Staple Food Market Report 2024

The staple food market size has grown strongly in recent years. It will grow from $1.61 trillion in 2023 to $1.72 trillion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to several factors, improvements in agricultural practices, population growth, colonial expansion, the Green Revolution, and increased investment in agriculture.

The staple food market size is expected to see strong growth in the next few years. It will grow to $2.26 trillion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to the increasing popularity of plant-based diets, the rise of e-commerce, rising demand for sustainably sourced food, the growth in organic staple foods, and changing consumer lifestyles. Major trends during this period include sustainable farming practices, innovations in agricultural technology, the development of new plant-based systems, increased demand for organic and non-GMO staple foods, and advancements in precision agriculture and smart farming.

The increasing popularity of plant-based diets is anticipated to drive the growth of the staple food market in the coming years. Plant-based diets focus on consuming foods derived from plants, including vegetables, fruits, nuts, seeds, oils, whole grains, legumes, and beans. The rise in popularity of these diets is attributed to growing awareness of health benefits, environmental concerns, and ethical considerations regarding animal welfare. Staple foods such as grains, legumes, and vegetables gain prominence within plant-based diets, enhancing nutritional intake, supporting sustainable agriculture, reducing reliance on resource-intensive animal farming, and promoting environmental sustainability. For example, in December 2021, the Plant Based Foods Association, a US-based food association, reported that U.S. retail sales of plant-based foods reached an all-time high of $7.4 billion, growing by 6.2% in 2021. This growth outpaced total food retail sales, with plant-based foods now comprising 2.7% of retail packaged meat sales and 1.4% of the total meat category. Thus, the increasing popularity of plant-based diets is driving the staple food market.

Leading companies in the staple food market are developing innovative products such as Instabowls to meet the growing demand for convenient, quick, and nutritious meal options. Instabowls are an innovative product line designed to provide a portable breakfast solution for busy consumers. For instance, in September 2022, Kellogg Company, a US-based food company, launched Instabowls. This revolutionary cereal innovation allows consumers to create instant milk by adding cold water to the bowl. Instabowls are available in four iconic Kellogg cereal varieties, including Frosted Flakes, Froot Loops, Apple Jacks, and Raisin Bran Crunch. This innovation addresses the common issue of accessing milk while on the go, making it easier for consumers to enjoy their favorite cereals anywhere, anytime.

In December 2023, Weetabix, a UK-based food processing company, acquired Deeside Cereals for an undisclosed amount. This acquisition aims to expand Weetabix's product portfolio and manufacturing capabilities in the UK, thereby strengthening its market position. Deeside Cereals is a UK-based company that manufactures staple foods.

Major companies operating in the staple food market are Cargill Incorporated, Nestle S.A., Archer-Daniels-Midland Company, Pepsico Inc., JBS S.A., Unilever PLC, AB InBev, Mars Incorporated, Coca-Cola Company, Mondelez International Inc., Danone S.A., Kraft Heinz Company, Diageo PLC, The Kellogg Company, ITC Limited, Adani Wilmar Ltd., General Mills Inc., Alliance Grain Traders (AGT) Food and Ingredients Inc., Saskcan Pulse Trading, Soylent Nutrition Inc., True Made Foods.

Asia-Pacific was the largest region in the staple food market in 2023. The regions covered in the staple food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the staple food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Staple food refers to essential dietary items that form the foundation of a region or culture's diet, typically providing a significant portion of daily calorie intake. These foods are often abundant, affordable, and widely accessible, serving as reliable sources of nutrition and energy for populations.

The main types of staple foods include cereals, sugar, roots and tubers, fruits, vegetables, oil, and others. Vegetables, as staple food products, encompass a wide variety such as leafy greens, broccoli, and carrots. These can be found in both organic and conventional forms and are distributed through wholesale distributors, online retailers, other distribution channels, direct-to-consumer (D2C), and retail stores.

The staple food market research report is one of a series of new reports that provides staple food market statistics, including staple food industry global market size, regional shares, competitors with a staple food market share, detailed staple food market segments, market trends, and opportunities, and any further data you may need to thrive in the staple food industry. This staple food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The staple food market consists of sales of essential food items such as grains, pulses, spices, value-added products, and pantry staples. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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