The global food & beverage market is anticipated to grow at a CAGR of 6.9% during the forecast period (2024-2031). The market growth is driven by the increase in the number of on-the-go consumers and the rising adoption of ready-to-eat food. Additionally, increasing population per capita income and changing lifestyles are contributing to the market growth. Furthermore, the increasing meat & alcohol consumption development of the food supply chain is bolstering the market during the forecast period. The global food & beverage market is segmented by food (wheat, coarse grain, rice, oil crops, sugar, meat & meat products, milk and milk products, fishery products) by beverages (alcoholic beverages, carbonated soft drinks, dairy products, bottled water, non-carbonated drinks), and by geography (into North America, Europe, Asia-Pacific, and the Rest of the World).
North America and Europe are anticipated to dominate the market during the forecast period. The regional growth of North America is attributed to the increasing focus on plant-based innovations, with chickpea and lab-grown meat alternatives. The growth of circular economy practices, repurposing food waste into compostable packaging and animal feed, and promotion of regenerative agriculture is bolstering the market.
In Europe, Germany is driving the growth of food & beverage market with the adoption of automation and robotics in food production, optimizing efficiency and reducing labor costs. Additionally, the increasing prioritization of organic and sustainable farming in France to meet rising consumer demand is contributing to the growth of the European market. Moreover, the Netherlands excelled in functional dairy innovations, introducing plant-based alternatives enriched with probiotics, boosting health-driven product development, and contributing to market growth.
The major companies serving the global food & beverage market include The Coca-Cola Co., PepsiCo Inc., Anheuser-Busch InBev, Bunge Ltd., Heineken Holding N.V., JBS S.A., Nestlé S.A., Tyson Foods, Inc., Wilmar International Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches.