The food industry is projected to bring in $9.45 trillion in revenue by the year 2023. There is an expectation that the market will grow by 6.5% annually (CAGR 2023-2030). In 2023, the market volume that will be generated by the sector comprising confectionery and snacks will be the highest. It is expected that the volume of the food market will exceed 3,500 billion kg by the year 2030. It is currently anticipated that the average volume consumed by an individual in the Food market will reach 340 kg.
The demand for products with clean labels is skyrocketing due to a massive surge in information about healthy eating. Clean labels exclude additives, artificial flavor enhancers, fake colors, and artificial preservatives. In addition, a number of food service and grocery store networks post lists of forbidden ingredients for foods served in their restaurants or stores. Many producers and manufacturers are also increasing their use of natural ingredients and minimizing their reliance on artificial colors and flavors. Growing demand for functional beverages is another significant trend, with many individuals opting for particular beverages to stay hydrated and maintain nutritional balance. To capitalize on this market, businesses are introducing functional juices and water with health benefits including water balance, weight management, and improved digestion.
The food industry is a diversified collection of companies operating on a global scale that work together to provide the majority of the food that is consumed by the human population. The food business has evolved into a very varied sector, with manufacturing ranging from extremely labor-intensive, small-scale, traditional, family-run operations to highly capital-intensive, highly mechanized, large-scale industrial procedures. A great number of food-related businesses are nearly wholly reliant on the agriculture, animal farms, produce, and/or fishing of their immediate geographic area.
Food product and ingredient businesses have relied on Acute Market Reports as their go-to source for market research and consulting services. We analyze the global market by doing an in-depth analysis of micro and macro factors impacting the market, and future prospects of every micro market. We have spent over a decade perfecting a data-driven, analytical, and user-friendly approach to adopting an innovative and futuristic research model to better assist our global clientele in making informed business decisions.
