Foods and Services Report

  Fruit And Vegetable Juice Industry Overview The global fruit and vegetable juice market size was valued at USD 131.62 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030. A rise in the consumption of fruit juices, changes in consumer tastes, adoption of healthier diets, and the advent of cold-pressed juices are the major factors accelerating the growth of the market globally. The COVID-19 pandemic has had a direct and indirect impact on the global market. It affected the raw material as well as application industries market. According to the U.S. Department of Agriculture (USDA), grower prices for vegetables started at a low level in 2020 and are expected to decline further. Moreover, the prices of all fruits and vegetables dropped by more than 10% in April 2020 as compared to April 2019. Consumers are increasingly opting for healthy food choices that will help maintain their body weight, meet their nutritional requirements,...

  Ice Cream Industry Overview The global ice cream market size was valued at USD 79.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030. Factors such as the rising demand for innovative flavors, types, and the rising demand for impulse ice creams such as cones, sandwiches, and pops in developing countries are expected to drive the market growth. The increasing health consciousness among consumers is also expected to fuel the demand for premium ice creams in the upcoming years. The COVID-19 pandemic had a significant impact on the global ice cream consumption pattern since ice cream is not considered a necessary commodity. With the fear of catching a cold, consumers worldwide tried to reduce their ice cream consumption. However, some consumers were consuming ice creams as comfort food during lockdowns. Many consumers opted for frozen products through the online retailers and local general stores which accommodated high stoc...

  Chocolate Confectionery Industry Overview The global chocolate confectionery market size was valued at USD 178.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. According to the National Confectioners Association (NCA), sales of chocolate confectionery products through supermarkets increased by 17.9% between March 2020 to August 2020 as compared to the same period last year. Furthermore, demand for high-quality products is getting stronger among the consumers, which is likely to propel market growth. According to the survey conducted by Cargill’s North America Cocoa & Chocolate team of 600 U.S. grocery shoppers in February 2021, approximately one-third of the Americans in the country increased chocolate consumption during the pandemic. Approximately 72% of surveyed consumers claimed that chocolate uplifted their moods, while 59% stated it supports their energy while working from home during the lockdown. ...

  North America Chocolate Industry Overview The North America chocolate market size was valued at USD 39.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. Impulse purchases and increased interest in luxury and premium chocolates are two key elements driving the market.Chocolate manufacturers are increasingly investing in the creation of reduced sugar or sugar-free goods as customers become more health conscious, particularly as the number of instances of obesity and diabetes have been rising. COVID-19 had an influence on the chocolate industry when it first appeared in 2020. However, with the relaxation of limitations on both imports and exports across North America, the market has become more stable. The premium segment of the chocolate industry was severely impacted by low sales volume as a result of the COVID-19 epidemic, which was caused in part by supply-side concerns related to quality and certification. Foll...

  Yogurt Drink Industry Overview The global yogurt drink market size was valued at USD 49.30 billion in 2021 and is expected to exhibit a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. The growth of the market can be attributed to the rising consumer awareness regarding lifestyle disorders, and the resultant shift towards healthy and probiotics-rich food products. The product is rich in nutrients that help boost health and reduce the risk of diseases such as obesity. According to an article published in Multidisciplinary Digital Publishing Institute (MDPI), in February 2022, 70% of consumers prefer drinkable yogurt owing to its nutritious properties. The COVID-19 pandemic resulted in positive as well as negative impacts on the industry. The onset of the pandemic resulted in grocery stockpiling, most notably in categories, such as dairy products and snacks, which initially caused shortages in market supply. Furthermore, stay-at-home orders mandated by the pandemic h...

  Non-alcoholic Beverages Industry Overview The global non-alcoholic beverages market size was valued at USD 833.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. According to the Bacardi Cocktail Trends Report, in January 2022, in partnership with The Future Laboratory, approximately 58% of consumers globally are shifting to non‐alcoholic and low‐ABV cocktails and beverages. With the expanding acceptance of the no-alcohol and low alcohol category by consumers, manufacturers in the market are catering to the new trends and have been innovating the current product portfolio, which is likely to bode well for future growth. The COVID-19 pandemic restrictions prompted the incubation of new non-alcohol beverage trends in the market. With rising health concerns due to the virus, consumers are shifting to healthy drinks for usual days and even on occasions. The big brands are jumping in with mass offerings in categories, su...

 The global canned seafood market size was valued at USD 30.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030. The increasing popularity of ready-to-eat seafood products due to improvement in distribution infrastructure is anticipated to drive the industry growth. According to the Food and Agriculture Organization of the United Nations, Canned Tune imports in the U.S. increased by 15% in 2020. In addition, factors such as changing lifestyles coupled with increasing affordability are likely to drive the industry's growth over the next eight years. The demand for canned seafood skyrocketed during the COVID-19 pandemic, especially among the consumers that are not fond of cooking food. Consumers following the trend of work-from-home or stay-at-home preferred canned food as it is easy to prepare and takes minimal time. Additionally, restaurants restricted services to avoid an increase in coronavirus cases, so consumers cooked ...

  U.S. Frozen Food Industry Overview The U.S. frozen food market size was valued at USD 55.80 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. Consumers are looking for convenient meal options including frozen food that require little or no preparation to overcome time constraints from work, childcare, and community. The rising dependence of consumers especially millennials on ready-to-cook foods due to time constraints would further drive the market during the forecast period. According to the U.S. Department of Agriculture April 2021, 72.0% of Americans purchase ready-to-eat food from full-service restaurants due to their busy life schedules. These facts are likely to bode well with the market growth. Increasing health and safety concerns amid rising COVID-19 cases obligated people to take fewer trips to stores for buying household items including food, and snacks. This trend resulted in the need of stoc...

  Chilled & Deli Foods Industry Overview The global chilled & deli foods market size was valued at USD 217.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030. The popularity of delicatessen, specialty, and fine foods has grown enormously, as the consumer's tastes have become more sophisticated and adventurous. Increasing demand for prepared superfoods, which are organic, locally sourced, additive-free, and fair-trade products have complemented the overall market growth. According to a report published by Kerry Group in 2020 May, 26.0% of the consumers claimed that prepared foods are the most important consideration when they shop for fresh foods and 66.0% of consumers buy prepared snacks, meals, and more from retail, every month. The spread of the Coronavirus (COVID-19) pandemic has affected the industry. Majorly with global shut down of deli counters and supermarkets. During this panic situation, consumers s...

  Organic Skin Care Industry Overview The global organic skin care market size was valued at USD 9.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030. Growing consumer inclination toward chemical-free beauty products along with the broadening concepts of creams, serums, and moisturizers infused with organic ingredients is expected to drive the demand for organic skin care products over the forecast period. These products are considered to be more effective and have fewer side effects, which, in turn, is expected to increase their application among consumers. The COVID-19 pandemic has raised public awareness about the importance of self-care and well-being. This has induced a surge in demand for chemical-free products, which will fuel the growing need for organic skincare products. The lockdowns and movement restrictions, on the other hand, disrupted the supply chain and curtailed production for these products. The growin...

  Energy Drinks Industry Overview The global energy drinks market size was valued at USD 86.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2022 to 2030. The growing demand for energy drinks as a potential energy booster in order to improve physical and cognitive performance has been shaping the market growth. Drinks that are free from sugar, glucose, and high fructose corn syrups have been gaining traction among consumers. Market players are aggressively marketing these drinks as functional beverages that uplift energy and alertness as well as provide a physical boost. The COVID-19 pandemic has had a positive impact on market growth. Though the demand for the product was already rising, the segment exploded after the COVID-19 pandemic hit the world. Increased concerns for health, convenience, and the enhanced quality and diversity of these beverages are the factors behind the upsurge in demand. After the closure of restaurants an...

  Sports Equipment Industry Overview The global sports equipment market size was valued at USD 331.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. Continuous innovations and rapid technological advancements to keep pace with dynamic consumer preferences are driving the growth of the market. The increasing awareness about the benefits of a healthy lifestyle and the importance of sports and fitness activities, is further stimulating the demand for such equipment. The Covid-19 pandemic has adversely affected several industries including the athletic and fitness industry. Many tournaments and game events, including the Olympics, have either been postponed or their format has been altered. As a result, stakeholders in the market are trying to assess the downstream impact arising from disrupted cash flows, insecurities, and the potential declines in long-term attendance and engagement. The growing popularity of national and...