FOOD & BEVERAGES
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Global Consumer Food and beverages industry
At a compound annual growth rate (CAGR) of 2.9 percent, the global food and beverage industry is projected to rise from $5943.8 billion in 2019 to $6111.1 billion in 2020. The low growth is mainly due to the country-wide economic downturn due to the outbreak of COVID-19 and its containment measures. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $9813 billion in 2027.
In the last decade, food and beverage manufacturers have undergone unprecedented growth and improvement. Global players have consolidated, the developing world has emerged as a viable market, emerging innovations have increased the diversity of goods and strict regulations have challenged manufacturers to give priority to customers and environmental health. Moreover, manufacturers need to handle high, unpredictable prices, a challenging economic environment, and rising competition from strong retail brands.
Due to the pandemic that hit the world in 2020, food & beverage firms are facing dramatically reduced consumption and fragmented supply chains for consumer goods. At-home consumption has risen, but out-of-home consumption has come to almost a standstill, creating the highest margin traditionally. Since the out-of-home segment has created the highest margins traditionally, this would have an immediate effect on P&L, although some suppliers are attempting to minimize this transition by driving their supplies to retail stores. The productivity of the agriculture sector is depressed, supply chains are disrupted, primarily due to rapidly shifting consumer behavior and demand.
Major Factors Driving Market Growth
- Growing emphasis on nutritious foods: Global demand for safe, new, and nutritional foods is rising with increasing awareness among customers. In addition, consumer demand for food and beverage items that are gluten-free, sugar-free, lactose-free and of low color value is rising, which is expected to drive the global food and beverage industry over the forecast period.
- Increased demand for functional food products: Customers around the world are turning towards healthier diets due to the increasing prevalence of chronic diseases worldwide, combined with increasing consumer understanding of their health. In addition, rising disposable income in developed economies is also expected to have a positive effect on the worldwide food and beverage industry.
- Innovative Packaging Design: Usually customers purchase what they see, or what looks appealing to them. Because of this, to draw a wider community of consumers, businesses working in the food and beverage sector concentrate on creative packaging design. Advanced packaging techniques contribute to greater efficiency and durability, contributing to the development of the global food and beverage industry.
- Increasing Urbanization: As of 2019, more than 55% of the total population lives in urban areas, which is expected to reach 68% by 2050, according to the Department of Economic and Social Affairs of the United Nations. Growth in urbanization is contributing to a change in food preferences and consumer lifestyles. In addition, rising urbanization results in an increasing number of nuclear families and a growing number of working people who have less time to prepare food and beverages, leading to a rise in food consumption at outlets, restaurants and eating joints.
- Rise in Innovative: Food and beverage production firms are spending heavy sums in television and social media ads of their brands in order to let consumers know about their latest product releases along with the product’s special selling preposition (USP).
- Increasing Number of Supermarkets and e-Commerce: Traditionally, people used to buy food and beverages from their nearby local stores. Over the last decade, however, the number of supermarkets and hypermarkets has increased dramatically, particularly in urban areas where people can come and buy multiple items under one roof. In addition, with the rising mobile and internet penetration across the globe, e-commerce has also taken up an upward trend. Almost all major food and beverage companies have now made their goods accessible on e-commerce websites, including Amazon, Big Basket, and Nature’s Basket, which provide their consumers with numerous discounts, shopping coupons and cashbacks.
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