The food industry is seeing several continuous growth trends revolving around sustainability and healthy living. More and more consumers are interested in brands that are not only going to offer them healthy and nutritious food but that take environmental and ethical concerns in food manufacturing into account.
The hot-topic of past years, plant-based meat, seems to have reached an initial peak. With inflation rampant, these often more expensive substitutes have struggled to continue the growth of past years and have in many cases even seen sales numbers decline. Plant-based offerings, which have expanded to substitute products such as seafood and eggs, also find themselves under increased scrutiny. Their highly processed nature and long ingredient lists are turning off health-conscious consumers. While plant-based meat shows the first signs of slowing down, cultured meat products are gearing up to take the stage.
Revenue of the food market worldwide in 2023, by country (in million U.S. dollars)
Further details: Visit original statistic Revenue of the food market worldwide in 2023, by country (in million U.S. dollars)
The revenue generated by China's food market topped 1.47 trillion U.S. dollars in 2023, making it the largest food market on Earth. For the first time, India was the second largest food market with a value of 814.29 billion U.S. dollars. The country with the second largest population thus put the United States on the third spot that year.
Forecasts indicate that India will likely widen this gap in the coming years.
Per capita consumption of food products in the United States in 2023, by type (in kilograms)
Further details: Visit original statistic Per capita consumption of food products in the United States in 2023, by type (in kilograms)
U.S. consumers eat over 123.75kg of dairy products and eggs annually. This makes it the leading market segment in the United States measured in consumption volume. Measured in revenue, confectionery and snacks are the biggest sellers, followed by meat.
Lower-income countries generally see a much larger consumption of staple food products like bread or rice, while the consumption of meat, fats, and sweeteners is lower in comparison with the U.S. market.
Organic food sales in the United States from 2005 to 2023 (in billion U.S. dollars)
Further details: Visit original statistic Organic food sales in the United States from 2005 to 2023 (in billion U.S. dollars)
Organic food sales in the United States reached 63.8 billion U.S. dollars in value in 2023, up from 13.26 billion in 2005. This represents over 380 percent growth over the period.
Organic food, once a niche feature of specialty health food stores, has reached broad appeal in the United States. Certified organic foods represent the pinnacle of the broader "better-for-you" trend in food retail. Brands featuring a USDA certified organic label must meet stringent criteria to do so.
Leading food and beverage companies in North America in 2022/2023, based on sales (in million U.S. dollars)
Further details: Visit original statistic Leading food and beverage companies in North America in 2022/2023, based on sales (in million U.S. dollars)
PepsiCo was the leading food and beverage company in the U.S. market during the 2022 financial year. The company with headquarters in the state of New York generated 52.7 billion U.S. dollars in food sales. This puts PepsiCo just under two billion U.S. dollars ahead of meat processor Tyson Foods.
PepsiCo’s brands include several consumer-favorite drinks, chips, and other snack food. Sales in non-U.S. markets contribute significantly to the company's 91.47 billion U.S. dollar revenue.
The food industry is a multifaceted, complex market responsible for the production of all food for human consumption. At its broadest level, the industry could be split into fresh and packaged foods. Fresh foods are all those which have a relatively short shelf-life, like produce, fresh baked goods, meat, and seafood. Packaged food is everything else that one would find in a supermarket. This ranges from categories like frozen food to sauces and seasonings. Nutrition comprises everything that food contains and its effects, positive and negative, on the body. This aspect of the food industry relates to food choices consumers make based on what they hope to get from their food. This can range from healthy food choices and diets to a taste-first approach that views nutritional value as of secondary importance. That said, health-focused food is one of the biggest ongoing trends in the industry as more consumers are looking to eat healthier, even when it comes to snacks.
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