Still, the global Food and Beverage market has shown strong growth figures, from $5,818.3 billion in 2021 to $6,327.4 billion in 2022, at a compound annual growth rate (CAGR) of 8.7%. This was despite the Russia-Ukraine war, political chaos in leading economies, continued global economic recovery from the COVID-19 pandemic, the return of inflation, and significant supply chain disruptions.
Health Awareness & Responsible Food Sourcing Drives Increased Capitalization
Over the past year, the Food and Beverage industry has experienced several trends which have significantly affected industry dynamics. These include:
Natural Immunity Products: Brands are trying to stay up to date with the younger generations by investing in natural immunity and health products. Some of the main goods that are gaining popularity include plant-based foods, alcohol-free beverages, fermented drinks focused on gut health, and pre/probiotics. The market is expected to grow at a CAGR of 5.8% from 2022 – 2030.
Plant-Based Food: Having been linked to various health benefits, the trend of plant-based food has evolved into more than just a meat substitute. The market is expected to create a significant stir in the industry, boasting nutritional benefits comparable to meat or dairy, a clean-label image, and tasteful seafood alternatives.
Non-Alcoholic Drinks: The demand for non-alcoholic beverages is expanding at food service establishments such as cafés, restaurants, clubs, and pubs due to the rising acceptance of the sober- curious trend. The Coca-Cola Company and PepsiCo are projected to increase product releases and growth initiatives which would likely enhance the market in growing regions.
Sustainability & Technology: Various initiatives are targeting conscious consumers and creating awareness around sustainable business practices. Blockchain technology is being tested in new projects to decrease food fraud and waste, enhance customer information, boost food safety and profitability, and enhance food traceability.
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