Vegetables - BRICS

BRICS

Highlights

Revenue in the Vegetables market amounts to US$318.80bn in 2024. The market is expected to grow annually by 7.46% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$159bn in 2024).
In relation to total population figures, per person revenues of US$96.71 are generated in 2024.
In the Vegetables market, volume is expected to amount to 272.00bn kg by 2029. The Vegetables market is expected to show a volume growth of 5.3% in 2025.0.
The average volume per person in the Vegetables market is expected to amount to 67.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vegetables Market within The Food market in BRICS is witnessing minimal growth, influenced by factors such as fluctuating consumer preferences, supply chain disruptions, and competition from processed alternatives, which challenge the demand for fresh produce.

Customer preferences: Consumers within the BRICS nations are increasingly gravitating towards organic and locally sourced vegetables, driven by a growing awareness of health and sustainability. This trend is particularly influenced by younger demographics who prioritize clean eating and environmental impact in their food choices. Additionally, urbanization and busy lifestyles are encouraging a rise in meal kits and pre-prepared vegetable options, reflecting a need for convenience without compromising on nutrition. These shifts indicate a transformative approach to vegetable consumption in the region.

Trends in the market: In BRICS nations, the vegetables market is experiencing a notable shift towards organic and sustainably sourced produce, reflecting a heightened consumer consciousness about health and environmental impact. This trend is particularly driven by millennials and Gen Z, who favor transparency in sourcing and are inclined to support local farmers. Furthermore, the rise of e-commerce platforms is facilitating access to fresh vegetables, while meal kits are becoming popular for their convenience. These developments are reshaping supply chains and prompting industry stakeholders to innovate in product offerings, aligning with evolving consumer preferences and lifestyle demands.

Local special circumstances: In Brazil, the vegetables market is heavily influenced by its diverse climate and rich agricultural heritage, which supports a wide variety of produce. Local festivals celebrating indigenous crops foster cultural appreciation and consumer demand for traditional vegetables, while regulatory frameworks encourage sustainable farming practices. In Russia, harsh climatic conditions limit the growing season, driving innovation in greenhouse technologies and vertical farming. Meanwhile, India’s vast rural landscape promotes farm-to-table initiatives, enhancing direct sales from farmers to consumers, thereby reshaping market dynamics.

Underlying macroeconomic factors: The vegetables market within the BRICS nations is significantly shaped by overarching macroeconomic factors such as economic growth, trade policies, and investment in agricultural innovation. Brazil's economic stability and government support for sustainable farming practices enhance the production capacity and export potential of its diverse vegetable offerings. In Russia, economic sanctions and fluctuating commodity prices impact agricultural investment, prompting a shift towards advanced farming technologies. India's robust rural economy and increasing consumer awareness of health and sustainability drive demand for locally sourced vegetables, while fiscal policies that support agricultural subsidies further bolster market growth.

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.