The global F&B market retained its position and has shown strong growth figures from $6,729.5 billion in 2022 to $7,221.7 billion in 2023, growing at a compound growth annual rate (CAGR) of 8.7%. According to the Food and Drink Federation’s latest report, despite the long-term challenges of subdued investment and climate change, business confidence in the food & beverage market has started moving in a positive direction. According to a survey, 84% of businesses believe production levels will be maintained or increase over the next year.
In 2023, food & beverage trends were mainly focused on health and sustainability. These trends are driven by an increased awareness of food's impact on personal health and the environment. Consumers are more conscious about the food they consume and its impact on their health and the planet.
Noteworthy Trends Include:
Global Flavors and Fusion Cuisine: In an increasingly interconnected world, consumers are eager to explore unique and diverse flavors from across the globe. The popularity of fusion cuisine, blending various culinary cultures, is on the rise, further amplified by Instagram foodies and influencers who are rapidly propelling this trend forward.
Demand for Functional Beverages Continues to Grow: Functional beverages help enhance body functionalities, including the immune system, weight management, etc. Functional beverages are seeing incredible expansion, especially for those who want to explore a sober lifestyle. With this, drinkers are trying to reduce their alcohol consumption, and many enjoy non-alcoholic beverages.
Food Supply Chain Transparency: There is a growing desire among consumers to understand the origins of their food and the methods behind its production. This has spurred a demand for clear and comprehensible labeling that details the journey of food from the farm to their plates. Consumers are interested not only in the ingredients that make up their food but also in the nature of the workforce, including the types of workers and laborers that companies hire. This shift emphasizes the importance of transparency throughout the entire food supply chain.
Minimalistic Product Communication: Customers are seeking clarity and straightforwardness in how companies communicate their products. In response, brands are streamlining their messaging and packaging. Recognizing this crucial shift towards simpler packaging allows companies to enhance their brand visibility while also reducing expenses.
Please complete the form above to download your complimentary copy.