The global consumer food & beverage industry is experiencing significant growth, driven by various factors such as changing consumer eating patterns, increasing adoption of healthy food habits, and rising demand for innovative tastes and high-quality standards of food and beverages. According to market intelligence reports by Grand View Research, several markets are playing a crucial role in propelling the growth of this industry.
One of the markets driving growth is the global shrimp market, which was valued at USD 68.40 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The increasing demand for seafood, including shrimp, is driven by changing dietary preferences and growing health consciousness among consumers. Shrimp is considered a low-fat, high-protein alternative to other meats, making it a popular choice.
Another market contributing to the growth of the consumer food & beverage industry is the frozen food market, valued at USD 193.74 billion in 2023 globally. It is expected to expand at a CAGR of 5.4% from 2024 to 2030. The popularity of shelf-stable foods among consumers on a global level is expected to boost industry growth in the coming years.
The global bottled water market is also a significant contributor to the industry’s growth, with a size estimated at USD 303.95 billion in 2022. It is anticipated to register a CAGR of 5.9% from 2023 to 2030. Increasing concerns about health problems caused by contaminated water are driving the demand for clean and hygienic packaged options, leading to market growth.
The vegan food market is another key player in driving growth, valued at USD 16.55 billion in 2022 globally. It is expected to grow at a CAGR of 10.7% from 2023 to 2030. Increasing awareness about the benefits of following a vegan diet is a significant factor driving the growth of this market. The shift in consumer preferences towards plant-based meals is leading to an increase in the consumption of vegan food.
Furthermore, the dairy alternatives market, valued at USD 29.18 billion in 2023 globally, is projected to expand at a CAGR of 12.6% from 2024 to 2030. The market is witnessing high demand due to changes in consumer eating patterns and diet trends, as well as the increasing prevalence of milk allergies and lactose intolerances.
In addition to these markets, the article highlights the growth of various other sectors such as the meat substitutes market, bubble tea market, energy drinks market, avocado market, sparkling water market, diabetic food market, vodka market, premium bottled water market, pates market, cultured meat market, oat milk market, frozen bakery market, salmon fish market, and non-alcoholic beverages market.
Grand View Research, a U.S.-based market research and consulting company, provides valuable insights into these markets through syndicated and customized research reports and consulting services. With a team of over 425 analysts and consultants, the company offers in-depth analysis on 46 industries across 25 major countries worldwide, helping Fortune 500 companies and academic institutes understand the global business environment and opportunities ahead.
In conclusion, the consumer food & beverage industry is witnessing significant growth driven by various markets catering to changing consumer preferences and health-conscious trends. With the rise of vegan food, dairy alternatives, and other innovative products, the industry is poised for continued expansion in the coming years. Grand View Research’s market intelligence reports provide valuable insights into these markets, helping businesses navigate the evolving landscape of the food & beverage industry.