The Business Research Company’s Food and Beverages Market Report – Opportunities And Strategies – Global Forecast To 2030
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TBRC’s global food and beverages market report defines the market as consisting of sales of beverages, food, pet food and tobacco products by entities (organizations, sole traders and partnerships) that produce beverages, food, pet food and tobacco products. The companies in the food and beverages industry process raw materials into food, pet food and tobacco products, package and distribute them through various distribution channels to both individual customers and commercial establishments.
The food and beverages industry outlook shows some of the current trends in the market. One such major trend is that many manufacturers and producers are increasingly using natural ingredients, and they have also reduced the use of artificial colors and flavors in their products. This is because of health concerns of their customers. Health-conscious consumers are resulting in an increase in the sales of products with natural ingredients, additives, and coloring agents. For instance, Pizza Hut stopped using artificial flavors and colors in its US stores back in 2015. Other major players in the market that are taking such trends into consideration are Nestle, Philip Morris International, PepsiCo, JBS, and Anheuser Busch.
The global food and beverages market size is expected to grow from $5.94 trillion in 2019 to $6.11 trillion in 2020 at a compound annual growth rate (CAGR) of 2.9%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The food and beverages market growth is then expected to recover at a CAGR of 7% from 2021 and reach $7.53 trillion in 2023. Asia Pacific is the largest region in the global food and beverages market, accounting for 42% of the market in 2019.
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