Food - Seychelles

Seychelles

Revenue in the Food market amounts to US$283.30m in 2024. The market is expected to grow annually by 5.24% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$46.47m 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$2,173.00 are generated in 2024.
In the Food market, 22.3% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 120.60m kg by 2029. The Food market is expected to show a volume growth of 3.8% in 2025.
The average volume per person in the Food market is expected to amount to 794.40kg 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 Seychelles is experiencing slow growth due to factors such as limited access to technology, low health awareness, and reliance on traditional food sources. Despite this, the market shows potential for growth in sub-markets like seafood and convenience food, as well as increased demand for healthier alternatives in the form of fruits and vegetables. The market's negligible growth rate is impacted by economic challenges and the country's dependence on imported food products. However, with the introduction of more advanced technologies and a growing focus on health and wellness, The Food market in Seychelles has the potential to experience significant growth in the future.

Customer preferences: With the rise of health-consciousness and the growing awareness of the impact of diet on overall well-being, Seychelles' food market has seen a shift towards healthier and more sustainable options. This trend is driven by a combination of cultural values promoting a balanced lifestyle, as well as a growing interest in plant-based diets among younger generations. As a result, there has been an increase in demand for organic, locally-sourced and environmentally-friendly food products. Additionally, the convenience of online grocery shopping and meal delivery services has also gained popularity, catering to busy individuals looking for quick and healthy options.

Trends in the market: In Seychelles' Food Market, there is a noticeable shift towards sustainable and organic food products. This trend is driven by increasing consumer awareness of the health and environmental benefits of such products. As a result, there has been a rise in demand for locally sourced, pesticide-free, and ethically produced food items. This trajectory is significant as it reflects a growing consumer preference for conscious and responsible consumption. Industry stakeholders must adapt to this trend by offering more sustainable options and promoting ethical sourcing practices to stay competitive in the market.

Local special circumstances: In Seychelles, The Food market is heavily influenced by the island nation's unique geography and culture. As a small island with limited land resources, the country relies heavily on imports for its food supply. This has led to a diverse market, with a mix of locally produced goods and imported products. Additionally, the country's rich Creole culture has influenced the types of foods available in the market, with a focus on fresh seafood, tropical fruits, and spices. The government's strict regulations on food safety and quality also play a significant role in shaping the market, ensuring that consumers have access to safe and high-quality food options.

Underlying macroeconomic factors: The Food market in Seychelles is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's strong tourism industry and stable economic growth have contributed to a favorable market environment for food products. Additionally, government initiatives to promote local agriculture and food production have boosted domestic supply and reduced reliance on imports. However, fluctuations in global food prices and currency exchange rates can impact the affordability and availability of food products in the country. Furthermore, changes in consumer preferences towards healthier and sustainable food options are also shaping the market landscape in Seychelles.

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.