Major companies in the food and beverages market include Nestle S. A; Philip Morris International Inc; PepsiCo; JBS S. A. and Anheuser Busch InBev. The global food and beverages market is expected to grow from $5838.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food And Beverages Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018953/?utm_source=GNW
8 billion in 2020 to $6196.15 billion in 2021 at a compound annual growth rate (CAGR) of 6.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8163.61 billion in 2025 at a CAGR of 7%.
The food and beverages market consists of sales of beverages, food, pet food and tobacco products by entities (organizations, sole traders and partnerships) that produce beverages, food, pet food and tobacco products. The companies in the food and beverages industry process raw materials into food, pet food and tobacco products, package and distribute them through various distribution channels to both individual customers and commercial establishments. The food and beverages market is segmented into alcoholic - beverages; non alcoholic - beverages; grain products; bakery & confectionary; frozen and fruit & veg; dairy food; meat, poultry and seafood; syrup, seasoning, oils, & general food; animal and pet food; tobacco products and other foods products.
Asia Pacific was the largest region in the global food and beverages market, accounting for 42% of the market in 2020. North America was the second largest region accounting for 22% of the global food and beverages market. Africa was the smallest region in the global food and beverages market.
Frozen food manufacturers are using technologies such as individual quick freezing (IQF) to improve yield and quality of frozen foods. The IQF method involves transferring the individual food items on a conveyor belt into a blast freezer that quickly freezes the items. With IQF method, every individual piece of food is frozen separately, as opposed to bulk or block freezing. This method boosts yield by 1.5-3% and results in better quality products with high nutritional value and less wastage. Examples of IQF foods include fruits such as blueberries, strawberries and peaches, and vegetables such as corn, peas and green beans. The global IQF vegetable market is expected to reach $2 billion by 2026, thus indicating significant demand for IQF food products in future.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the food and beverages market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the food and beverages market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Many countries across the globe are experiencing falling prices of crops due to overcapacity; this is expected result in low raw material costs for food and beverage companies. For example, in 2019, the Indian government spent $873 million to subsidize the export of sugar as a result of overproduction of sugarcane, thereby reducing prices. Thus, overproduction of certain crops is likely to result in higher profit margins for food and beverage companies. Higher profit margins will enable food and beverage companies to increase their production and drive the market going forward.
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