Food - Slovakia

Slovakia

Revenue in the Food market amounts to US$15.09bn in 2024. The market is expected to grow annually by 5.79% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$3.12bn 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$2,740.00 are generated in 2024.
In the Food market, 2.3% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 3,841.00m kg by 2029. The Food market is expected to show a volume growth of 3.6% in 2025.
The average volume per person in the Food market is expected to amount to 593.90kg 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 Slovakia is slowly growing due to factors such as increasing health awareness, convenience of online services, and rising demand for quality products. However, sub-markets such as Dairy Products & Eggs and Meat, Fish & Seafood face challenges such as high production costs and strict regulations. This minimal growth rate could be impacted by competition, changing consumer preferences, and economic factors.

Customer preferences: The Food market in Slovakia is experiencing a rise in demand for organic, locally-sourced, and sustainable products. This trend is driven by a growing awareness of the environmental impact of food production and a desire for healthier options. Additionally, there is a shift towards online grocery shopping and meal delivery services, as consumers prioritize convenience and safety during the pandemic. This shift is also influenced by the increasing use of technology and digital platforms for everyday tasks.

Trends in the market: In Slovakia, The Food market is experiencing a surge in demand for organic and locally-sourced products, driven by a growing trend of health-conscious consumers. This trend is expected to continue, with consumers becoming more aware of the benefits of sustainable and healthy food options. As a result, industry stakeholders are investing in eco-friendly and ethical practices to cater to this demand. This shift towards sustainable and healthier food choices not only benefits the environment but also has potential implications for the industry, such as increased competition and potential for higher profit margins. Additionally, with the rise of e-commerce and online grocery shopping, The Food market in Slovakia is also witnessing a trend towards digitalization, with more online platforms offering a wide range of food products and delivery options. This trend is expected to continue, as more consumers opt for the convenience and safety of online shopping. As a result, industry stakeholders are increasingly investing in digital marketing and e-commerce solutions to capitalize on this growing trend.

Local special circumstances: In Slovakia, The Food market is heavily influenced by the country's rich agricultural heritage and strong focus on traditional cuisine. This has led to a strong demand for locally sourced and authentic food products. Additionally, the country's location in central Europe has made it a prime location for international trade, resulting in a diverse selection of imported food products. The market is also impacted by strict regulations on food safety and labeling, ensuring high-quality standards and consumer confidence. These factors contribute to the unique dynamics of the Slovakian Food Market, making it a competitive and thriving industry.

Underlying macroeconomic factors: The Food market in Slovakia is heavily influenced by macroeconomic factors such as economic growth, inflation rates, and consumer purchasing power. The country's stable economic growth and low unemployment rates have resulted in a growing middle class with higher disposable incomes, leading to increased demand for higher quality and healthier food options. Additionally, government initiatives promoting sustainable agriculture and investments in food processing and packaging technologies have also contributed to the growth of the market. However, rising food prices and fluctuating exchange rates can pose challenges for both consumers and businesses in the market.

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.