Food - Uruguay

Uruguay

Revenue in the Food market amounts to US$9.90bn in 2024. The market is expected to grow annually by 6.13% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$2.09bn in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$2,891.00 are generated in 2024.
In the Food market, 4.3% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 2,768.00m kg by 2029. The Food market is expected to show a volume growth of 1.8% in 2025.
The average volume per person in the Food market is expected to amount to 748.70kg 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

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Analyst Opinion

The Food market in Uruguay is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the availability of convenience food options. The sub-markets of dairy products, meat, fruits, vegetables, and others contribute to this slow growth rate. However, the market is expected to gradually expand as the country's economy improves and demand for quality food products rises.

Customer preferences: As consumer awareness of sustainability and ethical consumption grows, there is a rising demand for organic and locally-sourced food in the Uruguayan food market. This trend is driven by a desire for healthier and more environmentally-friendly options, as well as a preference for supporting local farmers and businesses. Additionally, the younger generation is increasingly turning towards plant-based and vegetarian diets, influenced by global health and environmental movements. This shift towards conscious and mindful eating is shaping The Food market landscape in Uruguay.

Trends in the market: In Uruguay, The Food market industry is experiencing a shift towards more sustainable and organic food options. This trend is driven by an increasing awareness of the environmental impact of food production and a growing demand for healthier food choices. As a result, there has been a rise in the number of organic and specialty food stores, as well as an increase in the availability of locally sourced and ethically produced products. This trajectory is significant for industry stakeholders as it presents new opportunities for market growth and innovation. However, it also poses potential challenges for traditional food producers and retailers who may need to adapt their practices to meet the changing demands of consumers. Additionally, the trend towards sustainability and organic options may also have implications for government policies and regulations surrounding food production and distribution.

Local special circumstances: In Uruguay, The Food market is heavily influenced by the country's agricultural industry and its rich culinary heritage. The use of locally-sourced ingredients and traditional cooking techniques are highly valued, creating a unique taste and culinary experience. Additionally, government regulations heavily promote and protect local food producers, limiting the presence of international food chains. This creates a competitive advantage for local businesses and fosters a strong sense of community for consumers. The country's small population also allows for a more personalized and intimate dining experience, catering to the growing trend of experiential dining.

Underlying macroeconomic factors: The growth of The Food market in Uruguay is heavily influenced by macroeconomic factors such as trade policies, consumer spending, and government regulations. With a stable political climate and a growing middle class, Uruguay has seen an increase in consumer spending on food products, leading to a thriving food market. Additionally, favorable trade agreements, such as the Mercosur trade bloc, have opened up opportunities for international trade and investment in the food industry. However, fluctuations in global economic trends and shifts in national economic health can have an impact on the market's performance. For example, a decrease in consumer confidence or a recession can lead to a decline in food sales and revenue. Thus, it is crucial for food market players in Uruguay to closely monitor macroeconomic indicators and adapt their strategies accordingly to maintain a competitive edge in the market.

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.