Food - Southern Africa

  • Southern Africa
  • Revenue in the Food market amounts to US$40.71bn in 2024. The market is expected to grow annually by 7.44% (CAGR 2024-2029).
  • The market's largest segment is the segment Meat with a market volume of US$7.19bn 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$554.70 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 12.45bn kg by 2029. The Food market is expected to show a volume growth of 3.3% in 2025.
  • The average volume per person in the Food market is expected to amount to 146.70kg in 2024.

Key regions: United States, Canada, China, India, South Korea

 
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Analyst Opinion

The Food market in Southern Africa is experiencing minimal growth due to various factors such as changing consumer preferences, increasing competition, and economic challenges. Despite the steady growth in sub-markets like dairy products, meat, and fruits, the overall market is hindered by limited resources, high production costs, and inconsistent supply. This low growth rate is also impacted by the region's reliance on imported goods and the need for improved infrastructure and distribution networks.

Customer preferences:
The Food market market in Southern Africa is witnessing a rise in demand for healthier and more sustainable food options. This is driven by a growing awareness of the impact of food choices on personal health and the environment. As a result, there is a shift towards plant-based and organic foods, as well as a preference for locally sourced and ethically produced products. This trend is also influenced by the cultural value placed on fresh and natural ingredients in traditional African cuisine.

Trends in the market:
In Southern Africa, The Food market industry is experiencing a surge in demand for locally-sourced and organic products, as consumers become more health-conscious and environmentally aware. This trend is expected to continue as more consumers prioritize sustainable and ethical consumption practices. Additionally, there is a growing interest in plant-based and alternative protein products, as well as a shift towards online shopping for groceries. Industry stakeholders must adapt to these changing consumer preferences and invest in sustainable and innovative production methods to remain competitive in the market.

Local special circumstances:
In Southern Africa, The Food market is heavily influenced by the region's diverse cultural backgrounds. This results in a wide variety of local cuisines, with unique flavors and ingredients. Additionally, the geographical landscape of the area, which includes both coastal and inland regions, plays a significant role in the types of produce and seafood available in the market. Furthermore, the regulatory environment in each country within Southern Africa can also impact the market, as certain regulations may restrict the import and export of certain food products, leading to a greater emphasis on locally sourced goods.

Underlying macroeconomic factors:
The Southern African food market is heavily influenced by macroeconomic factors such as economic growth, consumer purchasing power, and government policies. As global economic trends continue to shift towards sustainable and healthier food options, there is an increasing demand for organic and locally sourced products in Southern Africa. Moreover, the economic health of the region, including stable inflation rates and fiscal policies, plays a significant role in determining the market's growth potential. Government initiatives to promote agricultural development and support small-scale farmers also contribute to the overall performance of The Food market in Southern Africa. These factors create a favorable environment for market growth and attract investments in the region's food industry, ultimately benefiting both producers and consumers.

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.

Overview

  • Revenue
  • Volume
  • Price
  • Sales Channels
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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