Global spend on food is expected to total around $9 trillion (€8.1 trillion) this year, $600 billion (€540 billion) more than last year, new data from Stocklytics.com has found.
This means that global food spend is set to be $2.5 trillion (€2.25 trillion) higher in 2024 than it was before the COVID-19 pandemic, with further growth in spend likely, Stocklytics.com noted, citing Statista figures.
By 2029, it suggests, spend is likely to increase by a further 36%, hitting $12.4 trillion (€11.16 trillion).
'Skyrocketing' Prices
"The COVID-19 pandemic and inflation have made food prices skyrocket over the past five years, with food price inflation becoming a new major problem worldwide," Stocklytics.com's Jastra Kranjec noted.
"Although food prices dropped from their peaks in 2022, they are still at historical highs, remaining a burden for households across the globe. Unfortunately, the chances of them getting even close to pre-pandemic levels are slight to none."
Global food spend has risen by 38% in the period from 2019 to 2024, with spend this year coming in 7.6% higher than last year.
Major Markets
According to Kranjec, low- and middle-income families are set to be hardest hit by this increase, while major markets are also likely to see their food spending increase in the years to come.
"For instance, the Chinese market will see a 42% five-year increase, with its food spending rising to $2.2 trillion (€1.98 trillion)," she said. "Indians will spend $1.28 trillion (€1.15 trillion) on food in 2029, or 44% more than this year. The US and Japanese markets follow with a much smaller increase of 20% and 10%, respectively."
Volume Increase
While global food spending is projected to rise by 36%, the average food volume per person is expected to increase by only 12%, from 339 kg to 382 kg.
Certain food categories, including meat, bread, oil, fish, and seafood, are set to experience the most substantial price growth by the end of the decade. Meat prices are expected to climb by 17% to $10.66 (€9.59) per unit by 2029, while bread and fish/seafood prices will each rise by 18%, bringing the cost of bread to $2.35 (€2.12) and fish/seafood to over $21 (€18.90) per unit.
