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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SOURCE Grand View Research, Inc.
