Categories: Food & Beverages

Food And Beverages Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Food And Beverages by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Food And Beverages, The food & beverages e-commerce market size has grown exponentially in recent years. It will grow from $69.77 billion in 2023 to $85.25 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. The growth in the historic period can be attributed to increase in clean-label, organic, and non-gmo products, rise in alcohol consumption, increased pet ownership by gen z and gen y adults, strong economic growth in emerging markets, influence of increased demand for processed foods, rise in awareness of benefits of organic products, and growing number of health-conscious consumers.

The food & beverages e-commerce market size is expected to see exponential growth in the next few years. It will grow to $180.77 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to rising penetration of organized retail, increasing demand for ready to eat products, faster economic growth and rise in global population. Major trends in the forecast period include focus on using natural ingredients in their products to address health-related concerns of consumers, focus on offering functional beverages for hydration and nutritional benefits, focus on micro-distilled/artisan spirits to cater to the growing demand, focus on high-pressure pasteurization techniques to preserve nutrients and eliminate harmful microorganisms, focus on offering clean label products in response to the growing awareness of healthy food, focus on adopting robotics and automation technology to maximize production efficiency, focus on using innovative filter technologies to reduce toxicants in cigarettes and enhance the smoking experience, focus on offering the products on e-commerce platforms, and focus on using artisanal cooking methods for making food and beverages..

Many countries across the globe are experiencing falling prices of crops due to overcapacity; this is expected to result in low raw material costs for food and beverage companies. For instance, in November 2022, according to the report Frontline, an India-based national magazine on agriculture, the bailout package of Rs 7000 crore, announced by the Cabinet Committee on Economic Affairs, for farmers involved in the sugar production sectors to fix the minimum selling price of refined sugar of Rs 29 per kilogram (prices dropped to Rs 23-24 recently due to overproduction and to create a buffer stock of 3 million tons of sugar for one year. Thus, the overproduction of certain crops is likely to result in higher profit margins for food and beverage companies. Higher profit margins will enable food and beverage companies to increase their productivity and drive the market going forward.

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The food and beverages market covered in this report is segmented –

1) By Type: Alcoholic – Beverages, Non-Alcoholic – Beverages, Grain Products, Bakery And Confectionery, Frozen, Other Foods Products

2) By Nature: Organic, Conventional

3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Channels

Sub segments: Beer (Breweries), Wine And Brandy (Wineries), Spirits (Distilleries), Coffee And Tea, Soft Drink And Ice, Flour, Rice And Malt, Other Grain Products, Sugar And Confectionery Products, Cookie, Cracker, Pasta And Tortilla, Bread And Bakery Products, Breakfast Cereal, Frozen Food, Canned, And Ambient Food, Milk And Butter, Ice Cream And Frozen Dessert, Cheese, Dry, Condensed, And Evaporated Dairy Products, Meat Products, Poultry, Seafood, Fats And Oils, Seasoning And Dressing, Flavouring Syrup And Concentrate, Animal Food, Pet Food, Cigarettes, Cigars And Cigarillos, Smoking And Other Tobacco Products, Perishable Prepared Food, Snack Food, All Other Miscellaneous Food

Frozen food manufacturers are using technologies such as individual quick freezing (IQF) to improve the yield and quality of frozen foods. The IQF method involves transferring the individual food items on a conveyor belt into a blast freezer that quickly freezes the items. With the IQF method, every individual piece of food is frozen separately, as opposed to bulk or block freezing. This method boosts yield by 1.5-3% and results in better quality products with high nutritional value and less wastage. Examples of IQF foods include fruits such as blueberries, strawberries, and peaches, and vegetables such as corn, peas, and green beans. The global IQF vegetable market is expected to reach $2 billion by 2026, thus indicating significant demand for IQF food products in the future.

The food and beverages market report table of contents includes: