LONDON, Oct. 15, 2020 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the food and beverage market, the demand for local, sustainable, and organic food production is increasing. Organic food production places a strong emphasis on consumer health, environmental protection and animal welfare. Consumers are becoming more concerned with how food is raised and prepared and are willing to pay a little more for something they recognize as healthy. With the coronavirus crisis, a lot of focus on supporting local brands is being emphasized as well.
Across Europe, there is a very high import rate (especially for fruits and vegetables) as the rate of production is far lower than the consumption demands for organic produce. But in May 2020, the organic food and drink sales in the UK increased by 6.1%, almost doubled from the previous year’s growth of 3.2%. This demand for organic products will positively impact the market for food and beverages, as organic foods are comparatively more expensive than conventional foods.
This demand for organic food is not just for humans but extends to animals as well! Pet owners’ concern about their pets’ health is driving the demand for premium and organic pet foods as pet owners often view pets as family members and are willing to spend higher for the best pet products and services. Organic pet foods are free from artificial colors, flavors, antibiotics, synthetic hormones, toxic pesticides and preservatives, whereas premium pet foods contain higher quality ingredients than economy or generic pet foods. Companies that manufacture premium pet foods formulate diets according to the nutritional requirements of an animal.
For example, premium brand companies offer foods that are specially formulated for growing puppies, large- and small-breed dogs, lactating and gestating animals, and geriatric animals. The increasing demand for premium pet foods will help in market growth going forward.
The Business Research Company’s report titled Food And Beverage Global Market Report 2020-30: COVID-19 Impact and Recovery covers major food and beverage companies, food and beverage market share by company, food and beverage manufacturers, food and beverage infrastructure market size, and food and beverage market forecasts. The report also covers the global food and beverage market segments. The food and beverage market is segmented by type into alcoholic beverage, nonalcoholic beverage, grain products, bakery & confectionery, other foods products, frozen and fruit & veg, dairy food, meat, poultry and seafood, syrup, seasoning, oils, & general food, animal and pet food, tobacco products, by distribution channel into supermarkets/hypermarkets, convenience stores, e-commerce, others, by nature into organic, conventional. Subsegments covered are beer manufacturing (breweries), wine and brandy manufacturing (wineries), spirits manufacturing (distilleries), coffee and tea manufacturing, soft drink and ice manufacturing, flour, rice and malt manufacturing, other grain products manufacturing, breakfast cereal manufacturing, sugar and confectionery product manufacturing, bread and bakery product manufacturing, cookie, cracker, pasta, and tortilla manufacturing, perishable prepared food manufacturing, snack food manufacturing, all other miscellaneous food manufacturing, frozen food manufacturing, canned/ambient food manufacturing, milk and butter manufacturing, cheese manufacturing, dry, condensed, and evaporated dairy product manufacturing, ice cream and frozen dessert manufacturing, meat products manufacturing, poultry manufacturing, seafood manufacturing, flavoring syrup and concentrate manufacturing, seasoning and dressing manufacturing, fats and oils manufacturing, pet food manufacturing, animal food manufacturing, cigarettes, cigars and cigarillos manufacturing, smoking and other tobacco products manufacturing.
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The global food and beverage market size is expected to grow from $5.94 trillion in 2019 to $6.11 trillion in 2020 at a compound annual growth rate (CAGR) of 2.9%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $7.53 trillion in 2023.
With increasing social media penetration, social media and digital media marketing are driving the market for different types of foods and drinks such as generic, natural, organic, premium, super-premium, grain-free and others. There are many blogs and social media sites which publish articles on fitness, skincare diets, healthcare, and animal care. These sites educate people and help in identifying best foods available in the market depending on nutritional value and benefits. Since there is more scientific knowledge about foods, drinks, and their ingredients that is now easily available and widespread through the internet, there is more demand for such items, which drives the food and beverages market.
Food And Beverage Global Market Report 2020-30: COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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