastes.

Underlying macroeconomic factors: The Food market market in Peru is heavily influenced by macroeconomic factors such as economic stability, global economic trends, and government policies. Peru has experienced strong economic growth in recent years, which has led to an increase in consumer spending and a growing demand for food products. Additionally, the government has implemented policies to support the growth of the agricultural sector, which is a key driver of The Food market. However, challenges such as inflation, currency fluctuations, and trade policies can also impact market performance. Furthermore, the increasing urbanization and changing dietary habits in Peru are creating opportunities for innovative and healthier 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.