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Staple Food Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Staple Food Market Outlook
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According to The Business Research Company's, The staple food market size has grown strongly in recent years. It will grow from $1616.98 billion in 2023 to $1728.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to historical improvements in agricultural practices, population growth, colonial expansion, green revolution, and increased investment in agriculture.
The staple food market size is expected to see strong growth in the next few years. It will grow to $2269.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to the increasing popularity of plant-based diets, rise of e-commerce, rising demand for sustainably sourced food, rise in organic staple foods, and changing consumer lifestyles. Major trends in the forecast period include sustainable farming practices, innovations in agricultural technology, the development of new-plant-based systems, a rise in demand for organic and non-GMO staple foods, and precision agriculture and smart farming.
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Market Drivers and Trends:
The increasing popularity of plant-based diets is expected to propel the growth of the staple food market going forward. Plant-based diets emphasize the consumption of foods derived from plants, including vegetables, fruits, nuts, seeds, oils, whole grains, legumes, and beans. The popularity of plant-based diets is on the rise due to increasing awareness of health benefits, environmental concerns, and ethical considerations regarding animal welfare. Staple foods such as grains, legumes, and vegetables gain prominence with plant-based diets, boosting nutritional intake and supporting sustainable agriculture, reducing dependency on resource-intensive animal farming, and promoting environmental sustainability. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, U.S. retail sales of plant-based foods reached an all-time high of $7.4 billion, growing by 6.2% in 2021. This growth surpassed total food retail sales, with plant-based foods now accounting for 2.7% of retail packaged meat sales and 1.4% of the total meat category. Therefore, the increasing popularity of plant-based diets drives the staple food market.
Major companies operating in the staple food market are developing innovative products such as Instabowls to cater to the growing demand for convenient, quick, and nutritious meal options. Instabowls is an innovative product line that is designed to provide a convenient and portable breakfast solution for busy consumers. For instance, in September 2022, Kellogg Company, a US-based food company, launched Instabowls. This is a revolutionary cereal innovation that allows consumers to create instant milk by adding cold water to the bowl. Instabowls are available in four iconic Kellogg cereal varieties that include Frosted Flakes, Froot Loops, Apple Jacks, and Raisin Bran Crunch. This innovation addresses the common issue of accessing milk while on the go, making it easier for consumers to enjoy their favorite cereals anywhere, anytime.
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Major Key Players of the Market:
Cargill Incorporated, Nestle S.A., Archer-Daniels-Midland Company, Pepsico Inc., JBS S.A., Unilever PLC, AB InBev, Mars Incorporated, Coca-Cola Company, Mondelez International Inc., Danone S.A., Kraft Heinz Company, Diageo PLC, The Kellogg Company, ITC Limited, Adani Wilmar Ltd., General Mills Inc., Alliance Grain Traders (AGT) Food and Ingredients Inc., Saskcan Pulse Trading, Soylent Nutrition Inc., True Made Foods
Staple Food Market 2024 Key Insights:
• The staple food market size is expected to see strong growth in the next few years. It will grow to $2269.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Plant-Based Diets Drive Growth In Staple Food Market
• Innovative Product Revolutionizing Convenience In The Staple Food Market
• Asia-Pacific was the largest region in the staple food market in 2023
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