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 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.
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