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Is the Global Food and Beverage Industry in Growth Overdrive?
Food is something we want to eat as safely and nutritiously as possible. From its safe preparation and preservation technology to its safe and hygienic packaging. It must not be compromised or let down. Similarly, or likewise, we all want major food businesses to accommodate customer concerns in service delivery. The global food and beverage industry had experienced a slowdown with COVID-19, and as the recovery phase was ongoing, other global geopolitics struck.
Post-COVID-19 Global Food and Beverage Industry Statistics.
The global food and beverage market grew from $6,729.54 billion in 2022 to $7,221.73 billion in 2023 at a compound annual growth rate of 7.3%. However, with advent of war between Russia-Ukraine, disruption in global economic recovery from the COVID-19 pandemic, happened.
Three Indicators of Growth in the Food and Beverage Industry.
- Today, there is higher preference for vegan and vegetarian products that are certified cruelty-free as opposed to meat products.
- There is a growing demand for delivery food services as opposed to prepackaged foods with a lengthy shelf life.
- There are still indicators of recovery from the COVD-19 pandemic, and people practice multiple precautions before deciding to dine out.
Global and Indian Statistical Food and Beverage Industry Trends.
The global food and beverage market was estimated at USD 6,249.54 billion in 2022. This figure has since received a meteoric rise to USD. 7, 221. 73. That represents a healthy CAGR of 7.3%.
It is true that in 2020, global food and beverage trends projected healthy figures and trends, just as they did in India. The Indian growth figures are calculated at:
India food and beverage industry amounts to US$963.60bn in 2023. A significant growth indicator despite the severity of COVID-19, lockdowns, and other factors. The market segment is further expected to grow annually by a compound annual growth rate of 7.23% between 2023 and 2027. India’s largest food and beverage market segment is composed of bread and cereal products, with an estimated market volume of US$173.90bn in 2023. The food and beverage industry makes up 3% of Indian GDP. These figures are expected to keep growing, driven by resurgent demand and growth.
In most industries, growth is influenced by several factors, and today, there is a near-visible slowdown globally, regionally, and across several national boundaries. Food being a perishable commodity, it needs technologies that can sustain its freshness and shelf life. That is where better food and beverage industry technologies will all serve to highlight growth and progress.
Whether it is other constituents of the food and beverage market, like frozen bakery items or organic foods, there is enough statistical proof of healthy drivers for the segment.
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