Food - Puerto Rico

Puerto Rico

Revenue in the Food market amounts to US$9.35bn in 2024. The market is expected to grow annually by 3.49% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$2.06bn 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$2,883.00 are generated in 2024.
In the Food market, volume is expected to amount to 2,190.00m kg by 2029. The Food market is expected to show a volume growth of 1.2% in 2025.
The average volume per person in the Food market is expected to amount to 636.20kg 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

Region comparison

Currency

Analyst Opinion

The Food market in Puerto Rico has been experiencing minimal growth, influenced by factors such as economic instability, limited access to technology, and the impact of natural disasters on agricultural production. However, the market is expected to see gradual growth in the coming years as the government invests in infrastructure and technology, and consumers become more health-conscious, leading to an increased demand for healthier food options. Additionally, the introduction of new products and innovations in the food industry, such as plant-based alternatives and sustainable packaging, may also contribute to the market's growth.

Customer preferences: As Puerto Rico's population becomes more health-conscious, there has been a noticeable increase in demand for organic and locally-sourced food products. Consumers are also showing a growing interest in alternative diets, such as veganism and gluten-free options. This trend is driven by a shift towards healthier and more sustainable eating habits, as well as a desire to support local businesses and reduce environmental impact. Additionally, the rise of online grocery shopping and meal delivery services has also been observed, as consumers look for convenient ways to access healthy food options. These changes in consumer preferences reflect a larger cultural shift towards prioritizing health and wellness in daily life.

Trends in the market: In Puerto Rico, The Food market industry is experiencing a shift towards locally sourced and sustainable food products. This trend is driven by consumer demand for healthier and ethically produced food options. As a result, there has been an increase in the number of farmers' markets and community-supported agriculture programs. This trajectory is significant as it supports the local economy and promotes healthier eating habits. Industry stakeholders, such as farmers and small businesses, stand to benefit from this trend as it presents opportunities for growth and innovation. Furthermore, this trend has the potential to improve food security and food sovereignty in Puerto Rico, which has historically relied heavily on imported food. Overall, the current trend towards locally sourced and sustainable food in Puerto Rico's Food Market industry is promising for both consumers and industry stakeholders.

Local special circumstances: In Puerto Rico, The Food market is heavily influenced by the island's unique geography and culture. Being an island, Puerto Rico relies heavily on imported food products, leading to a diverse and vibrant food market. The local cuisine, which is a fusion of indigenous, Spanish, and African influences, also plays a significant role in shaping The Food market. Additionally, the island's warm climate allows for a year-round growing season, leading to a strong emphasis on fresh produce in the market. The local government's strict regulations on food safety also contribute to the market's dynamics, ensuring high-quality and safe food products for consumers.

Underlying macroeconomic factors: The Food market in Puerto Rico is heavily influenced by macroeconomic factors such as economic stability, government policies, and global trade. The country's ongoing economic recovery, along with government initiatives to promote local agriculture, has led to a steady growth in The Food market. However, fluctuations in global food prices and trade policies can have a significant impact on the market's performance. Additionally, the country's high prevalence of chronic diseases and an aging population also contribute to the demand for healthier food options and sustainable farming practices. This presents an opportunity for businesses to capitalize on the growing trend of health-conscious consumers and tap into the market's potential.

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.