Over the past few years, the food and beverage industry witnessed a noticeable growth. Rising awareness among people about the use of natural alternatives and influencing global players to produce alternatives like dietary supplements and organic foods have fueled the market development. Consumers are driven towards organic food and beverage products mostly due to rising health concerns and ill effects of conventional food on the environment. Thus, prominent players in this industry are exploring for producing innovative products that may result in opening various doors for the industry.
The food & beverage industry is likely to surpass USD 9400 billion mark by 2023. With numerous products available in the market through variety of distribution channels such as form in-store, farmer’s market, online, social media and more, product innovation and distinction are likely to be an important factor boosting the growth of food and beverage companies. Big players have already started exploring for innovative technologies.
Furthermore, the rising demand by the consumers to get in deep about the food they eat, food safety subjects are costing the food and beverage industry billions each year and thus most of the companies active in food and beverage are likely to concentrate on locating safety issues immediately.
Similarly, latest trends such as Eating Out, Food Court and Food Hall are further expected to boom the food & beverage sector in near future. Eating Out involves restaurants and cafes, in addition to catering services (meals, snacks, drinks and refreshments) offered by restaurants, cafés, buffets, bars and tearooms. Expenditure on “Eating Out” is expected to rise steadily across all regions over the next ten years, led by Asia Pacific, where average spend is expected to increase by 7.5% per year.