Market Insights Consumer Food Convenience Food

Soups - Jamaica

Jamaica

Revenue in the Soups market amounts to €19.97m in 2024. The market is expected to grow annually by 4.91% (CAGR 2024-2029).
In global comparison, most revenue is generated in Indonesia (€9,282m in 2024).
In relation to total population figures, per person revenues of €7.07 are generated in 2024.
In the Soups market, volume is expected to amount to 3.41m kg by 2029. The Soups market is expected to show a volume growth of 0.4% in 2025.
The average volume per person in the Soups market is expected to amount to 1.2kg in 2024.

Key regions: United Kingdom, Russia, Philippines, United States, Spain

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Convenience Food Market in Jamaica has seen a slight increase in demand due to factors like changing consumer preferences and the convenience of ready-to-eat soups. However, the overall growth rate remains negligible, impacted by economic challenges and limited product innovation.

Customer preferences: As consumers become more health-conscious and time-strapped, there is a growing demand for convenient and nutritious soup options in the Convenience Food Market within The Food market. This trend is driven by a shift towards healthier lifestyles and a desire for quick and easy meal solutions. Additionally, there is a growing demand for plant-based soups as consumers become more interested in sustainable and ethical food choices. This is further fueled by the increasing popularity of vegan and vegetarian diets among younger consumers.

Trends in the market: In Jamaica, the Soups Market of the Convenience Food Market within The Food market is experiencing a rise in demand for plant-based and organic soup options. This trend is driven by increasing health consciousness and the desire for more sustainable and ethically sourced products. The trajectory of this trend shows that it will continue to grow, with more consumers seeking out healthier and environmentally friendly options. This shift has significant implications for industry stakeholders, as they may need to adapt their product offerings to cater to this demand. It also presents opportunities for new players to enter the market with innovative and sustainable soup options.

Local special circumstances: In Jamaica, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's tropical climate and rich culinary traditions. Soup is a staple dish in Jamaican cuisine, with unique flavor profiles and ingredients such as callaloo, yams, and scotch bonnet peppers. Additionally, the market is shaped by the country's tourism industry, as many visitors seek out authentic Jamaican soups. This creates a demand for convenient and portable soup options, driving the growth of the convenience food market in Jamaica.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is influenced by macroeconomic factors such as consumer spending power, inflation rates, and economic growth. Countries with stable economies and rising disposable incomes are experiencing higher demand for convenience food products, including soups. On the other hand, regions with economic instability and inflationary pressures may see a decline in market growth. Additionally, fiscal policies and trade agreements can also impact the availability and pricing of key ingredients used in soups, thus affecting the overall market performance.

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.