SAN
FRANCISCO, Aug. 6, 2024 /PRNewswire/ -- The
global consumer food & beverage industry is on an ascending
growth trajectory, as per the forecast published in the market
intelligence reports by Grand View Research. Some of the major
driving factors propelling the growth of this industry are the
shift in consumer eating patterns, increasing adoption of healthy
food habits with limited calories and sugar, changing diet trends,
rising consumer preferences for innovative tastes and high-quality
standards of food, and surge in demand for healthy, dairy-free,
hybrid, and sugar-free beverages.
Below is the list of markets that are driving growth for the
consumer food & beverage industry.
The global shrimp market size 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
global demand for seafood, including shrimp, is rising due to
changing dietary preferences and increasing health consciousness
among consumers. Shrimp is considered a low-fat, high-protein
alternative to other meats, which makes it a popular choice.
The frozen food market size was valued at
USD 193.74 billion in 2023 globally
and is expected to expand at a compound annual growth rate (CAGR)
of 5.4% from 2024 to 2030. Increasing popularity of shelf-stable
foods among consumers on a global level is expected to boost
industry growth over the next few years.
Global bottled water market size was estimated at
USD 303.95 billion in 2022 and is
anticipated to register a compound annual growth rate (CAGR) of
5.9% from 2023 to 2030. Increasing concerns regarding various
health problems caused by the consumption of contaminated water are
leading to increased demand for clean and hygienic packaged
options. Drinking water scarcity in several regions further
necessitates demand for safe drinking water, leading to increased
product sales, and augmenting the market growth.
The vegan food market size was valued at
USD 16.55 billion in 2022 globally
and is expected to grow at a compound annual growth rate (CAGR) of
10.7% from 2023 to 2030. Increasing awareness about the benefits of
following a vegan diet is the key factor driving the growth. Rising
concern about animal health and animal cruelty has been encouraging
people to shift from animal-based to plant-based meals. Thus, the
shift in preference of consumers is leading to an upsurge in
consumption of vegan food.
The dairy alternatives market size was valued
at USD 29.18 billion in 2023 globally
and is projected to expand at a compound annual growth rate (CAGR)
of 12.6% from 2024 to 2030. The market is gaining momentum and
witnessing a high demand owing to the shift in consumer eating
patterns and changes in diet trends. The increasing occurrences of
cases of milk allergies and lactose intolerances are expected to
drive the demand further in the forecast period.
The global meat substitutes market size was valued
at USD 18.78 billion in 2023 and is
anticipated to register a compound annual growth rate (CAGR) of
42.4% from 2024 to 2030. Intensive animal farming has faced
criticism from certain segments of society, as a result, this has
given rise to the emergence of diets that either exclude or
restrict the consumption of animal products. This is expected to
facilitate the market growth for meat substitutes.
The bubble tea market size was valued at
USD 2.75 billion in 2022 globally and
is expected to grow at a compound annual growth rate (CAGR) of 8.9%
from 2023 to 2030. Increasing the intake of tea and coffee as
nootropic drinks among working individuals and students is a major
factor in the market growth. Moreover, the low-calorie contents and
zero fat of such beverages are propelling the demand further. The
growing popularity of various types of hot beverages is also likely
to drive the demand for bubble tea.
Global energy drinks market size was estimated at
USD 73.81 billion in 2023 and is
projected to expand at a CAGR of 7.9% from 2024 to 2030. Energy
drinks have become increasingly popular among fitness enthusiasts
and athletes due to their ability to provide a quick energy boost.
They have also gained traction among gamers seeking quick and
convenient ways to maintain alertness and performance levels during
marathon sessions and professional tournaments, which is driving
market growth.
The avocado market size was valued at USD 14.85 billion in 2022 globally and is
anticipated to register a compound annual growth rate (CAGR) of
7.3% from 2023 to 2030. Increasing focus on a healthy lifestyle and
a growing number of buyers for healthy food products are driving
market growth. Moreover, increasing awareness about nutritional
values, a growing middle-class population, and rising import demand
are expected to boost industry growth.
The global sparkling water market size was valued at
USD 29.71 billion in 2020 and is
expected to expand at a compound annual growth rate (CAGR) of 12.6%
from 2021 to 2028. The growing consumer preference for sparkling
water over sodas and sugary carbonated drinks is projected to drive
the market growth over the forecast period. With the growing trend
of leading a healthy lifestyle among all age groups, people around
the globe are gradually shifting to healthy and innovative drinks,
including sparkling water.
The diabetic food market size was valued at
USD 12.3 billion in 2021 globally and
is anticipated to register a compound annual growth rate (CAGR) of
5.9% from 2022 to 2030. Growing diabetes among people has prompted
the overall demand for diabetic food. According to the Centers for
Disease Control and Prevention report titled "The National Diabetes
Statistics Report" published in January
2022, approximately 37.3 million American, which is about 1
in 10 have been diagnosed with diabetes in the year 2021. Such
factors are likely to favor the overall market growth.
The global vodka market size was estimated at
USD 25.98 billion in 2022 and is
projected to grow at a compound annual growth rate (CAGR) of 5.6%
from 2023 to 2030. The rising demand for vodka can be attributed to
the growing consumption of premium vodka-based cocktails in
developed economies such as the U.S. and Germany. The growing demand for vodka flavors
such as cranberry, lime, and raspberry is augmenting growth.
Global premium bottled water market size was valued
at USD 19.44 billion in 2022 and
is expected to expand at a compound annual growth rate (CAGR) of
7.0% from 2023 to 2030. Premium bottled waters set themselves apart
from the mass market with a unique selling point, attracting a
target group of consumers and commanding a higher value than the
mass market. Growing awareness among consumers regarding
premium-quality drinking water is the primary factor driving the
market growth.
The worldwide pates market size was estimated at
USD 1.74 billion in 2023 and is
projected to grow at a CAGR of 4.9% from 2024 to 2030. The
increased popularity of Western cuisine worldwide has primarily
contributed to the market growth for pates. Furthermore, pates are
rich in iron, copper, and vitamins A & B-12, which aligns with
consumers' growing dietary preferences.
The cultured meat market size was valued at
USD 246.9 million in 2022 globally
and is expected to expand at a compound annual growth rate (CAGR)
of 51.6% from 2023 to 2030. Meat substitutes and alternative
proteins are gaining global attention with the growing need to
overcome meat shortages against the growing population and
environmental impact. The awareness of environmental sustainability
and rising focus on securing meat supply are among the factors
responsible for the growth of the cultured meat industry
globally.
The global oat milk market size was valued at
USD 2.23 billion in 2020 and is
projected to grow at a compound annual growth rate (CAGR) of 14.2%
from 2020 to 2028. The market growth is attributed to the rising
vegan population, coupled with health-conscious consumers demanding
plant-based milk with high nutritional properties. Issues such as
lactose intolerance, allergies, and the rising popularity of
low-cholesterol diets have pushed manufacturers to introduce a
range of plant-based alternatives. This has benefitted the market
for oat milk,
The worldwide frozen bakery market was worth
USD 42.95 billion in 2022,
anticipated to expand at a compound annual growth rate (CAGR) of
4.2% from 2023 to 2030. The rising popularity of frozen bakery
products owing to their properties such as low cost, ease of
preparation, and widespread availability are major factors
propelling the global market growth.
The salmon fish market was valued at USD 14.87 billion in 2021 globally and is
expected to grow at a compound annual growth rate (CAGR) of 8.5%
from 2022 to 2030. Increasing product launches in various forms
including frozen, canned, and freeze-dried are likely to favor the
overall market growth. Moreover, the growing demand for
ready-to-eat salads coupled with the rising popularity of hot
smoked salmon fish is further anticipated to boost the market
growth.
The global non-alcoholic beverages market size was
estimated at USD 1,223.93 billion in
2023 and is anticipated to register a compound annual growth rate
(CAGR) of 7.4% from 2024 to 2030. With the growing acceptance of
the no-alcohol and low-alcohol categories by consumers,
manufacturers in the market are catering to the new trends and have
been innovating existing product portfolios, which is likely to
bode well for future growth.
About Grand View Research
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company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
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