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.