Food - Suriname

Suriname

Revenue in the Food market amounts to US$153.70m in 2024. The market is expected to grow annually by 7.31% (CAGR 2024-2029).
The market's largest segment is the segment Confectionery & Snacks with a market volume of US$27.91m 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$244.50 are generated in 2024.
In the Food market, 29.9% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 44.46m kg by 2029. The Food market is expected to show a volume growth of 3.0% in 2025.
The average volume per person in the Food market is expected to amount to 61.35kg 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 Suriname has been experiencing steady growth, driven by factors such as increasing demand for convenient and healthy food options, rising awareness about nutrition and wellness, and the growth of the economy. However, the market's growth rate is minimal due to challenges such as limited access to technology and infrastructure, high import costs, and changing consumer preferences. Despite these challenges, the market is expected to continue growing as the government and businesses invest in modernizing the food industry and promoting local agriculture.

Customer preferences: As Suriname's economy continues to grow, there has been an increase in consumer spending power and a shift towards more health-conscious consumption habits. This has led to a rise in demand for organic and locally-sourced food products, as well as a preference for healthier and more sustainable food options. Additionally, the growing influence of Western culture has also resulted in a rise in demand for international cuisines, particularly among younger generations. This trend is expected to continue as Suriname's population becomes more diverse and open to exploring different culinary experiences.

Trends in the market: In Suriname, The Food market is experiencing a growing demand for organic and locally sourced products. This trend is driven by a shift towards healthier and more sustainable food choices among consumers. As a result, there is a rise in small-scale farmers and artisanal producers, as well as an increase in the availability of organic and natural products in supermarkets and specialty stores. This trend is expected to continue as consumers become more conscious about their food consumption and the impact it has on the environment. Industry stakeholders, such as farmers and retailers, should capitalize on this trend by investing in sustainable and organic production methods, as well as promoting the benefits of these products to consumers. Failure to adapt to this trend could result in a loss of market share to competitors who are able to cater to the growing demand for organic and locally sourced food products.

Local special circumstances: In Suriname, The Food market is heavily influenced by its unique geographic location, with access to a diverse range of fresh produce and seafood. Additionally, the country's diverse cultural heritage has led to a fusion of traditional and international cuisines, creating a dynamic food scene. Furthermore, regulations promoting sustainable and locally sourced ingredients have sparked a growing interest in organic and artisanal food products. This combination of factors has resulted in a vibrant and constantly evolving food market in Suriname.

Underlying macroeconomic factors: The Food market market in Suriname is heavily influenced by macroeconomic factors such as the country's overall economic health, global economic trends, and fiscal policies. Suriname's strong economic growth and stable political environment have created a favorable market for food products. Additionally, the country's growing population and increasing disposable income have resulted in a higher demand for a diverse range of food products. Furthermore, Suriname's strategic location and membership in various trade agreements have enabled it to access a wide range of international markets, allowing for greater opportunities for growth and expansion in The Food market sector.

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.