Food - Southern Asia

Southern Asia

Revenue in the Food market amounts to US$1,186.00bn in 2024. The market is expected to grow annually by 7.93% (CAGR 2024-2029).
The market's largest segment is the segment Bread & Cereal Products with a market volume of US$249.70bn 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$619.50 are generated in 2024.
In the Food market, 1.6% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 856.20bn kg by 2029. The Food market is expected to show a volume growth of 4.4% in 2025.
The average volume per person in the Food market is expected to amount to 376.90kg 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 Southern Asian food market is experiencing subdued growth due to various factors such as lack of infrastructure, limited access to technology, and low consumer awareness. However, the market is still driven by the increasing demand for convenience food, growing health consciousness, and the availability of a variety of food products. Despite the challenges, The Food market in Southern Asia is expected to continue growing as more sub-markets, such as dairy products and fruits, gain traction.

Customer preferences: As consumers in Southern Asia become more health-conscious, there is a growing demand for organic and sustainable food options. This trend is influenced by cultural values promoting a connection to nature and a focus on holistic well-being. Additionally, the rise of vegetarian and vegan lifestyles is driving the popularity of plant-based alternatives and ethical sourcing practices. Increased accessibility to global food trends through social media and international travel is also shaping consumer preferences in the region.

Trends in the market: In Southern Asia, The Food market industry is experiencing a shift towards healthier and more sustainable food options as consumers become more health-conscious. This trend is driven by increasing awareness of the link between diet and health, as well as growing concerns about the environmental impact of traditional food production methods. As a result, there is a rise in demand for organic, plant-based, and locally sourced food products. This trend is expected to continue and potentially expand beyond the region, presenting opportunities for industry stakeholders to tap into this emerging market and adapt their offerings accordingly.

Local special circumstances: In Southern Asia, The Food market is heavily influenced by the region's rich and diverse culinary traditions. With a large population and a growing middle class, there is a high demand for affordable and convenient food options. Additionally, cultural and religious beliefs play a significant role in the types of food consumed, with certain dietary restrictions and preferences influencing market trends. The tropical climate and fertile land in the region also contribute to the availability of a wide variety of fresh produce and spices, making it a prime location for food production and distribution. These unique factors shape the dynamics of The Food market in Southern Asia.

Underlying macroeconomic factors: The Food market market in Southern Asia is heavily influenced by macroeconomic factors such as economic growth, government policies, and consumer spending. Countries with strong economic growth, stable political climates, and favorable trade policies are experiencing higher demand for food products, leading to an increase in market growth. Additionally, rising incomes and changing dietary preferences in the region are also contributing to the growth of The Food market. However, factors such as inflation, currency fluctuations, and trade tensions can have a negative impact on the market. The increasing population and urbanization in Southern Asia also present opportunities for market growth, as more people are moving towards urban areas and have higher disposable incomes to spend on food products.

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.