Food - Southeast Asia

Southeast Asia

Highlights

Revenue in the Food market amounts to US$665.30bn in 2024. The market is expected to grow annually by 6.64% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$140.80bn 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$960.50 are generated in 2024.
In the Food market, 3.2% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 282.00bn kg by 2029. The Food market is expected to show a volume growth of 4.0% in 2025.0.
The average volume per person in the Food market is expected to amount to 345.20kg 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 Southeast Asia food market is experiencing minimal growth, influenced by factors such as increasing demand for convenience food, rising health consciousness among consumers, and the availability of online food services. The sub-markets within this region, including dairy products, meat, fruits, and vegetables, all contribute to this slow growth rate. Additionally, government regulations and changing consumer preferences also impact the overall market growth.

Customer preferences: In Southeast Asia's food market, there has been a noticeable shift towards healthier and more sustainable food options. This can be attributed to a growing awareness of the impact of food choices on personal health and the environment. As a result, there has been an increase in demand for plant-based and organic products, as well as a rise in popularity of local and traditional ingredients. This trend is also driven by the rise in health-conscious millennials and the influence of social media in promoting healthy eating habits.

Trends in the market: In Southeast Asia, The Food market is experiencing a surge in demand for healthy and organic options. This trend is being driven by a growing awareness of the importance of a healthy diet and the impact of food on overall well-being. As a result, there has been a rise in the availability of organic, locally-sourced, and sustainable food products in the region. This trend is expected to continue, as consumers become more health-conscious and seek out products that align with their values. This presents an opportunity for industry stakeholders to tap into this market by offering a diverse range of healthy and sustainable food options. Moreover, it also highlights the need for companies to adopt ethical and sustainable practices in their food production, in order to meet the demands of this evolving market.

Local special circumstances: In Southeast Asia, The Food market is shaped by a combination of geographical, cultural, and regulatory factors. For instance, the region's diverse population with varying tastes and preferences drives the demand for a wide variety of food products. Additionally, the tropical climate and abundance of natural resources also influence the production and consumption of certain types of food. Furthermore, the varying regulations and trade policies among countries in the region can impact the import and export of food products, creating unique market dynamics for each country.

Underlying macroeconomic factors: The Food market in Southeast Asia is largely influenced by macroeconomic factors such as economic growth, consumer spending habits, and government policies. With the region experiencing rapid economic growth, there has been an increase in disposable incomes, leading to a rise in demand for high-quality food products. Additionally, favorable fiscal policies and investment in the agricultural sector have further boosted the market's growth. Moreover, with the region's growing population and urbanization, there is a higher demand for convenience and processed foods, creating opportunities for market players to introduce new and innovative products to cater to this trend.

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.