Brazil’s food industry revenue grows 10% in 2024
The Brazilian food industry’s revenue reached BRL 1.277 trillion in 2024, marking a 9.98 percent increase over the previous year. This represents 10.8 percent of the country’s Gross Domestic Product (GDP). The data, released on Thursday (Feb. 20), was provided by the Brazilian Food Industry Association (Abia).
According to the survey, 72 percent of the revenue, or BRL 918 billion, came from the domestic market, while 28 percent, or $66.3 billion, was from foreign trade. Sales in 2024 grew by 6.1 percent, and production increased by 3.2 percent, reaching 283 million tons of food.
Abia reports that the food industry will invest approximately BRL 40 billion in 2024, with BRL 24.9 billion allocated to innovations and BRL 13.8 billion to mergers and acquisitions.
"Abia reaffirms the industry's commitment to invest BRL 120 billion from 2023 to 2026. In 2023 and 2024 alone, the industry invested BRL 74.7 billion, accounting for more than 62 percent of the projected total for the period. These investments reflect the sector's strength and consistency, which are crucial for maintaining competitiveness and ensuring supply in both domestic and international markets," said João Dornellas, president of the entity, in a statement.
Exports
Since 2022, Brazil has been the world’s leading exporter of processed foods by volume. Last year, exports totaled 80.3 million tons, a 10.4 percent increase compared to 2023. In 2024, revenue from these sales reached a record $66.3 billion, marking a 6.6 percent rise from the $62.2 billion recorded in the previous year.
In 2024, the main export markets for Brazilian products were Asia, accounting for 38.7 percent of exports, with China representing 14.9 percent of that share. This was followed by the Arab League (18.9%) and the European Union (12.6%). The top export items included meat ($26.2 billion), sugar products ($18.9 billion), soy products ($10.7 billion), oils and fats ($2.3 billion), and vegetable juices and preparations ($3.7 billion).
