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 key markets are propelling the growth of the industry.
One of the markets driving growth is the global shrimp market, which was estimated 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 driving growth is the frozen food market, valued at USD 193.74 billion in 2023 globally and expected to expand at a CAGR of 5.4% from 2024 to 2030. The popularity of shelf-stable foods among consumers globally is expected to boost industry growth in the coming years.
The global bottled water market is also experiencing growth, with a size estimated at USD 303.95 billion in 2022 and projected to register a CAGR of 5.9% from 2023 to 2030. Increasing concerns about health problems caused by contaminated water are driving demand for clean and hygienic packaged options, leading to market growth.
The rise of veganism is fueling growth in the vegan food market, valued at USD 16.55 billion in 2022 globally and expected to grow at a CAGR of 10.7% from 2023 to 2030. Increasing awareness about the benefits of a vegan diet and concerns about animal health and cruelty are driving the consumption of vegan food.
The dairy alternatives market is also witnessing growth, valued at USD 29.18 billion in 2023 globally and projected to expand at a CAGR of 12.6% from 2024 to 2030. The market is gaining momentum due to shifts in consumer eating patterns and changes in diet trends, with increasing cases of milk allergies and lactose intolerances driving demand for dairy-free alternatives.
The global meat substitutes market is another area of growth, valued at USD 18.78 billion in 2023 and anticipated to register a CAGR of 42.4% from 2024 to 2030. Intensive animal farming criticism has led to the emergence of diets that exclude or restrict animal products, driving the market for meat substitutes.
The bubble tea market is also on the rise, valued at USD 2.75 billion in 2022 globally and expected to grow at a CAGR of 8.9% from 2023 to 2030. The increasing intake of tea and coffee as nootropic drinks among working individuals and students is a major factor driving market growth, along with the low-calorie content and zero fat of such beverages.
In conclusion, the global consumer food & beverage industry is experiencing significant growth across various markets driven by changing consumer preferences, health consciousness, and innovative trends. With the rise of veganism, demand for dairy alternatives, and increasing popularity of meat substitutes, the industry is poised for continued expansion in the coming years.