The global food and agricultural industry for 2018 totaled about $8.7 trillion, according to Plunkett Research estimates, or about 10% of the world's GDP.
Global food exports totaled $1.47 trillion in 2017, according to the World Trade Organization (latest data available).
While it is obvious that food is of equal importance to all people on planet Earth, the relative cost of that food is not equal.
It varies widely due to such influences as location, local food industries and the availability of proper infrastructure for food transportation and storage.
Households in well-developed nations such as the U.S.
Canada, Singapore and countries in Europe, spend a relatively modest portion of household income on food, typically 11%-15%.
In less-developed nations, such as Pakistan, Nigeria and the Philippines, food make account for more than 40% of spending, making it hard for families to invest in education or health care.
In America, the average household spent $7,729 on food during 2017, up from $7,023 the previous year.
That included $4,363 spent on food for at-home dining, and $3,365 for dining out.
The retail grocery store and supermarket industry in the U.S., with 40,498 stores, totaled about $660.6 billion in revenues during 2018, up from $641.1 billion the previous year, according to U.S. Department of the Census figures.
However, food products and beverages in America and elsewhere are sold at a wide variety of
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The global food and agricultural industry for 2018 totaled about $8.7 trillion, according to Plunkett Research estimates, or about 10% of the world’s GDP. Global food exports totaled $1.47 trillion in 2017, according to the World Trade Organization (latest data available). While it is obvious that food is of equal importance to all people on planet Earth, the relative cost of that food is not equal. It varies widely due to such influences as location, local food industries and the availability of proper infrastructure for food transportation and storage.
Households in well-developed nations such as the U.S. Canada, Singapore and countries in Europe, spend a relatively modest portion of household income on food, typically 11%-15%. In less-developed nations, such as Pakistan, Nigeria and the Philippines, food make account for more than 40% of spending, making it hard for families to invest in education or health care.
In America, the average household spent $7,729 on food during 2017, up from $7,023 the previous year. That included $4,363 spent on food for at-home dining, and $3,365 for dining out.
The retail grocery store and supermarket industry in the U.S., with 40,498 stores, totaled about $660.6 billion in revenues during 2018, up from $641.1 billion the previous year, according to U.S. Department of the Census figures. However, food products and beverages in America and elsewhere are sold at a wide variety of stores other than supermarkets. To get the full U.S. picture, it is important to consider food and beverage sales at 62,634 non-traditional food-sellers such as wholesale clubs and dollar stores, estimated at $492.5 billion by Plunkett Research as well as $199.2 billion in revenues at 161,052 convenience stores (not including convenience store gasoline sales).
The restaurant and bar industry accounted for another $716.3 billion in revenues in the U.S. during 2018, (up from $678.6 billion the previous year) according to the Bureau of the Census. The National Restaurant Association estimated that, for 2018, its industry would employ 15.1 million people at more than 1 million locations.
Estimates of total food industry revenues can vary widely due to many factors. For example, a large portion of supermarket sales is made in non-food items such as drugs and personal care goods, and many types of non-food stores sell small amounts of specialty food products. Also, the National Restaurant Association’s estimates of total annual revenues ($825 billion projected for 2018, up from $799 billion in 2017) are always higher than figures gathered by researchers at the Census, and both groups may miss revenues generated by caterers and other non-traditional prepared food sellers. On a very broad basis, $1.90 trillion to $2.10 trillion is a reasonable estimate for total U.S. retail food and beverage industry revenues for 2018, with growth of about 3% expected for 2019, unless an economic downturn hits.
Outside the U.S., food retailing is rapidly becoming more diverse and sophisticated in emerging markets. For example, modern convenience stores are widespread in major Asian cities, such as the large number of highly popular 7-11 stores found in Thailand. Also, discount stores that sell food products, among other items, are increasingly popular, evidenced by the rapid growth of Wal-Mart in Mexico, and the continuing fast spread of stores in China owned by Wal-Mart and its competitors. Nonetheless, outside of the major cities, much of the food retailing in emerging markets is conducted by very modest local markets, often run as family operations.
Food sales by restaurants are spreading very quickly in the emerging world as well. For example, America’s Yum! Brands, operator of KFC and Pizza Hut, grew very quickly in China, where it operates thousands of units in locations ranging from the giant metropolises such as Shanghai and Beijing to remote, smaller cities of growing importance. (Yum! has spun-off its China restaurants into a separate company.) Yum! Brands is a true leader in this regard, and it is already expanding in Africa, which is the next frontier in the emerging world. Yum! Brands’ success has spawned a great number of domestic competitors within China.
U.S. farm sector gross receipts for crops, livestock and other products were projected to be $374.9 billion in 2018, according to the U.S. Department of Agriculture.
America’s agricultural sector enjoyed $138.2 billion in exports in 2017, up from $134.7 billion in 2016 and $133.1 billion in 2015. U.S. agricultural imports in 2017 were $121.0 billion, up from 2016’s $114.4 billion and 2015’s $113.8 billion.
Aquaculture (fish farming) produced an estimated 171 million tons of fish globally in 2016, up from 66.1 million tons in 2010, according to the UN Food and Agriculture Organizations (FAO). This production is growing quickly. By 2030, aquaculture is projected to provide two-thirds of total fish for human consumption. Fish farming is extremely active in the U.S. as well as in nations such as the Philippines, China, Norway and Vietnam. Tilapia, salmon and shrimp are among the leading products.
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