The food and beverage industry globally has experienced a significant growth over the past few years. This is majorly attributed to the industry's strong developments and innovations, which have further enhanced and strengthened consumption and spending. There has been a marked movement in consumer preferences and demands, which is further indicated by a drive towards premiumization and customization. Manufacturers of a number of food and beverage products are now looking at creating differentiated products, whereby consumer preferences are being accounted for, to create new market opportunities.
Furthermore, there is a clear shift in food consumption patterns from unprocessed foods to processed and ultra-processed foods. Hectic lifestyles in developed nations have led to a declining trend of cooking and a growing trend of snacking. Consumers are nowadays more inclined to buying processed foods such as bread & cereals, frozen & packaged meals, and processed meat & fish. This has resulted in the growing demand for various types of convenience foods, which, in turn, is expected to drive the consumption volumes of food processing ingredients in the food & beverage industry.