Table Of Contents
- A Shift to Healthy Eating: Increasing Awareness regarding Dietary Balance
- Organic Foods and Beverages: Growing Preference for Environmental Sustainability
- Veganism and Vegetarianism: A Global Movement to Adopt Plant-based Foods
- Craft Beers and Luxury Wines: Evolving Trends in the Consumption of Exotic Spirits
- Online Food Delivery Services: The Rise of the E-Commerce Industry and Its Impact on the Food and Beverages Sector
- A Fast-Paced Growth Story for the Food & Beverages Industry
Roshan Deshmukh
Koyel Ghosh
Food & Beverages Domain: Top 5 Trends for Q2 2024 that Are Set to Transform the Sector
The food and beverages sector is highly dynamic, with several multinational corporations competing for dominance. In the past few years, this sector has undergone a huge transformation due to the influence of certain factors. For instance, the rapid pace of urbanization and industrialization has increased the disposable income of people across the globe. This, in turn, has led to a change in the dietary habits and preferences of the global population, which is expected to impact the food and beverages domain. Along with this, certain trends from the second quarter of 2024 are predicted to play an important role in transforming this industry further. To record the evolving nature of this industry, Allied Market Research has published an extensive study that highlights these trends and explains their role in the changing dynamics of the sector.
A Shift to Healthy Eating: Increasing Awareness regarding Dietary Balance
In the past few years, especially since the COVID-19 pandemic, awareness regarding the importance of maintaining a healthy lifestyle and strong immunity has increased globally. Due to this shift, the demand for clean-label foods, herbal dietary supplements, functional foods, etc., has increased exponentially. Furthermore, the probiotics market has also witnessed a major surge in its revenue owing to the rising importance of gut health and immunity building. Apart from this, hydration innovations have gained pace in recent times, as pediatricians and dieticians are now emphasizing the benefits of electrolytes and vitamins on the overall health of children. Thus, an increase in the focus on holistic health and wellness is one trend that is reshaping the food and beverages domain.
Organic Foods and Beverages: Growing Preference for Environmental Sustainability
The global organic food and beverages market accounted for $187,485.6 million in 2020 and is set to garner a revenue of $860,625.7 million by 2031, thus growing at a CAGR of 14.9% in the 2022-2031 timeframe. The primary reason behind the growing demand for organic foodstuffs is the rise in environmental concerns regarding the use of harmful chemicals in farming activities and their hazardous effects on the overall well-being of consumers. The growing prevalence of several lifestyle diseases like cancer, diabetes, cardiovascular ailments, etc., has also played a part in popularizing organic food items and beverages.
Veganism and Vegetarianism: A Global Movement to Adopt Plant-based Foods
In the past few years, veganism has emerged as a dominant philosophy that opposes the use of animal-based products and ingredients in daily diets. Vegan foods are those foods and beverages that are dairy-free and meat-free and are derived from plant-based sources. Thus, with the rise in veganism, beverages prepared from almonds, coconut, soy, and rice are gradually replacing food items like milk, curd, ice cream, buttermilk, etc. Furthermore, different plant-based meat products have been developed that offer similar taste, flavor, and texture as that of regular meat items like chicken, pork, beef, fish, and mutton. Many dietary supplement manufacturers have even come up with vegan protein powders and similar other nutrients.
Craft Beers and Luxury Wines: Evolving Trends in the Consumption of Exotic Spirits
Innovations in beer and wine production processes are the major driving factor behind the growth in the consumption of exotic spirits and alcoholic beverages. The perceived high value and exclusivity factors also play a major role in increasing the demand for luxury wines and spirits. Another unique trend that has been witnessed in this domain is the growing consumption of boutique gin; various distilleries across the globe are now experimenting with locally sourced botanicals for aging wines and other spirits in barrels. Thus, the revival of traditional wine-making processes and innovations in artisanal production methods in beer-making are transforming the luxury wines and spirits market. This, ultimately, is expected to open new avenues of growth in the food and beverages sector.
Online Food Delivery Services: The Rise of the E-Commerce Industry and Its Impact on the Food and Beverages Sector
Apart from the internal factors, certain external growth drivers positively impact the food and beverages sector. Innovations and advancements in information and communication technologies have opened up numerous investment opportunities in the industry. Using these innovations, several leading food packaging and processing companies have developed online platforms and mobile apps through which customers can directly order food items like frozen foods, dietary supplements, dairy items, etc. With the rising adoption of e-commerce websites, even local restaurants and cafeterias have started rolling out online food delivery services which is expected to help the online food delivery market garner a revenue of $1.3 trillion by 2032. The market accounted for $343.7 billion in 2022 and is expected to register a CAGR of 14.3% in the 2023-2032 period.
A Fast-Paced Growth Story for the Food & Beverages Industry
The food and beverages domain is expected to experience exponential growth in the coming period on account of the increasing shift toward organic foods and healthy eating practices. The veganism movement and the launch of different plant-based foods by leading food processing companies are anticipated to enhance the market share of the food and beverages sector in the second quarter of 2024. Technological advancements in the e-commerce industry and unique innovations in winemaking and beer production techniques will further shape the industry in Q2 2024.
