Food And Beverages Market 2024 - Size, Share, Analysis, Trends, and Growth Forecast by 2033

The food and beverages market size has grown strongly in recent years. It will grow from $6576.96 billion in 2023 to $7000.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing internet penetration, and rising disposable income.

The food and beverages market size is expected to see strong growth in the next few years. It will grow to $8817.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increase in smart phone users, rapid urbanization, and new payment modes. Major trends in the forecast period include rising subscription products, mobile shopping of grocery, technological development, partnerships, and collaborations and buy now, pay later (bnpl)..

Market Overview -
Foods are defined as processed products of plants, and animals that contain essential nutrients such as protein, carbohydrates, fat, and other nutrients consumed by humans. Beverages are defined as potable drinks which have thirst quenching refreshing, stimulating, and nourishing properties.

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Overproduction Of Crops Creates Profit Opportunities For Food And Beverage Companies
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.

Competitive Landscape -
Major companies operating in the food and beverages market report are Nestle S.A, PepsiCo, Inc, JBS S.A, Anheuser-Busch InBev, Tyson Foods Inc, Archer-Daniels-Midland Company (ADM), Mars, Incorporated, Imperial brands plc, The Coca-Cola Company, Cargill, Dabur, Amul, Asahi Soft Drinks Co Ltd, Red Bull, Del Monte fresh produce Ltd, Fonterra Meiji Co Ltd, Dali Foods Group Co Ltd, Hangzhou Wahaha Group Co, Ltd, Nongfu Spring, China Haisheng Juice Holdings Co Ltd, Britannia Industries Ltd, Otsuka Holdings Co Ltd, Suntory Beverage & Food Ltd, Glanbia, Plc, Royal Frieslandcampina N. V, Raisio PLC, Associated British Foods, Boparan Holdings, Arla Foods, Greencore Convenience Foods, Südzucker AG, Tonnies Group, Dr. August Oetker Nahrungsmittel KG, KHS Group, Sicuro Food, Valagro, Gastronomic SPAIN, Mondelez UK, Refresco Tate & Lyle, Diageo, Roust Corporation, Cherkizovo Group, GoodMills Group GmbH, European Drinks S. A, Penam, Vitana, Metarom Group, Košík, Rudolf Jelinek, General Mills, The Hain Celestial Group, Campbell Soup Company, Maple Leaf, Olymel, Elmira Pet Products Ltd, Adams & Brooks Inc, The Kraft Heinz Company, Dr. Pepper Snapple Group, Hearthside Food Solutions LLC, Grupo Petrópolis, Monster Energy Co, Rockstar Inc, Unilever, Arcor, Starbucks, Agrosuper, Ambev, Almarai Company, Arab Company for Livestock Development (ACOLID), Al-Watania Company, Agthia Group PJSC, AWJ, South Beach Beverage Co Inc, Abu Auf Group, Lifeway Foods, Arizona Beverages Company, Twiga Foods, Cadbury Nigeria, FrieslandCampina WAMCO Nigeria PLC, CHI Limited, Nigerian Breweries Plc, SABMiller.

Iqf Technology Revolutionizing Frozen Food Quality And Demand
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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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