SAN FRANCISCO, July 4, 2024 /PRNewswire/ -- As per the
study available on Horizon Databook by Grand View Research, the
increasing consumer awareness regarding the relationship between
the foods consumed and health & wellness has resulted in a
radical shift in purchase behavior. Consumers are increasingly
becoming conscious of their dietary needs and the different
ingredients and formulations adopted in the food & beverage
industry. The food and beverage industry is constituted of broad
markets, such as functional foods, non-alcoholic beverages, healthy
snacks, frozen bakery, superfoods, protein supplements, protein
ingredients, fast food, dietary supplements, nutraceuticals,
probiotics, vegan food, and cultured meat among many others.
The significance of clean labels and sustainable sourcing cannot
be underscored enough in the food and beverages sector. Consumers
are increasingly concerned about their food choices' environmental
and social impacts, thus driving brands to adopt local sourcing,
food waste reduction, and fair-trade practices. The growing demand
for ingredient transparency has led companies to adopt clean-label
strategies to remain compliant and relevant among consumers. A
notable example is PepsiCo, Inc., whose brand, Naked Juice,
features only natural ingredients. Over time, the company has
removed artificial sweeteners and colors from most of its snack and
beverage offerings.
The food and beverage industry is characterized by intense
competition, constant innovation, and the need to adapt to changing
consumer preferences and regulatory environments, creating
challenges and opportunities for established and emerging players.
The leading players have been focused on mergers &
acquisitions, partnerships, and collaborations to maintain their
competitive edge, while the industry is witnessing increasing
pressure from disruptive market entrants and private labels.
Horizon has a wide array of food & beverage topics within
its database. Listed below are the top trending markets:
- The functional foods market is expected to
reach a projected revenue of US$586.06
billion by 2030 and grow at a CAGR of 8.6% from 2024 to
2030. The prevalence of lifestyle-related diseases is pushing
consumers towards preventative health measures through diet, which
is the prominent factor driving the growth.
- The healthy snacks market generated revenue of
US$95.61 billion in 2023 and is
projected to be valued at US$144.64
billion by 2030. Producers have been forced to expand and
reinvent their product lines in response to consumer preferences
for organic, vegan, and gluten-free diets.
- The dietary supplements industry worldwide is
expected to reach a projected revenue of US$327,42 billion by 2030. From 2024 to 2030, the
industry is expected to grow at a compound annual rate of
9.1%.
- The protein supplements market was valued at
US$6.38 billion in 2023 and is
projected to grow at a CAGR of 7.8%, reaching a market value of
10.80 billion by 2030.
- The market for protein ingredients derived
from all sources, such as plants, microbes, and insects, were
valued at US$50.09 billion in 2023
and are projected to grow at a CAGR of 5.4% from 2024 to 2030.
Moreover, protein from microbes and insects is projected to grow
exponentially due to increasing consumer awareness and
popularity.
- The fast food market generated a revenue of
US$ 593.28 billion in 2021 and is
projected to grow at a CAGR of 4.6% till the year 2028.
- The nutraceuticals industry worldwide is expected
to reach a projected revenue of US$599.70
billion by 2030. From 2024 to 2030, the industry is expected
to grow at a compound annual rate of 9.5%.
- The probiotics industry worldwide is expected to
reach a projected revenue of US$220.13
billion by 2030. From 2024 to 2030, the industry is expected
to grow at a compound annual rate of 14%.
- The global superfood industry is expected to reach
a projected revenue of US$244.16
billion by 2030. From 2024 to 2030, the industry is expected
to grow at a compound annual rate of 4.3%.
- The non-alcoholic beverages market generated
revenue of over US$1,152.0 million in
2022. It is expected to grow at a CAGR of 7.1% and be valued at
US$1,997.2 million by 2030. The
ripple effect of consumers opting for non-alcoholic drinks has
driven the development of a whole new segment of premium,
complex-tasting soft drinks aimed at adult palates.
- The frozen bakery industry worldwide is
expected to reach a projected revenue of US$59,855.4 million by 2030. From 2023 to 2030,
the industry is expected to grow at a compound annual rate of
4.2%.
- The vegan food industry worldwide is expected to
reach a projected revenue of US$37,447.8
million by 2030. From 2022 to 2030, the industry is expected
to grow at a compound annual rate of 10.6%.
- The cultured meat industry worldwide is
expected to reach a projected revenue of US$7,128.3 million by 2030. From 2023 to 2030,
the industry is expected to grow at a compound annual rate of
52.3%.
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