Food & Drink - Worldwide

Worldwide

The Food & Drink market is expected to achieve a significant milestone in the coming years.
By 2022, the total revenue in this market segment is projected to reach a staggering US$2.03bn worldwide.
This impressive figure reflects the continuous growth and demand within the industry.
Looking ahead, the market is anticipated to exhibit a strong annual growth rate of 11.38% from 2022 to 2027.
This steady increase is projected to result in a market volume of approximately US$3.80bn by 2027.
These numbers highlight the immense potential and lucrative opportunities that lie ahead for the Food & Drink market worldwide.
Breaking down the revenue streams within this market, in-app purchase (IAP) revenue is expected to reach US$0.33bn in 2022.
This showcases the popularity and willingness of consumers to make purchases within food and drink applications.
Furthermore, the revenue generated from paid app downloads is projected to reach US$0.08bn in 2022.
This indicates that there is still a significant portion of the market that prefers to pay for apps in order to access premium content and features.
Additionally, advertising revenue within the Food & Drink market is forecasted to reach US$1.62bn in 2022.
This signifies the importance of advertising as a revenue stream and the significant investment made by advertisers to reach the target audience within this market segment.
In terms of user engagement, the number of downloads in the Food & Drink market is projected to reach a substantial figure of 1.95bn downloads in 2022.
This demonstrates the wide adoption and popularity of food and drink applications among consumers worldwide.
It is worth noting that the average revenue per download currently stands at US$1.04.
This figure provides insights into the revenue generated from each individual download, highlighting the potential profitability of the market.
When comparing revenue across different countries, it is evident that in the United States leads the way, generating a substantial revenue of US$786.60m in 2022 within the Food & Drink market.
This showcases in the United States's dominance and the significant market potential within its borders.
In conclusion, the Food & Drink market is poised for substantial growth worldwide.
With projected revenue reaching billions of dollars and a strong annual growth rate, this market segment presents lucrative opportunities for businesses and investors alike.

Key regions: United States, India, South Korea, Japan, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.