Global Food Spending to Jump by 36% and Hit $12.4 Trillion by 2029

The swelling food costs, which have affected economies across the globe, continue fuelling revenue growth of the global food industry, pushing it to historical highs. In 2024, people worldwide will spend around $9 trillion on food, $600 billion more than last year and $2.5 trillion more than before the COVID-19 pandemic. This shocking figure is expected to grow even more in the future.

According to data presented by Stocklytics.com, global food spending is expected to grow by 36% and hit $12.4 trillion by 2029.

People Will Spend $700 Billion more on Food Each Year

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. 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. In fact, the latest Statista survey shows food prices across all major categories will continue rising, pushing the annual food spending to all-time highs.

Between 2019 and 2024, the annual food spending has increased by a massive 38%, rising from $6.5 trillion to $9 trillion. The following years will bring practically identical spending growth. According to Statista, consumers worldwide will spend just over $9 trillion on food in 2024, 7.6% more than last year. By 2029, this figure is projected to jump by 36% and hit a shocking $12.4 trillion, almost double the figure reported in 2019.

Although low- and middle-income countries are getting hit hardest by this negative trend, major economies will also see their food spending skyrocket. For instance, the Chinese market will see a 42% five-year increase, with its food spending rising to $2.2 trillion. Indians will spend $1.28 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.

The Statista survey also showed the average food volume per capita will grow three times slower than food prices. While global food spending will jump by 36%, the average food volume per capita will increase by 12% in the next five years, rising from 339kg to 382kg.

Bread, Oil, Fish, and Seafood to See the Biggest Price Growth by the End of a Decade

Although all food categories will see double-digit price growth in the following years, there are still some differences between them. According to Statista, the average food price per unit will increase by 16%, from $3.46 in 2024 to over $4 in 2029. Vegetables will also see a 16% price growth in this period, causing the price per unit to jump to $2.24.

Other major food categories will see an even bigger five-year increase. For instance, the average cost per unit of meat will hit $10.66 in 2029, or 17% more than this year. Statistics show the average price of bread will rise by 18% to $2.35. The fish and seafood category will see an identical increase, causing its price per unit to hit over $21 in 2029. Oils and fats will remain a food category with the highest price increase, with the average price per unit growing by 19% to $6.71 in this period.