Food and Beverages Global Market Report 2024

The food & beverages e-commerce market size has grown exponentially in recent years. It will grow from $69.77 billion in 2023 to $85.25 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. The growth observed in the historical period can be ascribed to the escalation in demand for clean-label, organic, and non-GMO products, an upsurge in alcohol consumption, a higher rate of pet ownership among Generation Z and Generation Y adults, robust economic growth in emerging markets, the impact of heightened demand for processed foods, increased awareness regarding the benefits of organic products, and a growing population of health-conscious consumers.

The food & beverages e-commerce market size is expected to see exponential growth in the next few years. It will grow to $180.77 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The anticipated growth in the forecast period is linked to the increasing presence of organized retail, a rising demand for ready-to-eat products, accelerated economic growth, and a global population increase. Key trends during this period encompass a dedication to utilizing natural ingredients in products to address consumer health concerns, a focus on providing functional beverages for hydration and nutritional benefits, an emphasis on micro-distilled/artisan spirits to meet the growing demand, the application of high-pressure pasteurization techniques to preserve nutrients and eliminate harmful microorganisms, a commitment to offering clean label products in response to the growing awareness of healthy food, a push towards adopting robotics and automation technology for maximizing production efficiency, a concentration on using innovative filter technologies to reduce toxicants in cigarettes and enhance the smoking experience, an emphasis on offering products through e-commerce platforms, and a commitment to utilizing artisanal cooking methods for food and beverage preparation.

Numerous countries worldwide are witnessing a decline in crop prices due to overcapacity, which is expected to lead to lower raw material costs for food and beverage companies. As reported by the India-based national magazine on agriculture, Frontline, in November 2022, the Cabinet Committee on Economic Affairs announced a Rs 7000 crore bailout package for farmers in the sugar production sector. This initiative aimed to establish a minimum selling price of refined sugar at Rs 29 per kilogram, responding to recent price drops to Rs 23-24 due to overproduction. The plan also included creating a buffer stock of 3 million tons of sugar for one year. Consequently, the overproduction of certain crops is likely to result in higher profit margins for food and beverage companies, enabling them to enhance productivity and drive the market forward.

The anticipated growth of the food and beverage market is expected to be propelled by rising disposable income. Disposable income, representing the money available for spending and saving after deducting taxes from gross income, is a key factor influencing consumer preferences. Individuals or households with higher disposable income tend to spend more on premium, specialty, and healthier food and drinks, leading to increased consumer spending, dining out, and exploration of new gastronomic experiences. For example, in September 2023, the UK-based government department, the Office for National Statistics, reported a 3.6% increase in gross disposable household income (GDHI) in the UK in 2021 compared to the previous year, 2020. Consequently, the upswing in disposable income is a driving force behind the growth of the food and beverages market.

Frozen food manufacturers are adopting technologies such as individual quick freezing (IQF) to enhance the yield and quality of their products. The IQF method involves rapidly freezing individual food items on a conveyor belt in a blast freezer. This technique freezes each piece of food separately, as opposed to bulk or block freezing, resulting in increased yield (1.5-3%) and better-quality products with high nutritional value and reduced wastage. Examples of IQF foods include fruits such as blueberries, strawberries, and peaches, as well as vegetables such as corn, peas, and green beans. The global IQF vegetable market is projected to reach $2 billion by 2026, indicating substantial demand for IQF food products in the future.

Major companies in the food and beverage market are concentrating on developing innovative products, including clean-label items, vegan cheeses, egg substitutes, and more, to fortify their positions. Plant-based food and drink, derived from plants such as vegetables, fruits, whole grains, nuts, seeds, legumes, fungi, and algae, offer a range of health benefits. In July 2022, Century Pacific Food, Inc., a Philippines-based food and beverage company, introduced the innovative plant-based alternative 'unMEAT Fish-free Tuna.' This 100% fish-free product utilizes plant-based, non-GMO ingredients, offering a low-fat alternative with zero mercury and trans-fat content. The product replicates the taste, texture, and appearance of tuna without any fish components.

Major companies operating in the food and beverages market report are Nestle S.A, PepsiCo, Inc., JBS S.A, Anheuser-Busch InBev, Tyson Foods Inc., Archer-Daniels-Midland Company (ADM), Mars, Incorporated, Imperial brands PLC, The Coca-Cola Company, Cargill, Dabur, Amul, Asahi Soft Drinks Co Ltd., Red Bull, Del Monte fresh produce Ltd., Fonterra Meiji Co Ltd., Dali Foods Group Co Ltd., Hangzhou Wahaha Group Co, Ltd., Nongfu Spring, China Haisheng Juice Holdings Co Ltd., Britannia Industries Ltd., Otsuka Holdings Co Ltd., Suntory Beverage & Food Ltd., Glanbia, PLC, Royal Frieslandcampina N. V, Raisio PLC, Associated British Foods, Boparan Holdings, Arla Foods, Greencore Convenience Foods, Südzucker AG, Tonnies Group, Dr. August Oetker Nahrungsmittel KG, KHS Group, Sicuro Food, Valagro, Gastronomic SPAIN, Mondelez UK, Refresco Tate & Lyle, Diageo, Roust Corporation, Cherkizovo Group, GoodMills Group GmbH, European Drinks S. A, Penam, Vitana, Metarom Group, Košík, Rudolf Jelinek, General Mills, The Hain Celestial Group, Campbell Soup Company, Maple Leaf, Olymel, Elmira Pet Products Ltd., Adams & Brooks Inc., The Kraft Heinz Company, Dr. Pepper Snapple Group, Hearthside Food Solutions LLC, Grupo Petrópolis, Monster Energy Co, Rockstar Inc., Unilever, Arcor, Starbucks, Agrosuper, Ambev, Almarai Company, Arab Company for Livestock Development (ACOLID), Al-Watania Company, Agthia Group PJSC, AWJ, South Beach Beverage Co Inc., Abu Auf Group, Lifeway Foods, Arizona Beverages Company, Twiga Foods, Cadbury Nigeria, FrieslandCampina WAMCO Nigeria PLC, CHI Limited, Nigerian Breweries PLC, SABMiller.

Asia-Pacific was the largest region in the food and beverages market in 2023. Western Europe was the second-largest region of the food and beverages market. The regions covered in the food and beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the food and beverages market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The food and beverages market consists of sales of beer, wine and brandy, spirits, coffee and tea, soft drink and ice, flour, rice and malt, breakfast cereal, sugar and confectionery products, bread and bakery products, cookie, cracker, pasta, and tortilla, perishable prepared food, snack food, frozen food, canned and ambient food, milk and butter, cheese, dry, condensed, and evaporated dairy products, ice cream and frozen dessert, meat products, poultry, seafood, flavoring syrup and concentrate, seasoning and dressing, fats and oils, pet food, animal food, cigarettes, cigars and cigarillos, smoking and other tobacco products. The companies in the food and beverages industry process raw materials into food, pet food and tobacco products, package and distribute them through various distribution channels to both on-trade and off-trade establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary categories of food and beverages include alcoholic beverages, non-alcoholic beverages, grain products, bakery & confectionary items, frozen products, and others. Alcoholic beverages consist of drinks containing varying levels of alcohol (ethanol). The characteristics of food and beverages span organic and conventional options, and their distribution occurs through various channels such as supermarkets/hypermarkets, convenience stores, e-commerce, and others.

The food and beverages research report is one of a series of new reports that provides food and beverages statistics, including food and beverages industry global market size, regional shares, competitors with food and beverages share, detailed food and beverages segments, market trends and opportunities, and any further data you may need to thrive in the food and beverages industry. This food and beverages research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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