GLOBAL FOOD AND BEVERAGES MARKET SET TO REACH $10 BILLION BY 2031 ACCORDING TO LATEST RESEARCH AND MARKETS DATA
The global food and beverages market is expected to reach a value of $10,406.81 billion (€10,430.30) in 2031, growing at a CAGR of 5.4%, according to a new report by Research and Markets.
The market is currently worth nearly $5,818.25bn (€5,833.71bn) in 2021, having grown at a compound annual growth rate (CAGR) of 3.5% since 2016.
Growth has been be driven in part by an increase in clean-label, organic, and non-GMO (genetically codified organism) products, Research and Markets said, as well as a rise in alcohol consumption, strong economic growth in emerging markets and the influence of digital media marketing and social media.
In addition, the future will see increasing organic food consumption, as well as growing demand for immunity-boosting foods and beverages.
Other contributory factors will include rising penetration of organised retail, rapid growth in e-commerce, faster economic growth and food security initiatives.
Factors that could hinder the growth will include climate change and global warming, a shift towards vegan eating and the Russian-Ukrainian war, the report said.
According to the report, Asia Pacific was the largest region in the food and beverages market, accounting for 41.9% of the total in 2021.
It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the food and beverages market will be Africa, and, the Middle East where growth will be at CAGRs of 13.7% and 10.6% respectively.
These will be followed by Eastern Europe, and, South America where the markets are expected to grow at CAGRs of 7.0% and 6.8% respectively.
Countries covered include China, Australia, Bangladesh, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand and Vietnam.
In the Americas, Canada, Mexico, USA, Argentina, Brazil, Chile, Colombia and Peru are included, while EMEA includes Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK, Czech Republic, Poland, Romania, Russia, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria and South Africa.
The top opportunities in the food and beverages market segmented by nature will arise in the conventional market segment, which will gain $1,888.6 billion of global annual sales by 2026, the analysis said.
According to the report, the big opportunities in the food and beverages market segmented by distribution channel will arise in the supermarkets/hypermarkets market segment, which will gain $895.4 billion of global annual sales by 2026. The food and beverages market size will gain the most in China at $295.3 billion.
Major market trends
- Shift to natural ingredients
- Functional drinks for hydration and nutritional benefits
- Rise in micro distilled/artisan spirits
- Rise of alcohol e-commerce market
- High-pressure pasteurisation of fruits and vegetables
- Increasing demand for clean label products
- Robotics and automation in meat processing
- Use of advanced cigarette filter technologies
- Use of artisan cooking methods
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