3rd Quarter 2023

Food and Beverage Market Update

Food And Bev
Capital Advisors

  • In 2022, the U.S. firmly established itself as a leader in the food service industry, commanding a substantial 25.5% share of the global market. The industry is being driven by changing consumer preferences and technological advancements.
  • The U.S. food service industry aims for $2.0TN by 2033 with a 7.3% CAGR from 2023 to 2033. In 2023, the U.S. grocery retail market anticipates moderate growth due to lower inflation, rising consumer interest in foodservice, and nontraditional retailers gaining market share.
  • The global beverage market is valued at $1.8TN as of 2022. In the U.S., the beverage industry is divided into alcoholic and non-alcoholic segments, with water accounting for 51.2% of the non-alcoholic category and beer leading the alcoholic segment.
  • The global vegan food market is expected to expand from $26.2BN in 2021 to $61.4BN by 2028. Rising demand for meat substitutes, alternative dairy, and younger generations' acceptance of vegan products drive market growth.
  • The on-the-go food market is valued at $185.8MMand is set to almost double to $371.6MMin the coming years.
  • The diverse U.S. food industry spans across categories such as baby food, bread & cereal products, convenience food, confectionary & snacks, dairy products & eggs, fish and seafood, meat, oils and fats, pet food, sauces and spices, vegetables, and sweeteners. Notably, the confectionery and snacks segment anticipates substantial growth, nearing $80.0BN by 2026, while both dairy products and eggs, as well as the meat segments, are forecasted to expand by almost $40.0BN each by 2026.

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