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Food Contract Manufacturing: Driving the Global Food Supply Chain
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
New product innovations have emerged as the key trend gaining popularity in the food contract manufacturing market. Major companies operating in the food contract manufacturing sector are focused on developing new innovative products to increase their market share. For instance, in March 2022, EnWave Corporation, a Canada-based advanced technology company, launched its state-of-the-art vacuum-microwave toll drying facility, REVworx. This facility offers on-demand contract manufacturing services for the production of high-quality, vacuum-microwave dried snacks and ingredient applications for food companies of all sizes. REVwork uses REV technology that would lower the upfront capital investment and increase speed to market.
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Major Key Players of the Market:
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
Food Contract Manufacturing Market 2024 Key Insights:
• 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%.
• Pandemic-Driven Growth In The Food Contract Manufacturing Market
• Innovations Redefining The Food Contract Manufacturing Landscape
• North America was the largest region in the food contract manufacturing market in 2023
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