Frost & Sullivan finds that total global expenditure on food products by consumers, whether fresh, processed or through the food service sales channel, will reach $20 to $25 trillion by 2030.
The impact of socioeconomics, rising freedom food and a growing number of health-conscious consumers is causing a sea of change in the food and beverage market. Companies with a truly global product strategy, in addition to a focus on health and wellness and an environmentally and socially responsible sustainability approach will come out on top in this fast-evolving landscape.
“The processed food sector is rapidly gaining prominence in developing economies owing to the influence of Western culture and cuisine, and the increase in customer purchasing power,” says Frost & Sullivan Visionary Science senior industry analyst Tosin Jack. “Customers are particularly shifting to organic as well as freedom foods such as gluten- or fat-free products.”
In terms of annual turnover growth potential, food safety products are one of the most attractive enabling technologies in the food and beverage value chain. Higher consumer awareness on quality and hygiene as well as stricter food safety standards spurs the adoption of innovative food safety solutions. These solutions ensure traceability and minimize the odds of a food hazard reaching the consumer.
Consumer confusion and skepticism will also fuel the demand for scientific and third-party-substantiated evidence to defend product assertions. Investment in scientific research will be vital to gain regulatory acceptance and minimize cynicism.
“The food and beverage market needs new tools, knowledge and processes to produce the food that people want,” notes Jack. “Working in tandem with a wide range of industries, including chemicals and materials as well as healthcare, will equip food and beverage providers with the expertise necessary to cater to wide-ranging requirements.”
These advancements will contribute to the escalating cost of production in the long run, eventually leading to the development and deployment of cost-saving solutions, widening the scope of the global food and beverage market.