Food - South America

South America

Highlights

Revenue in the Food market amounts to US$425.20bn in 2024. The market is expected to grow annually by 6.67% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$91.18bn in 2024.
In global comparison, most revenue is generated China (US$2tn in 2024).
In relation to total population figures, per person revenues of US$1.03k are generated in 2024.
In the Food market, 3.0% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 167.30bn kg by 2029. The Food market is expected to show a volume growth of 3.9% in 2025.0.
The average volume per person in the Food market is expected to amount to 352.00kg in 2024.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Food market in South America is seeing steady growth, driven by factors such as increasing population and changing consumer preferences. However, the sub-markets of Dairy Products & Eggs, Meat, Fish & Seafood, and Fruits & Nuts are facing challenges due to rising costs and competition. Meanwhile, the demand for Convenience Food and Spreads & Sweeteners is on the rise due to the busy lifestyles of consumers. The overall market is also impacted by changing regulations and fluctuations in commodity prices, leading to a minimal growth rate.

Customer preferences: The Food market industry in South America is experiencing a shift towards healthier and more sustainable food choices. Consumers are increasingly seeking out plant-based and organic options, driven by a growing awareness of the environmental impact of food production. This trend is also influenced by the rise of wellness and health-conscious lifestyles, as well as a desire for transparency and ethical sourcing. As a result, there has been a surge in demand for sustainable and locally sourced food products, as well as a growing interest in alternative protein sources such as plant-based meats.

Trends in the market: In South America, The Food market industry is experiencing a surge in demand for organic and sustainable products. This trend is being driven by a growing awareness of the health and environmental benefits of consuming locally-sourced and ethically-produced food. As consumers become more conscious of their purchasing decisions, there is a shift towards supporting small-scale farmers and reducing the use of harmful chemicals in food production. This trend is expected to continue in the coming years, presenting opportunities for industry stakeholders to tap into this market and differentiate themselves by promoting ethical and sustainable practices. Additionally, with the rise of e-commerce in the region, there is a growing trend of online food delivery services, providing convenience and accessibility for consumers. This shift towards digital platforms is likely to continue, with potential implications for traditional brick-and-mortar businesses and the need for innovative strategies to adapt to changing consumer preferences.

Local special circumstances: In South America, The Food market is heavily influenced by the diverse cultures and cuisines of the region. Each country has its own unique food traditions and preferences, which greatly impact the market. For example, Brazil is known for its love of meat, making it a prime market for meat products, while Peru is renowned for its seafood, creating demand for fresh and frozen seafood imports. Additionally, government regulations and trade agreements also play a crucial role in shaping The Food market in South America, with each country having its own set of rules and regulations for food imports and exports. This creates a complex and dynamic market, with each country having its own unique factors driving the demand for certain types of food products.

Underlying macroeconomic factors: The Food market market in South America is heavily influenced by macroeconomic factors such as economic stability, trade policies, and consumer spending patterns. The region's economic health and performance greatly impact the demand for food products, as well as the supply chain and distribution channels. Moreover, global economic trends, such as fluctuations in commodity prices and international trade agreements, also play a significant role in shaping the market. Additionally, fiscal policies, such as tax rates and subsidies, can greatly impact the profitability and competitiveness of food companies operating in South America.

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.