Key Market Indicators
Cypriot food expenditures are projected to reach approximately €2.3 billion by 2028, up from €2.1 billion in 2023. This represents an average annual growth rate of 1.4%. Since 2000, the demand for food in Cyprus has increased by an average of 5.8% each year. In 2023, Cyprus ranked 31st globally in food expenditures, with Luxembourg slightly ahead at €2.1 billion. France, Italy, and the United Kingdom occupied the second, third, and fourth spots, respectively. Meanwhile, Cypriot food sales are expected to rise to about €1.8 billion by 2028, from €1.7 billion in 2023. This corresponds to an average annual growth rate of 1.3%. Since 2010, the Cypriot food market has grown by 1.7% per year. In the 2023 rankings, Cyprus also held the 31st position in food sales, trailing Bosnia and Herzegovina, which reported €1.7 billion in sales. France, Italy, and Spain were the second, third, and fourth largest markets in this category.
