Food - Sierra Leone

Sierra Leone

Revenue in the Food market amounts to US$3,068.00m in 2024. The market is expected to grow annually by 10.74% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$524.40m 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$355.00 are generated in 2024.
In the Food market, 0.9% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 676.90m kg by 2029. The Food market is expected to show a volume growth of 2.2% in 2025.
The average volume per person in the Food market is expected to amount to 70.06kg 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 Sierra Leone is experiencing subdued growth due to various factors such as limited access to technology, low consumer health awareness, and challenges in distribution channels. Despite the potential for growth in sub-markets such as dairy products and fruits, the overall market is impacted by economic constraints and inadequate infrastructure. These challenges hinder the convenience and availability of food products, resulting in a slow growth rate.

Customer preferences: As the economy in Sierra Leone grows, there has been a noticeable shift in consumer preferences towards healthier and more sustainable food options. This trend is driven by a growing awareness of the importance of nutrition and the impact of food choices on personal health and the environment. There is also a growing demand for locally sourced and organic products, as consumers prioritize supporting local farmers and reducing their carbon footprint. Moreover, with the rise of social media and online influencers, there has been an increase in the popularity of trendy diets and superfoods, influencing consumer purchasing decisions in The Food market market.

Trends in the market: In Sierra Leone, The Food market is experiencing a shift towards more sustainable and locally-sourced products. This trend is driven by consumer demand for healthier, ethically-produced food options. Additionally, there is a growing interest in traditional and indigenous foods, as they are seen as more nutritious and culturally important. This trajectory has significant implications for industry stakeholders, who will need to adapt their supply chains and marketing strategies to meet the changing demands of consumers. Furthermore, this trend has the potential to promote economic growth and support local farmers and producers. As such, businesses and policymakers should consider investing in these emerging trends to capitalize on their potential benefits for both the industry and the community.

Local special circumstances: In Sierra Leone, The Food market is heavily influenced by the country's geography and cultural traditions. Due to its location on the West African coast, Sierra Leone benefits from a rich abundance of seafood, which is a staple in the local diet. Additionally, the market is shaped by cultural norms that prioritize fresh, locally sourced ingredients, leading to a demand for traditional street markets and small-scale farming. Regulatory factors also play a role, as the government has implemented policies to support local producers and limit imports, contributing to a unique and vibrant food market scene.

Underlying macroeconomic factors: The Food market in Sierra Leone is heavily impacted by macroeconomic factors such as economic stability, government policies, and global economic trends. The ongoing economic recovery and increased investment in the country have led to a growing middle class and improved consumer spending, driving demand for food products. However, the market is also influenced by challenges such as high inflation rates and limited access to credit, which can affect the purchasing power of consumers. Additionally, the country's reliance on imported food products makes it vulnerable to fluctuations in global commodity prices. Overall, the performance of The Food market in Sierra Leone is closely tied to the country's overall economic health and stability.

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.