A Comprehensive Analysis of Allied Market Research’s Top 5 Emerging Markets in the Food and Beverages Domain in Q2 2024
Since the COVID-19 pandemic broke out in late 2020, the food and beverages domain has undergone a massive transformation. In the past few years, there has been an increase in the focus on healthy lifestyles, balanced diets, and immunity-building. As a result, the demand for nutritious foods and beverages has grown globally. Another important trend is the shift toward veganism and vegetarianism which has led to the advent of an all-new sphere of plant-based meat and dairy products. Along with this, the technological advancements in the food packaging industry, the expansion of the e-commerce landscape, and the adoption of various innovative techniques by food product manufacturing companies are predicted to bring numerous growth opportunities in the food and beverages domain.
An in-depth analysis of the food and beverages sector shows that certain markets have contributed significantly to its growth and brought in transformational change in the way this domain operates. Allied Market Research has compiled a study wherein the top five industries in the sector are covered comprehensively and their growth drivers, restraints, and investment opportunities are analyzed. For this, AMR has deployed its in-house ‘Title Matrix Tool’, which relies on various parameters like CAGR values, revenue numbers, latest trends, etc., and prepares holistic reports for each landscape.
Gummy Vitamins Market
As per the AMR report, the gummy vitamins market, which accounted for $9.1 billion in 2022, is expected to gather a revenue of around $16.3 billion by 2032, thus growing at a CAGR of 5.9% in the 2023-2032 period. Gummy vitamins are chewable candies rich in nutritional elements like vitamins and minerals and come in various flavors, textures, and shapes. The growing consumer awareness toward preventive healthcare has led to an increasing number of people opting for different nutritional supplements like gummy vitamins. Furthermore, the AMR report also highlights that the rising demand for personalized nutrition is expected to help the industry in the near future.
Apart from focusing on the growth drivers, the AMR report presents a comprehensive segmental analysis on the lines of product type, source, packaging, format, and sales channel. Through its segmental analysis, the report helps businesses focus on key investment opportunities so that they can take a decisive lead over their peers in the industry. In the case of the gummy vitamins landscape, the probiotics sub-segment in the product type segment is predicted to have a revenue share of 40.7% in the 2023-2032 period.
Food Service Equipment Market
Food service equipment generally refers to the cookware, utensils, and kitchenware used in commercial kitchens for preparing, serving, and storing different foods. The AMR report on the food service equipment market highlights that the health and food safety standards put in place by various governments in their respective jurisdictions are expected to expand its scope. The growth of the hospitality industry and the increasing number of hotels and restaurants across the globe have also contributed to the rise of the market in Q2 2024. The AMR report states that these factors are projected to help the landscape gather a revenue of around $74.4 billion by 2035 and surge at a CAGR of 6.3% in 2024-2035.
One of the key features of the AMR study is that it also highlights the demographic, socioeconomic, and cultural factors influencing the different segments of the industry. The report classifies the market on the lines of product and end-use. Based on end users, the full-service restaurants and hotels segment is anticipated to have a significant growth rate in the forecast period. The growing disposable incomes of people globally have led to an increasing preference for different cuisines. Furthermore, the study also highlights that there is an increase in the adoption of novel technologies for preparing quick-served foods. Both these factors have worked in the favor of this segment in the second quarter of 2024.
Toasted Flour Market
The AMR report on the toasted flour market studies the various aspects of the industry and states that the landscape, which accounted for $60.4 billion in 2022, is anticipated to garner a revenue of $125.4 billion by 2032, thus growing at a CAGR of 7.8% in the 2023-2032 period. The AMR report, to help companies get a clear understanding of the industry dynamics, presents certain stunning insights into the factors that have contributed to its growth. As per the study, the widespread applicability of toasted flour in various gourmet and culinary cuisines is predicted to increase its revenue share. Furthermore, the launch of innovative products by multinational giants like Archer-Daniels-Midland Company, Cargill Inc., King Arthur Flour Company Inc., etc., have also played a key role in the growth of the landscape, particularly in the second quarter of 2024.
As part of its segmental analysis, the report suggests that based on the type, the wheat flour segment is expected to be the most dominant in the coming period due to the popularity of wheat flour as a nutritious ingredient in culinary applications. Furthermore, the growing preference for wheat-based foods is predicted to enable the segment to surge ahead in the future. Apart from the segmental analysis, the study also focuses on the major regions across the globe including North America, Asia-Pacific, LAMEA, and Europe, and assesses the performance of the leading businesses in these provinces.
Cloud Kitchen Market
As said earlier, the advent of modern technologies like cloud computing has led to the emergence of new industries in the food and beverages domain. A cloud kitchen is a novel concept wherein a food chain or a restaurant rents a commercial space to prepare food. Thus, a cloud kitchen offers only food delivery and takeaway services. The growing utilization of independent cloud kitchens by different restaurants and grocery stores in urban areas and metropolitan centers is expected to create favorable market growth in the coming period. Secondly, the changing lifestyle of people living in cities is predicted to help the industry flourish. Due to these factors, the cloud kitchen market, which was valued at $44.9 billion in 2023, is expected to gather a revenue of $154.9 billion by 2035, thus surging ahead at a CAGR of 11% in the 2024-2035 period.
The AMR report throws light on the segmental analysis of the industry on the lines of nature, type, and product type. As per the study, the franchised segment is predicted to have one of the largest revenue shares in the cloud kitchen landscape as food chain franchises have a large customer base and a wide range of product offerings. Furthermore, it has been seen that various such franchise cloud kitchens offer customer loyalty programs which help them expand their network. Some of the leading companies in the industry profiled in the report include DAHMAKAN, DOORDASH KITCHEN, STARBUCKS (STAR KITCHEN), Zomato, etc.
Sweetener Market
Allied Market Research, through its report on the sweetener market, has highlighted that the growing consumption of low-calorie and healthy sweeteners is estimated to help the landscape flourish in the coming period. Furthermore, the increasing penetration of different quick-service restaurants and fast-food chains is also predicted to bring in new opportunities for growth in the market. As a result of these factors, the industry is anticipated to witness a fascinating CAGR of 4.9% in the 2024-2035 period and gather a revenue of $154.6 billion by 2035.
The AMR report also provides a comprehensive analysis of the performance of the market in major regions of the globe including North America, LAMEA, Europe, and Asia-Pacific. Moreover, the report also presents a segmental analysis on the lines of type, application, and distribution which helps businesses formulate their plans to take a lead in the industry. Based on type, the sucrose segment is predicted to experience a major boost in the near future due to the rise in demand for processed foods.
A Comprehensive Analysis of the Food and Beverages Domain
The actionable data offered by AMR reports help companies assess their position in these five markets and chalk out plans to expand their footprint in the landscape. These reports also provide key insights into the competitive scenario of the industry by relying on scientific analytical tools like Porter’s five forces. The report on gummy vitamins, for example, highlights that the companies launching personalized nutrition solutions have gained a significant lead over their peers in the second quarter of 2024. Similarly, the launch of different toasted flour products by multinational companies is estimated to expand their network in the years to come.
The Final Word
To conclude, AMR reports offer a comprehensive study of the various opportunities in these five markets. Also, the regional and segmental analyses provided in these studies aid businesses in formulating their strategies as per the evolving dynamics, which ultimately helps them maximize their profits. The factors that influenced the growth of these markets in Q2 2024 are elaborated in detail which enables companies to increase their footprint globally.
For more insights into the food and beverages domain, contact our experts.
