Food and Beverage Market Report 2024 (Global Edition)

Global Food and Beverage Market Report 2024 Market Size Split by Type (Breakfast Cereals , Savory Snacks , Ingredients , Pet Foods , Naturally Healthy Beverages , Ready Meals , Confectionary , ...

Food and Beverage Market Report Description

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Competitive Landscape of the Food and Beverage Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Top Companies Market Share in Food and Beverage Industry: (In no particular order of Rank)

• Nestle S.A.
• JBS S.A.
• PepsiCo Inc.
• Anheuser-Busch InBev sa/nv
• Tyson Foods Inc.
• Wilmar International Ltd.
•  Archer-Daniels-Midland Company (ADM)
• The Coca-Cola Company
• Imperial brands plc.
• Mars Incorporated.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Food and Beverage Market

Which Region Dominates the Food and Beverage Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America's food and beverage industry is booming and is distinguished by a wide variety of goods and shifting consumer tastes. The region is steadily expanding and strongly focusing on quality, sustainability, and innovation. Its growth is fueled by various factors, including changing dietary patterns, rising disposable incomes, and a thriving food service business. The resilience and adaptability of this market support its ongoing growth and worldwide competitiveness.

Which Region is Expanding at the Fastest CAGR?

The Europe region is witnessing an increase in the sales of reagents. The food and beverage industry in Europe is expanding rapidly, driven by growing customer demand for high-quality and health-conscious goods, technological developments, and an emphasis on sustainability. Diverse cuisine cultures and the region's rich culinary legacy support innovation and product differentiation. Moreover, supportive regulatory environments and rising R&D spending further encourage market expansion and competitiveness.

The current report Scope analyzes Food and Beverage Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Food and Beverage Market

According to Cognitive Market Research, the global Food and Beverage market size was estimated at USD 6684.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 2673.68  million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031. The food and beverage industry in North America is a vibrant and varied environment defined by innovation, a wide range of consumer preferences, and changing tastes. Driven by growing health consciousness and environmental concerns, the region has a burgeoning organic food segment that places a high focus on sustainability and quality. Growing consumer demand for organic goods presents profitable prospects for both growers and merchants. With strong regulatory frameworks and a culture of culinary innovation, North America's food and beverage business is well-positioned for sustainable development as consumers emphasize health and wellness.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Food and Beverage market with a market size of USD 2109.53 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period. The demand is amplified by the nation's increasing consumer awareness of health and wellness is driving demand for organic, natural, and functional food and beverage products.
• The Canada Food and Beverage market had a market share of USD 320.84 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. Canada's rising lifestyles are fueling demand for convenient and ready-to-eat options, including meal kits, grab-and-go snacks, and on-the-go beverages.
• The Mexico Food and Beverage market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 243.30 million in 2024.

Europe Food and Beverage Market

According to Cognitive Market Research, with a market value of USD 6684.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 2005.26 million. With a focus on quality and sustainability, as well as rich culinary traditions, the European food and beverage business is dynamic and diversified. The need for decadent sweets and exquisite craftsmanship among European consumers has made the luxury chocolate segment stand out in this market. Premium chocolate manufacturers flourish in Europe by catering to discriminating palates and changing consumer expectations, with an emphasis on innovation and ethical sourcing. The European food and beverage sector continues to be a center of innovation and potential for both existing players and up-and-coming businesses, as long as the region prioritizes quality and authenticity.

• The United Kingdom Food and Beverage market had a market share of USD 336.88 million in 2024 and is projected to grow at a CAGR of 6.1% during the forecast period. In the UK, Food and Beverage sales witness an upswing due to the growing multiculturalism is leading to a rising demand for diverse and authentic international food and beverage options. 
• The France Food and Beverage market is projected to witness growth at a CAGR of 4.5% during the forecast period with a market size of USD 184.48 million in 2024.
• According to Cognitive Market Research, the Germany Food and Beverage market size was valued at USD 397.04 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. In Germany, Food and Beverage sales surge due to the environmental concerns are influencing consumer choices, leading to a preference for sustainable and eco-friendly products and packaging.
• The Italy Food and Beverage market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 172.45 million in 2024.
• The Russia Food and Beverage market is projected to witness growth at a CAGR of 4.3% during the forecast period with a market size of USD 310.82 million in 2024.
• The Spain Food and Beverage market is projected to witness growth at a CAGR of 4.4% during the forecast period with a market size of USD 164.43 million in 2024.
• The Luxembourg Food and Beverage market is projected to witness growth at a CAGR of 5.4% during the forecast period with a market size of USD 62.16 million in 2024.
• The Portugal Food and Beverage market is projected to witness growth at a CAGR of 5.1% during the forecast period with a market size of USD 42.11 million in 2024.
• The Greece Food and Beverage market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 24.06 million in 2024.
• Rest of Europe Food and Beverage market is projected to witness growth at a CAGR of 4.0% during the forecast period with a market size of USD 310.82 million in 2024.

Asia Pacific Food and Beverage Market

According to Cognitive Market Research, the global Food and Beverage market size was estimated at USD 6684.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1537.37 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031. The numerous cultures, gastronomic traditions, and economic prosperity of the Asia Pacific region have molded the dynamic and continuously expanding landscape of the food and beverage business. Due to the region's ingrained tradition of drinking tea and the rising demand for specialized and premium teas, the tea sector stands out among its segments. Consumer demand for more distinctive and high-quality tea experiences is fueling market expansion and innovation as a result of the expanding middle class and increased disposable incomes. Asia Pacific's food and beverage market offers businesses a lot of opportunity to take advantage of the region's varied tastes and preferences while managing its complexity as it continues to urbanize and modernize.

• According to Cognitive Market Research, the China Food and Beverage market size was valued at USD 691.81 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. Food and Beverage sales surge in China due to the rapid urbanization is driving changes in lifestyle and dietary habits, leading to increased demand for processed and convenience foods.
• The Japan Food and Beverage market is projected to witness growth at a CAGR of 7.3% during the forecast period with a market size of USD 212.16 million in 2024.
• The India Food and Beverage market had a market share of USD 184.48 million in 2024 and is projected to grow at a CAGR of 10.6% during the forecast period. The demand is augmented by India's increasing the expanding middle class has more disposable income, leading to increased spending on higher quality and premium food and beverage products.
• The South Korea Food and Beverage market is projected to witness growth at a CAGR of 7.9% during the forecast period with a market size of USD 153.74 million in 2024.
• The Australia Food and Beverage market is projected to witness growth at a CAGR of 8.5% during the forecast period with a market size of USD 79.94 million in 2024.
• The South East Asia Food and Beverage market is projected to witness growth at a CAGR of 9.8% during the forecast period with a market size of USD 106.08 million in 2024.
• The Rest of Asia Pacific Food and Beverage market is projected to witness growth at a CAGR of 8.6% during the forecast period with a market size of USD 109.15 million in 2024.

South America Food and Beverage Market

According to Cognitive Market Research, the global Food and Beverage market size was estimated at USD 6684.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 334.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. The food and beverage industry in Latin America is a thriving, diverse industry that is influenced by a wide range of cultures and changing customer tastes. Fruit juice takes the lead in this industry due to the region's abundance of tropical fruits and rising health consciousness. Demand for fresh fruit juices and mixes is being driven by consumers' desire for natural and nutrient-dense beverage options throughout Latin America. Fruit juice producers have a great opportunity to innovate and take advantage of the distinctive flavors and preferences of the region as the region's economy and urbanization continue to grow. This will help to fuel the general expansion and vibrancy of Latin America's food and beverage market.

• According to Cognitive Market Research, the Brazil Food and Beverage market size was valued at USD 143.0 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. Food and Beverage sales flourish in Brazil due to the growing health consciousness is leading to increased demand for healthier food and beverage options, including organic, natural, and functional products.
• The Argentina Food and Beverage market had a market share of USD 56.15 million in 2024 and is projected to grow at a CAGR of 7.1% during the forecast period. The demand is augmented by Argentina's commitment to the booming e-commerce sector is facilitating easier access to a wide range of food and beverage products, especially among urban consumers.
• The Colombia Food and Beverage market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 29.74 million in 2024.
• The Peru Food and Beverage market is projected to witness growth at a CAGR of 6.4% during the forecast period with a market size of USD 27.41 million in 2024.
• The Chile Food and Beverage market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 24.06 million in 2024.
• The Rest of Latin America Food and Beverage market is projected to witness growth at a CAGR of 5.3% during the forecast period with a market size of USD 53.81 million in 2024.

Middle East and Africa Food and Beverage Market

According to Cognitive Market Research, the global Food and Beverage market size was estimated at USD 6684.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 133.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031. The food and beverage industry in the Middle East and Africa is a varied and quickly growing field that is impacted by a range of factors including changing customer preferences, economic expansion, and cultural variety. The dates segment is a notable contribution to this market, owing to the region's rich agricultural past and the widespread appeal of this adaptable and nutritious fruit. Demand for dates and date-based goods is rising as customers look for healthier and more natural options; this presents producers and exporters with profitable potential. The food and beverage market in the Middle East and Africa is still well-positioned for growth and innovation due to ongoing urbanization and shifting lifestyles.

• According to Cognitive Market Research, the GCC Countries Food and Beverage market size was valued at USD 57.22 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. Food and Beverage sales flourish in the GCC Countries due to the consumers prioritize quality and innovation, driving demand for premium and specialty food and beverage products.
• The Egypt Food and Beverage market is projected to witness growth at a CAGR of 6.8% during the forecast period with a market size of USD 14.04 million in 2024.
• The South Africa Food and Beverage market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD 21.12 million in 2024. Food and Beverage sales flourish in the South Africa due to the region's environmental concerns and a focus on ethical consumption are leading to increased demand for sustainable and eco-friendly food and beverage options.
• The Turkey Food and Beverage market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 11.50 million in 2024.
• The Nigeria Food and Beverage market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 14.04 million in 2024.
• The Rest of MEA Food and Beverage market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 15.77 million in 2024.

Food and Beverage Market Analysis

Food and Beverage Type Segment Analysis

According to Cognitive Market Research, Breakfast Cereals held the major market share over the forecast period. Globally, the morning cereal market is expanding significantly due to shifting customer preferences, growing health consciousness, and greater convenience. Manufacturers are experimenting with novel flavors, healthier ingredients, and practical package styles to meet changing consumer expectations. The market is developing due to the expansion of distribution channels and rising consumer knowledge of the nutritional advantages of breakfast cereals. This presents a lot of potential for companies in the industry.

Savory Snacks are the fastest-growing category over the forecast period. Globally, the savory snack market is expanding at an astounding rate thanks to urbanization, busy lives, and shifting customer preferences. Customers are pushing innovation in product offers and flavors because they want snack options that are tasty, indulgent, and handy. Additionally, growing retail distribution channels and rising disposable incomes support market expansion. Savory eating is gaining popularity and offers industry participants profitable prospects as it gets increasingly embedded in everyday routines.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Food and Beverage Industry. Request a Free Sample PDF!

Food and Beverage Nature Segment Analysis

According to Cognitive Market Research, Organic holds a prominent market share. Globally, the organic food and beverages market is expanding quickly, driven by rising consumer awareness of environmental and health sustainability. Customers seek organic goods without chemicals, synthetic pesticides, and genetically modified organisms (GMOs). Growing worries about food safety and sustainability, along with a growing taste for natural, healthful foods, are the driving forces behind this trend. The organic market offers manufacturers and merchants many chances as product demand rises.

Conventional is the fastest-growing category over the forecast period. The global market for traditional food and beverages is still growing due to several causes, including urbanization, population increase, and shifting dietary preferences. Due to their familiarity, cost, and ease of use, traditional, non-organic products continue to be preferred by consumers. Furthermore, well-established marketing plans and distribution networks support market expansion. The market continues to present steady prospects for manufacturers and retailers as long as traditional food and beverage products are in high demand.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Food and Beverage Distribution Channel Segment Analysis

According to Cognitive Market Research, Supermarkets hold a prominent market share and are a major factor in the global food and beverage market's expansion. By bringing a wide selection of products under one roof, supermarkets provide consumers with convenience, variety, and competitive pricing. Their wide reach, effective supply networks, and tactical marketing initiatives facilitate market expansion. Supermarkets are also important venues for launching new goods and meeting changing consumer demands, which promotes continued expansion.

Hypermarkets are the fastest-growing category over the forecast period. Hypermarkets, known for their wide range of products and convenient one-stop shopping, are significant players in the growing food and beverage industry. These massive retail companies meet customer needs by utilizing economies of scale, effective logistics, and prime locations. Hypermarkets contribute to the food and beverage industry's ongoing growth and expansion by driving large sales volume with their expansive spaces and wide variety of products.

• Supermarkets 
• Hypermarkets 
• E-commerce 
• Others

Food and Beverage Nature Segment Analysis

• Organic
• Conventional

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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