Food and Drink Market Size, Share, Growth, And Industry Analysis, By Type (Bread & Cereal, Fruits & Vegetable, Fish Products, Meat Products, Dairy Products, Oils & Fats, Beer & Wine, Soft Drinks, & Others), By Application (Supermarkets, Traditional Markets, Convenience Stores, Online Sales, and Others), Regional Forecast To 2031

Updated On: 15 April 2024

Food and Drink Market Report Overview

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TThe global food and drink market size expanded rapidly in 2021 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the food and drink market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

We live in an era where we are witnessing the innovation of numerous things that makes our lives more convenient. The food and drink market is inclusive of those businesses that offer food and beverages services. Be it beautiful restaurants or cafes, fast food joints, and other food catering businesses, all focus on providing the best food and beverage services to their customers at suitable prices. The market is an essential part of the hospitality sector as well. 

The food and drink market is expected to grow because of the rising awareness among the people regarding their health. To fight numerous chronic diseases by boosting immunities is what consumers demand and this demand has driven the market. Using functional items from food and beverage market has become the new normal in the modern lifestyle. 

COVID-19 Impact: Faced A Negative Trend Due to Rise in Regulations

No one was prepared for the pandemic. The world was at a halt. We were the ones who were busy living our hectic and busy lifestyles. There was a sudden pause in our lives. There was not a single market that was left undisturbed during the pandemic. The food and drink market was disturbed as well. As a consequence of the pandemic, there were strict government regulations and a disruption in the supply chain as well. However, since the demand for healthy and functional food and beverages increased during the pandemic it also helped the market to survive during the pandemic. 

Latest Trends

"Enhanced taste by adding flavors to expand consumer base in the global market"

The food and drink market is as dynamic as any other market. Recently there has been an innovation introduced in the market. It has been evident that consumers are now demanding healthy food and beverage but sometimes they are too bitter to be consumed. To [provide the same health benefits but with better taste flavors have now become an essential part of the market.  

Food and Drink Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into bread & cereal, fruits & vegetables, fish products, meat products, dairy products, oils & fats, beer & wine, soft drinks, & others.

In terms of services, dairy products are the largest segment, as it holds the maximum food and drink market share.

• By Application Analysis

Based on application, the market can be divided into supermarkets, traditional markets, convenience stores, online sales, and others.

Driving Factors

"propelling eating habits have influenced the demand in the market"

We all are aware of the fact that we have become daily users of food and drink. Be it any weather we crave food and beverages. On the first cold wave, we look for hot food and beverages and on the first strike of sunshine, we look for cold food and beverage items. To meet someone, to celebrate, or even when we look for some alone time, in all these situations we look for a perfect place where we can enjoy good food and beverage service. Hence human cravings result in the food and drink market growth.

"The Rising Demand for Nutrient-Rich Food to Increase Product Demand in Market"

After becoming the victims and survivors of COVID-19 Consumers have become a little more cautious about their health. There has been a rise in awareness among people about their health. To avoid the health issues like obesity, diabetes, and other problems consumer has started demanding food items having high nutrient levels.  Intake of healthy food and beverages has become the new normal in the market. Be it tea, cold drinks, biscuits, or any other snack more priority is given to those food & beverage items which have high nutrient content.  

Restraining Factors

"The Quality of Services Might Lead to A Declining Trend in the Market "

When one spends their money they expect the quality to be evident in the product or service they receive. But just to save the overall cost sometimes quality is compromised and this has been hampering the food and drink market growth. There has been a shift in the lifestyles of people who look for a healthier alternative but knowing the fact that what they would receive is unhealthier turns the customers down. This is how the compromise in quality can negatively affect the market. 

Food and Drink Market Regional Insights

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"Asia- Pacific to Dominate the Market Due to The Increasing Number of Aware Consumers of Health"

Asia Pacific has the maximum food & drink market share. This is because of several reasons but one of the primary reasons is the rapid adoption of a healthy lifestyle by the people of this region. Furthermore, the increasing number of consumers in this region and the increased will of people to spend more on food and drinks items in the countries of this region has boosted the market growth. To avoid chronic diseases people are demanding healthier products and tis boosted the demand and production in this region.

Key Industry Players

"Key Players Focus On Innovations and Collaborations to gain growth in the market"

The key players have noted the rise in the use of Food and beverages across the globe and therefore have started working on developing food and beverages. The increasing will of people to spend more on food and beverages has also influenced the companies to collaborate to earn more revenue as well as dominance in the market. While producing goods and services they are keeping in mind the growing demand for functional food and drinks. The key players have noted how the developments in the product attract the consumers and hence they pay more attention to the regular advancements of the products.

List of Market Players Profiled

• Friesland Wamco
• Dangote Group
• Nigerian Breweries
• Coca Cola
• Guinness
• Nestle Nigeria
• Unilever Nigeria
• PZ Cussons
• CHI Limited
• UAC Foods
• Cadbury Nigeria
• SevenUp Bottling
• SABMiller
• Honeywell Flour Mills
• De-United Foods
• Promasidor

Report Coverage

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Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.