Latin America food and grocery retail market is anticipated to grow at a CAGR of 5.5% during the forecast period (2024-2031). The market growth is driven by the increase in incomes in ‘two-earner’ households and access to refrigerators and private cars. Although, the primary factor for growth has been the liberalization of foreign direct investment. Latin America food and grocery retail market is segmented based on products (packaged foods, unpackaged foods, beverages, and other household products) by distribution channels (online and offline).
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In July 2023, USDA (United States Department of Agriculture), published a report- Retail food, highlighting the Chilean retail food industry’s total sales reaching approximately $29.5 billion, a 20.9% over 2021. The report depicted supermarkets and grocery stores to be the primary retail channels for food products, accounting for around 55.5% of the market share. Chile has one of Latin America’s highest incomes per capita, at $28,887 PPP, which is contributing significantly to the regional market growth. USDA pinpointed the future market drivers including, the rise of multichannel retailing, personalization, data analytics, health and wellness sustainability, and responsible practices.
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The online distribution channel is anticipated to grow at a significant rate during the forecast period, owing to the rising demand for food delivery during the forecast period. The increasing digitization is making food delivery more accessible contributing to the market growth. The delivery flow significantly lies with a third party, leading to increased efficiency, and strong supply chain, and increased customer satisfaction.
The major players in the Latin American food and grocery retail market include Walmart, Costco Wholesale Corp., 7-Eleven, Inc., Amazon.com Inc., and The Kroger Co., among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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