Global Consumer Food & Beverage Industry - Insights around Market Size, Key Trends and Forecast, 2024: Grand View Research, Inc.

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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