Table Of Contents
Roshan Deshmukh
Koyel Ghosh
Studying the Top 5 Emerging Markets in the Food and Beverages Domain in Q3 2024
Food Ingredients Market
As per a report published by Allied Market Research, the food ingredients market accounted for $270.2 billion in 2021. The industry is expected to gather a revenue of $475.4 billion by 2031, thus rising at a CAGR of 5.8% from 2022 to 2031. Over the years, different types of food additives and ingredients have emerged which not only change the taste and texture of foods but also help in preserving them. The increasing consumption of processed and packaged foodstuffs globally has been the main factor influencing the growth of the landscape. Additionally, the increasing popularity of clean-label color products is anticipated to strengthen the industry in the coming period.
The AMR report places special emphasis on segmental analysis of the market to aid companies in making the right investment decisions. The study classifies the landscape into different segments based on type and application. Based on type, the sweetener segment is anticipated to reach new heights by 2031. In the past few years, sweeteners have become an essential additive and preservative in different packaged foods which has created favorable conditions of growth for the industry. Along with this, the surge in demand for sugary beverages has also opened new opportunities in the market for the third quarter of 2024. Additionally, the rising consumption of sweet, processed foods is predicted to help the -segment flourish in the near future.
Fast Casual Restaurant Market
Fast casual restaurants are a special type of eateries that have standardized food menus, offering options such as sandwiches, wraps, salads, and bowls. Compared to conventional fast-food outlets, these restaurants provide a more comfortable dining experience. The introduction of the concept of cloud kitchens has been pivotal to the growth of the industry in the past few years. The Allied Market Research report on the fast casual restaurants market states that the landscape, which accounted for $124.5 billion in 2022, is anticipated to garner a revenue of $337.8 billion by 2032, showcasing at 10.4% CAGR from 2023 to 2032. Many leading companies are gradually entering this field as the profit margin is quite high in comparison to traditional restaurant businesses.
The AMR report highlights that the landscape is highly dynamic, with several players competing to establish their dominance in the industry. Several companies such as Chipotle Mexican Grill, FIVE GUYS ENTERPRISES, LLC., Famous Brands Limited, Panda Restaurant Group, Inc., etc., have engaged in alliances such as acquisitions, mergers, and partnerships with other businesses. Moreover, many brands including Wingstop and Zaxby's recently expanded their franchise by launching restaurants in different locations in Europe and North America. These stakeholder actions have significantly increased the revenue share of the market in the third quarter of 2024. The adoption of innovative technologies by several food and beverage businesses is anticipated to contribute to the rise of the landscape.
Food Safety Testing Market
The food safety testing market is one of the most significant industries in the food and beverages domain. It mainly involves the scientific testing and analysis of different food products to ascertain whether they are safe for consumption or not. Various types of techniques have been developed recently to detect the presence of adulterants and contaminants in different eatables. The stringent governmental regulations put in place by various countries mandating the examination of food items before they are sold have been a major driver of the industry. Allied Market Research, in its report, highlights that the landscape is estimated to garner a revenue of $44.1 billion by 2033, rising at a CAGR of 7% from 2024 to 2033. The increasing incidents of food contamination have led to many companies opting for comprehensive testing standards and procedures, thereby augmenting the growth rate of the industry.
Along with the growth drivers, the AMR study also covers the latest advancements in the industry. The advent of emerging technologies such as AI, ML, and IoT has completely transformed the food safety testing market. Artificial intelligence, for instance, is now being used to detect potential threats and contaminants in food items accurately, thereby increasing the efficiency of the testing process. Similarly, IoT-powered tools and devices are being deployed to track safety parameters in real time and improve the quality of risk management frameworks. Machine learning algorithms are also employed to identify patterns of contamination for predictive maintenance, thus bringing down the chances of foodborne infection. The rising adoption of these innovations by different companies has opened new avenues of growth in the landscape for Q3 2024.
Alcoholic Beverages Market
As per the AMR report on the alcoholic beverages market, the industry is projected to gather a revenue of $2036.6 billion by 2031. The landscape was valued at $1624 billion in 2021, citing a CAGR of 2.2% from 2022 to 2031. The increasing consumption of different kinds of alcoholic drinks across the globe has been the primary factor influencing the market directly. At the same time, various types of wines and spirits are being produced which have unique flavors and tastes. This has also increased the consumer base of alcoholic beverages, thus expanding the footprint of the market. The overall rise in the disposable income of people in developed and developing countries has further improved the growth rate of the landscape.
To help companies understand the performance of the market in regions such as North America, LAMEA, Europe, and Asia-Pacific, the AMR report also features a comprehensive regional analysis. All the major socioeconomic, cultural, political, and demographic factors influencing the landscape are studied as part of the exercise. In the case of the alcoholic beverages industry, Asia-Pacific is anticipated to surge ahead at a CAGR of 2.28% by 2031. In recent years, the province has surpassed other continents as far as consumption of beer is concerned. Furthermore, the growing proportion of young and hedonistic populations in countries of Asia-Pacific has generated new investment opportunities in the industry.
Cocktail Premix Market
Cocktail premixes are a pre-made mixture of several ingredients that are added to make a specific cocktail. The main aim of using such admixtures is to expedite and simplify the processes involved in cocktail making, thereby making it easier to prepare refreshing drinks with unique tastes. According to the report published by Allied Market Research, the cocktail premix market is expected to gather a revenue of $29 billion by 2032. The industry accounted for $19.4 billion in 2022, rising at 4.2% CAGR from 2023 to 2032. The shifting consumer preferences and lifestyle trends have helped the landscape flourish in Q3 2024. The growing demand for lower-calorie cocktails has also expanded the footprint of the market across the globe.
The AMR report also analyzes the different segments of the industry based on type, application, and distribution channel. The in-depth segmental analysis helps companies formulate their strategies in a much better way, thereby aiding them in making the right business decisions in the long run. By type, the margarita segment held the highest revenue share in 2022 and is anticipated to continue its dominance in the coming period. Over the years, different types and flavors of margarita premixes have been developed including strawberry, watermelon, mango, etc. This has increased the popularity of margarita admixtures which are now being used to prepare both alcoholic and non-alcoholic drinks.
The Crux
AMR reports place special emphasis on helping enterprises understand the evolving dynamics of the market. These reports also showcase the competitive scenario of the landscape, thus assisting the industry participants to chalk out their plans in the long run. As far as the food and beverages domain is concerned, the changing lifestyles have revolutionized the sector. Also, the transition toward healthy diets has brought numerous investment opportunities in the third quarter of 2024.
For a holistic study of the upcoming trends, technological advancements, and latest developments in the food and beverages domain, contact our experts today!
