Global Food & Beverages Industry Outlook 2024

The food and beverage industry is undergoing a remarkable transformation, marked by emerging trends that are poised to significantly impact consumer demand in the coming years.  Alternative food sources, sustainable practices, hyperlocal sourcing, and integration of cutting-edge technologies like AI and Machine Learning are shaping the future of the food and beverages sector.

Consumer interest in plant-based alternatives gained traction, with increased innovation and expansion in plant-based meats & seafood, dairy alternatives, and protein-rich substitutes. Sustainability focus among market leaders accelerated the efforts towards reduced plastic usage, adopting eco-friendly packaging, recyclable/reusable packaging, and emphasizing regenerative agriculture practices. The industry also witnessed a surge in personalized nutrition, leveraging technology to offer tailored dietary plans and functional foods catering to individual health needs. Online food delivery and convenience-based services evolved further with AR/VR platforms, addressing consumers' desire for varied and accessible dining experiences. Further, innovative global flavors and alternative, plant-based ingredients continued to influence product development, as health-conscious consumers seek diverse and exotic culinary experiences.

The report offers a wealth of information about the food & beverages industry, such as:

2023:

• There has been a continued shift in consumer preferences towards convenient and innovative, plant-based food alternatives in 2023. For ex- growing interest in sea green-based products (e.g., algae- or kelp-based foods).
• Showing affinity towards sustainable and ethical food consumption, plant-based proteins replicating the taste and texture of animal-based counterparts have been popularized. With increasing investments and focused innovations from start-ups, precision fermentation is reshaping the landscape of alternative protein production, addressing both environmental and ethical concerns associated with traditional meat production.
• Advancements in biotechnology and nutritional science drive the creation of foods designed to meet individual health needs in personalized food space. According to a report published by Glanbia Nutritional in October 2023, the top reason consumers are reaching for functional nutrition products is to boost health.
• Consumers are increasingly turning their attention to gut health, making probiotics a sought-after trend. Probiotics, once confined to the yogurt aisle, are now making their way into unconventional foods like chocolate, ice cream, juices, sauces, and nutrition bars. Beverages are becoming a favored carrier for probiotics and prebiotics, with 25% seeking probiotics and 23% seeking prebiotics in wellness drinks, according to IFIC’s 2022 Consumer Insights on Gut Health and Probiotics Survey.
• Integration of blockchain technology in the food and beverages industry ensures transparency and traceability of the supply chain. The integration of robotics and automated systems plays a pivotal role in meeting the growing demand for mass-produced food items.
• Food and beverage manufacturers are adopting sustainability practices through reduced food waste, ethical sourcing, biodegradable/recyclable packaging, clean and transparent labeling, etc. Certifications, such as organic and fair trade, along with transparent, traceable supply chains further contribute to a more sustainable and ethical food landscape.

2024:

• Sustainability: The sustainability trend will continue with heightened emphasis on circular economy and local sourcing. Efforts intensify in reducing food waste, advancing eco-friendly packaging, and enhancing energy-efficient operations. Certifications like organic and fair trade, along with transparent, traceable supply chains will remain crucial in shaping a more sustainable and ethical food landscape in 2024.
• Consumerism: Looking forward to 2024, the trend intensifies with a continued focus on personalized nutrition, clean labels, and ethical sourcing. The emphasis on on-the-go options, global culinary exploration, and health-conscious products persists, driving further growth in e-commerce and direct-to-consumer models.
• Technology and automation: Continued focus on AI-driven supply chain management, robotics, and augmented reality will help shape the food manufacturing landscape. Additionally, precision fermentation, 3D food printing, and nanoencapsulation will gain prominence, driving innovation for sustainable food production.
• Food Safety: Widespread blockchain adoption for traceable supply chains further solidifies, providing consumers with enduring assurance in the safety and integrity of their food choices.
• New Products, Solutions, and Services: In 2024, we expect a continued focus on personalized nutrition with advanced technology integration and collaborations between tech and food companies, resulting in cutting-edge formulations emphasizing both effectiveness and safety. The fusion of artificial intelligence with nutrition apps is expected to revolutionize the way consumers approach their diets. The landscape will showcase innovative ingredients and technologies shaping the future of food.

The MarketsandMarkets - Global Food & Beverages Industry Outlook 2024 report can help prepare consumers and market leaders for the year ahead. The report incorporates years of experience in the rapidly expanding food & beverages sector, the opinions of industry experts, comprehensive evaluations by analysts, and extensive interviews with stakeholder groups worldwide.