Global Food Contract Manufacturing Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

The food contract manufacturing are used to handle the manufacturing of food production activities through other agencies. This includes activities such as preparation of school food services, and in others, meals may be catered for an event. Food contract manufacturing refers to outsourcing in which one company hires another firm to manufacture food products. This helps the customer company focus more on branding and marketing.

Sizing and Forecast
The food contract manufacturing market size has grown rapidly in recent years. It will grow from $154.23 billion in 2023 to $170.92 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%.  The growth in the historic period can be attributed to demand for cost efficiency, focus on core competencies, market expansion and geographic reach, seasonal demand fluctuations, regulatory compliance and quality assurance, flexibility in production capacities.

The food contract manufacturing market size is expected to see rapid growth in the next few years. It will grow to $274.94 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.  The growth in the forecast period can be attributed to rise in health and wellness products, e-commerce and direct-to-consumer trends, clean label and sustainable practices, global market penetration, plant-based and alternative foods. Major trends in the forecast period include technological integration and industry 4.0, technology integration, sustainability focus, customization demand, global supply chain optimization.

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Segmentation & Regional Insights
The food contract manufacturing market covered in this report is segmented –
1) By Services: Manufacturing Services, Packaging Services, Research and Development Services
2) By Manufacturing Process: Dry Blending, Spray Drying, Extrusion

North America was the largest region in the food contract manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food contract manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing food demand during the COVID-19 pandemic is expected to propel the growth of the food contract manufacturing market going forward. The SARS-CoV-2 virus causes the COVID-19 infectious disease. Most people infected with the virus experience mild to moderate respiratory illness. Taking healthy and hot food at regular intervals helps to reduce the effect of COVID-19 and boosts immunity, which has thus increased the demand for food. For instance, in September 2022, according to The Bureau of Labor Statistics, a US-based federal agency, in 2021, there was a 13.4% rise in food expenditures, marking an increase from the 10.5% recorded in 2020. Additionally, consumer units’ spending on food amounted to 7,310 in 2020, which saw an uptick to 8,289 in 2021. Therefore, increased food demand during the pandemic is driving the growth of the food contract manufacturing market going forward.

Key Industry Players
Major companies operating in the food contract manufacturing market report are Christy Friedgram Industry, Hearthside Food Solutions LLC, Haco AG, Hamilton Beach Brands Inc., Nikken Foods Co. Ltd., The C.F. Sauer Company, Cosori Corporation, Tree Top Inc., Nu-World Foods Inc., SK Food Group Inc., De Banketgroep B.V., The Eli’s Cheesecake Co. LLC, Pacmoore Products Inc., The Fremont Company LLC, Action Pak Inc., LEM Products Holding LLC, Van Law Food Products Inc., Superior Supplement Manufacturing Inc., The Sausage Maker Inc., Fibro Foods LLP, Gourmia Inc., Thrive Foods LLC, SternMaid America LLC, ETA Lumis Foods Ltd., Samma Service S.r.l., Nutrascience Labs Inc., Hindustan Foods Limited, Cremica Agro Foods Ltd., Helander Company Inc., Magic Mill Enterprises LLC, The French’s Food Company LLC

The food contract manufacturing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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