Foods and Services Report

  Oat Milk Industry Overview The global oat milk market size was valued at USD 2.23 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 14.2% from 2020 to 2028. The market growth is attributed to the rising vegan population, coupled with health-conscious consumers demanding plant-based milk with high nutritional properties. Issues such as lactose intolerance, allergies, and the rising popularity of low-cholesterol diets have pushed manufacturers to introduce a range of plant-based alternatives. This has benefitted the market for oat milk, which caters to the customers’ demand for being allergic-free, along with offering several health benefits.   With the awareness created by the animal rights organizations as well as animal lovers, a change has been witnessed in the customer buying behavior, which supports animal protection. Thus, a large customer base is shifting towards a vegan diet, which is expected to drive sales of oat milk during...

  Food Grade Alcohol Industry Overview The global food grade alcohol market size was valued at USD 2.2 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. The demand for the product is anticipated to be driven by an increase in demand of spirits and beers in various economies.Growth in the food processing industry coupled with increasing consumption of ethanol is projected to drive the market growth The market growth for the product is expected is driven by increasing application ‘in food and beverage, healthcare and pharmaceuticals, and personal care. Rising consumption of beverages and trade in alcohol are further propelling the demand for the product. Alcohol is an important ingredient for manufacturing extracts, flavors, yeast, and vinegar. The demand for ethanol has increased in the food industry to expand the shelf life of the product, driven by the changing food habits and adoption of ready...

  Lactic Acid Industry Overview The global lactic acid market size was valued at USD 2.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. The usage of lactic acid in various end-use industries, including pharmaceuticals and food and beverages, majorly in emerging economies, such as India, China, and Indonesia, is anticipated to drive the demand for this product over the forecast period. Lactic acid is majorly used in the production of PLA, which is a biodegradable polymer and a compostable thermoplastic made from renewable sources, such as lactic acid, produced via fermentation processes. This chemical is Generally Recognized as Safe (GRAS) and has great market potential in the food industry as it is being recognized as harmless by the United States Food and Drug Administration. It can be alternatively produced by chemical synthesis or fermentation. During the global COVID-19 pandemic, polylactic acid (PLA) was widely us...

  Heat Pump Industry Overview The global heat pump market size was estimated at USD 67.7 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 8.1% from 2022 to 2030. The industry growth is expected to be driven by increased demand for energy-efficient and cost-effective space heating and cooling applications in residential and commercial housing. The various lockdown measures put in place by governments across the world to curb the spread of the COVID-19 virus have made it difficult to obtain the raw materials required for the manufacture. Furthermore, the pandemic has adversely affected this industry due to the halt in the construction of residential and commercial facilities. Air Source technology is expected to dominate the market in the U.S. over the forecast period due to the rising awareness about the adverse effects of greenhouse gas emissions. Furthermore, the increasing population along with the increasing need for ecofriendly air condit...