Global Food & Beverage Industry Outlook
Edward Scott
Associate Marketing Director | Food & Beverage, Agriculture Research Reports & Consulting
According to a research report, "Global Food & Beverage Industry Outlook 2024 - Navigating the Culinary Horizon of Tomorrow," published by MarketsandMarkets, the top 10 food and beverage markets will grow from USD 164.02 billion in 2023 to USD 179.83 billion by 2024, representing a Yoy increase of 9.6%. The Food & Beverages Industry Outlook covers the plant-based protein market, plant-based meat market, food-testing market, food certification market, precision fermentation ingredients market, food robotics market, personalized nutrition market, probiotics market, regenerative agriculture market, and food traceability markets.
The food & beverage industry anticipates a transformative journey from 2023 to 2024, with a focus on sustainable practices, the rise of plant-based alternatives, and innovative technologies like food automation and precision fermentation . This period promises unprecedented innovation and heightened competition as companies strive to meet evolving consumer preferences and embrace ethical sourcing.
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Food & beverages industry developments in 2023 and upcoming predictions in 2024
In 2023, the food and beverage industry will experience significant developments marked by the rise of sustainable practices, increased adoption of advanced technologies, and strategic initiatives by key players. Growth in emerging markets, widespread implementation of technology in the agriculture and supply chain sectors, and a surge in demand for sustainable and plant-based alternatives characterized the year. As we look ahead to 2024, several trends are poised to shape the industry's trajectory. The integration of advanced technologies like AI and automation will continue to redefine production processes, while competition among industry leaders will intensify. Cybersecurity measures will take center stage as the industry becomes more digitally connected, and efforts to expand into new territories and meet the rising demand for sustainable and ethically sourced products will be at the forefront. In 2024, the emphasis on food safety, compliance with industry regulations, and the exploration of innovative solutions, such as precision fermentation and personalized nutrition, will be pivotal in steering the course of the food and beverage industry. Meeting the challenge of balancing innovation with regulatory compliance and addressing the complexities of supply chain visibility will be critical for industry players in the coming year.
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Top Key Companies in Global Food and Beverage Industry Outlook:
In the rapidly evolving landscape of the food and beverage industry, key companies are spearheading transformative initiatives across various sectors. In the alternative protein industry, Cargill (US) and Wilmar International Ltd., (Singapore) are pioneering plant-based and lab-grown protein innovations. The realm of food automation sees global leaders such as ABB (Switzerland), Rockwell Automation (USA), and Siemens (Germany) harnessing robotics and smart technologies to enhance production efficiency. For ensuring food safety, Thermo Fisher Scientific (USA) and Neogen Corporation (USA) are at the forefront, providing advanced solutions for quality control and pathogen detection. Personalized nutrition is advanced by Nutrigenomix (Canada) and DNAfit (United Kingdom), tailoring dietary recommendations based on genetic insights. In the regenerative agriculture sector, companies like Indigo Agriculture (USA) and General Mills (USA) champion sustainable farming practices. Finally, precision fermentation is driven by innovators like Ginkgo Bioworks (USA) and Perfect Day (USA), offering scalable and sustainable solutions for alternative protein production. Together, these companies exemplify the diverse and dynamic future of the food and beverage industry. In 2024, food & beverage players will continue investments in advanced food technologies in unexplored countries and focus on delivering healthy and safe food to consumers.
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North America leads the food and beverage industry, and Asia Pacific experiences the highest YoY growth.
In 2024, the global food industry is expected to exhibit strong regional growth across key sectors. The alternative protein industry sees vibrant innovation globally; North America takes the lead, notably in the United States, fostering innovations in plant-based and lab-grown proteins. In the domain of food automation, widespread adoption of smart technologies is observed, with Europe and North America at the forefront. Countries like Germany, the United States, and Japan are displaying significant strides in the integration of automation and smart solutions across their food production processes. Led by countries like China, Japan, and India, Asia Pacific dominates the major market share in food robotics market , showing a robust presence in the integration of robotic technologies across various aspects of food production. Food safety solutions have found prominence in North America and Europe, emphasizing stringent quality control and pathogen detection standards. Personalized nutrition gains traction globally, particularly in North America and Europe, where the integration of genetic insights into dietary recommendations is prevalent. The Asia Pacific region, with its supportive geopolitical, demographic, and economic conditions, emerges as the fastest-growing region within the broader food & beverages industry, underscoring the region's pivotal role in steering the industry's dynamic evolution and technological advancements.
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Regenerative agriculture practices are championed in North America and Europe, highlighting a commitment to sustainable farming. Advanced food processing technologies, including precision fermentation, witness global adoption, with North America, Europe, and Asia-Pacific driving innovation. Overall, the regional dynamics in 2024 underscore a concerted global effort towards innovation, sustainability, and technological advancement across the alternative protein industry, food automation, food safety , personalized nutrition, regenerative agriculture, and advanced food processing technologies.