A Comprehensive Look at the Global Food & Beverages Industry: Trends to Watch in 2024
According to a research report “Global Food & Beverage Industry Outlook 2024 — Navigating The Culinary Horizon of Tomorrow”, Published by MarketsandMarkets, the Top 10 Food & Beverages Markets Will Grow From USD 164.02 billion In 2023 To USD 179.83 billion by 2024 At A Yoy Increase Of 9.6%.
The Food & Beverages Industry Outlook encompasses various segments, including the plant-based protein market, plant-based meat market, food testing market, food certification market, precision fermentation ingredients market, food robotics market, personalized nutrition market, probiotics market, regenerative agriculture market, and food traceability markets.
As the food and beverage industry transitions from 2023 to 2024, it is poised for a transformative journey characterized by sustainable practices, the growth of plant-based alternatives, and cutting-edge technologies such as food automation and precision fermentation. This era is expected to foster unprecedented innovation and increased competition as companies work to align with changing consumer preferences and adopt ethical sourcing practices.
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Looking Back and Ahead
Food & Beverages Industry Trends from 2023:
· Consumer Preference Shift: In 2023, there is a growing consumer shift towards convenient and innovative plant-based food alternatives, including sea green products like algae and kelp.
· Sustainable Choices: Consumers are favoring sustainable and ethical food options, leading to the popularity of plant-based proteins that replicate the taste and texture of animal products.
· Precision Fermentation: Increased investments and innovations in precision fermentation are transforming alternative protein production, addressing environmental and ethical concerns associated with traditional meat production.
· Personalized Nutrition: Advances in biotechnology and nutritional science are driving the creation of personalized foods tailored to individual health needs. A Glanbia Nutritional report (October 2023) indicates health improvement as the top reason for choosing functional nutrition products.
· Focus on Gut Health: There is a rising consumer interest in gut health, making probiotics increasingly popular. They are now being included in unconventional products such as chocolate, ice cream, juices, sauces, and nutrition bars.
· Probiotic Beverages: Beverages are becoming a favored carrier for probiotics and prebiotics, with 25% of consumers seeking probiotics and 23% looking for prebiotics in wellness drinks, as per IFIC’s 2022 Consumer Insights on Gut Health and Probiotics Survey.
· Blockchain Technology: The integration of blockchain technology in the food and beverage industry ensures greater transparency and traceability within the supply chain.
· Robotics and Automation: The use of robotics and automated systems is crucial for meeting the increasing demand for mass-produced food items.
· Sustainable Practices: Food and beverage manufacturers are adopting sustainability practices, including reducing food waste, ethical sourcing, and utilizing biodegradable/recyclable packaging.
Projections for 2024:
· Consumerism: Looking forward to 2024, the trend intensifies with a continued focus on personalized nutrition, clean labels, and ethical sourcing. The emphasis on on-the-go options, global culinary exploration, and health-conscious products persists, driving further growth in e-commerce and direct-to-consumer models.
· Technology and automation: Continued focus on AI-driven supply chain management, robotics, and augmented reality will help shape the food manufacturing landscape. Additionally, precision fermentation, 3D food printing, and nanoencapsulation will gain prominence, driving innovation for sustainable food production.
· Sustainability: The sustainability trend will continue with heightened emphasis on circular economy and local sourcing. Efforts intensify in reducing food waste, advancing eco-friendly packaging, and enhancing energy-efficient operations. Certifications like organic and fair trade, along with transparent, traceable supply chains will remain crucial in shaping a more sustainable and ethical food landscape in 2024.
· Food Safety: Widespread blockchain adoption for traceable supply chains further solidifies, providing consumers with enduring assurance in the safety and integrity of their food choices.
· New Products, Solutions, and Services: In 2024, we expect a continued focus on personalized nutrition with advanced technology integration and collaborations between tech and food companies, resulting in cutting-edge formulations emphasizing both effectiveness and safety. The fusion of artificial intelligence with nutrition apps is expected to revolutionize the way consumers approach their diets. The landscape will showcase innovative ingredients and technologies shaping the future of food.
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North America Dominates the Food & Beverages Industry, While Asia Pacific Achieves Record YoY Growth
In 2024, the global food industry is projected to experience significant regional growth across key sectors. The alternative protein industry is witnessing vibrant global innovation, with North America, particularly the United States, leading advancements in plant-based and lab-grown proteins. In the realm of food automation, the adoption of smart technologies is becoming widespread, with Europe and North America at the forefront. Countries like Germany, the United States, and Japan are making substantial progress in integrating automation and smart solutions into their food production processes.
Asia Pacific, led by China, Japan, and India, holds a dominant market share in food robotics, showcasing a strong presence in the application of robotic technologies throughout various food production stages. Food safety solutions are gaining prominence in North America and Europe, focusing on stringent quality control and pathogen detection standards. Personalized nutrition is gaining traction worldwide, especially in North America and Europe, where genetic insights are increasingly incorporated into dietary recommendations.
The Asia Pacific region, bolstered by favorable geopolitical, demographic, and economic conditions, emerges as the fastest-growing area within the broader food and beverages industry, underscoring its critical role in driving dynamic evolution and technological advancements in the sector.
Regenerative agriculture practices are being championed in North America and Europe, reflecting a commitment to sustainable farming. Additionally, advanced food processing technologies, such as precision fermentation, are seeing global adoption, with North America, Europe, and Asia Pacific leading innovation. Overall, the regional dynamics in 2024 highlight a collective global effort toward innovation, sustainability, and technological progress across the alternative protein industry, food automation, food safety, personalized nutrition, regenerative agriculture, and advanced food processing technologies.
Top Key Companies in Global Food and Beverage Industry Outlook
· In the fast-evolving food and beverage industry, several key companies are leading transformative initiatives across various sectors. In the alternative protein space, Cargill (US) and Wilmar International Ltd. (Singapore) are at the forefront of innovations in plant-based and lab-grown proteins. The food automation sector features global leaders such as ABB (Switzerland), Rockwell Automation (USA), and Siemens (Germany), who are leveraging robotics and smart technologies to enhance production efficiency.
· To ensure food safety, Thermo Fisher Scientific (USA) and Neogen Corporation (USA) are pioneering advanced solutions for quality control and pathogen detection. In the realm of personalized nutrition, companies like Nutrigenomix (Canada) and DNAfit (United Kingdom) are customizing dietary recommendations based on genetic insights. Meanwhile, in regenerative agriculture, Indigo Agriculture (USA) and General Mills (USA) are advocating for sustainable farming practices.
· Additionally, precision fermentation is being driven by innovators like Ginkgo Bioworks (USA) and Perfect Day (USA), providing scalable and sustainable solutions for alternative protein production. Collectively, these companies exemplify the diverse and dynamic future of the food and beverage industry. Looking ahead to 2024, industry players will continue to invest in advanced food technologies in emerging markets while prioritizing the delivery of healthy and safe food to consumers.
The MarketsandMarkets — Global Food & Beverages Industry Outlook 2024 report can help prepare consumers and market leaders for the year ahead. The report incorporates years of experience in the rapidly expanding food & beverages sector, the opinions of industry experts, comprehensive evaluations by analysts, and extensive interviews with stakeholder groups worldwide.
