Food - Caribbean

Caribbean

Revenue in the Food Market is projected to reach US$522.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.06%, resulting in a projected market volume of US$734.10m by 2029.
With a projected market volume of US$284.20bn in 2024, most revenue is generated in China.
In the Food Market, the number of users is expected to amount to 4.2m users by 2029.
User penetration will be 9.1% in 2024 and is expected to hit 10.5% by 2029.
The average revenue per user (ARPU) is expected to amount to US$169.90.

Key regions: Europe, China, Japan, India, South Korea

Definition:

The eCommerce Food market is a sector of online retailing that focuses on selling food-related products through digital channels. The purpose of eCommerce Food is to provide consumers with a convenient and accessible way to purchase groceries and specialty food items.

The relevance of the eCommerce Food market lies in its ability to offer consumers a fast and easy way to order groceries and food products from the comfort of their own homes. It also provides a solution for people with busy lifestyles, limited mobility, or living in remote areas to access a wide range of products and brands that may not be available in their local stores.

The eCommerce Food market has experienced significant growth in recent years, driven by factors such as the increasing availability of high-quality food products, changing consumer preferences, and the COVID-19 pandemic, which has led to a surge in online grocery shopping and home cooking.

Examples of successful eCommerce Food businesses include Instacart, which partners with local grocery stores to deliver groceries to customers' homes. Additionally, online marketplaces like Amazon and Walmart have expanded their grocery offerings, providing consumers with more options for ordering groceries online.

Structure:

The eCommerce market for Food consists of thirteen different markets:

The Baby Food market contains the online sales of food products specifically designed for babies and toddlers.
The Bread & Cereal Products market includes the digital sale of fresh bread and bread rolls, rice, pasta, breakfast cereals, and other cereal products such as flour, baking flour, semolina, couscous, and bulgur.
The Confectionery & Snacks market contains the digital sales of sweet and savory food items (e.g., sugar confectionery, ice cream, preserved pastry goods, cakes, cookies, and crackers) and salty food (e.g., potato chips, tortilla chips, pretzels).
The Convenience Food market comprises digital sales of a very narrowly defined range of goods, such as ready-to-eat meals and soups.
The Dairy Products & Eggs market includes fresh milk, chicken eggs and other types of eggs, yogurt, cheese and other dairy products such as preserved and powdered milk, cream, non-dairy milk stitutes, curdled milk, yogurt drinks, lactose-free milk, probiotic milk drinks, and fortified milk.
The Fish & Seafood market contains the online sales of fresh, frozen, and processed fish and seafood.
The Fruits & Nuts market comprises the online sale of fresh fruits (e.g., apples, pears, bananas, berries, grapes, citrus fruits, peaches, mangos, pineapples, plums, and kiwis), frozen and processed fruits (e.g., canned, dried, and frozen cut fruits), and nuts (e.g., almonds, peanuts, hazelnuts, pistachios).
The Meat market includes digital sales of fresh meat (e.g., beef, pork, poultry, and mutton) and processed meat (e.g., ham, bacon, sausages, cold cuts, and roasted meat).
The Oils & Fats market contains online sales of butter, margarine, edible oils (e.g., olive, sunflower, palm, soybean, and coconut oil), as well as other oils and fats.
The Sauces & Spices market comprises digital sale of complementary flavors used during the food preparation process, including ketchup, other sauces, spices, and culinary herbs.
The Spreads & Sweeteners market includes the online sale of jams and marmalade, chocolate spreads, peanut butter, honey, sugar, and artificial sweeteners.
The Vegetables market contains online sales of fresh vegetables (e.g., tomatoes, potatoes, leafy vegetables, onions, root vegetables and mushrooms, pumpkins, eggplants, zucchinis, cucumbers, paprikas, bamboo shoots, and legumes) as well as processed, preserved, and frozen vegetables.
The Pet Food market contains the online sales of pet food products, including dry and wet food, treats, and supplements for various types of pets such as dogs, cats, birds, and small animals.

Additional Information:

Food comprises revenues, users, average revenue per user, and penetration rates. Revenues are derived from annual filings, national statistical offices, Google- and Alibaba-Trends and industry knowledge. Sales Channels show online and offline revenue shares, as well as, desktop and mobile sales distribution. Revenues are including VAT. The market only displays B2C revenues and users for the above-mentioned markets, hence C2C, B2B and reCommerce is not included. Additional definitions can be found on each respective market page.

Key players in the market are companies like Amazon, Tmall, JD, Taobao, Pinduoduo, and Walmart.

Market numbers for the total market sizes (online + offline) can also be found on the respective pages of the Consumer Market Insights.

Market

Region

Region comparison

Currency

Methodology

Data coverage:

Data refers to B2C enterprises. Figures are based on the sale of physical goods via a digital channel to a private end consumer. This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets). The following are not included in the eCommerce market: digitally distributed services (see instead: eServices), digital media downloads or streams, digitally distributed goods in B2B markets, and the digital purchase or resale of used, defective, or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Statista Global Consumer Survey), data on shopping behavior (e.g., Google Trends, Alibaba Trends), and performance factors (e.g., user penetration, price/product). Furthermore, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, internet penetration, and population. 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 particular market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, internet penetration, and population.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the Russia/Ukraine war is considered at a country-specific level.