According to a research report “Global Food & Beverage Industry Outlook 2024 – Navigating The Culinary Horizon of Tomorrow” Published by MarketsandMarkets, the Top 10 Food & 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 lant-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.

Food & Beverages Industry’s Key Developments in the 2023

• There has been a continued shift in consumer preferences towards convenient and innovative, plant-based food alternatives in 2023. For ex- growing interest in sea green-based products (e.g., algae- or kelp-based foods).
• Showing affinity towards sustainable and ethical food consumption, plant-based proteins replicating the taste and texture of animal-based counterparts have been popularized. With increasing investments and focused innovations from start-ups, precision fermentation is reshaping the landscape of alternative protein production, addressing both environmental and ethical concerns associated with traditional meat production.
• Advancements in biotechnology and nutritional science drive the creation of foods designed to meet individual health needs in personalized food space. According to a report published by Glanbia Nutritional in October 2023, the top reason consumers are reaching for functional nutrition products is to boost health.
• Consumers are increasingly turning their attention to gut health, making probiotics a sought-after trend. Probiotics, once confined to the yogurt aisle, are now making their way into unconventional foods like chocolate, ice cream, juices, sauces, and nutrition bars. Beverages are becoming a favored carrier for probiotics and prebiotics, with 25% seeking probiotics and 23% seeking prebiotics in wellness drinks, according to IFIC’s 2022 Consumer Insights on Gut Health and Probiotics Survey.
• Integration of blockchain technology in the food and beverages industry ensures transparency and traceability of the supply chain. The integration of robotics and automated systems plays a pivotal role in meeting the growing demand for mass-produced food items.
• Food and beverage manufacturers are adopting sustainability practices through reduced food waste, ethical sourcing, biodegradable/recyclable packaging, clean and transparent labeling, etc. Certifications, such as organic and fair trade, along with transparent, traceable supply chains further contribute to a more sustainable and ethical food landscape.

2024: A Year of Transformation in Food & Beverage Industry

• Sustainability: The sustainability trend will continue with heightened emphasis on circular economy and local sourcing. Efforts intensify in reducing food waste, advancing eco-friendly packaging, and enhancing energy-efficient operations. Certifications like organic and fair trade, along with transparent, traceable supply chains will remain crucial in shaping a more sustainable and ethical food landscape in 2024.
• Consumerism: Looking forward to 2024, the trend intensifies with a continued focus on personalized nutrition, clean labels, and ethical sourcing. The emphasis on on-the-go options, global culinary exploration, and health-conscious products persists, driving further growth in e-commerce and direct-to-consumer models.
• Technology and automation: Continued focus on AI-driven supply chain management, robotics, and augmented reality will help shape the food manufacturing landscape. Additionally, precision fermentation, 3D food printing, and nanoencapsulation will gain prominence, driving innovation for sustainable food production.
• Food Safety: Widespread blockchain adoption for traceable supply chains further solidifies, providing consumers with enduring assurance in the safety and integrity of their food choices.
• New Products, Solutions, and Services: In 2024, we expect a continued focus on personalized nutrition with advanced technology integration and collaborations between tech and food companies, resulting in cutting-edge formulations emphasizing both effectiveness and safety. The fusion of artificial intelligence with nutrition apps is expected to revolutionize the way consumers approach their diets. The landscape will showcase innovative ingredients and technologies shaping the future of food.

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Leveraging years of experience in the booming food & beverage sector, the global food & beverages industry outlook 2024 report equips both consumers and market leaders for the year ahead. This comprehensive resource incorporates expert opinions, insightful analyst evaluations, and extensive interviews with stakeholders worldwide, providing a well-rounded perspective on the industry’s future.

North America leads the Food & Beverages 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.

Key Companies in the Global Food and Beverage Industry:

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.

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