Table Of Contents
- Plant-based and Alternative Proteins Facilitating the Rise of Veganism
- Increased Focus on Immunity Building and Gut Health to Enhance the Demand for Fermented Foods
- Alternative Grains and Flours: A New Era in Nutrition Transforming the Landscape
- Shifting Emphasis on Ghost Kitchens and Virtual Restaurants Influencing the Dynamics of the Sector
- Growing Awareness Regarding Fitness and Healthy Lifestyle Driving the Demand for Functional Beverages
- A Period of Exponential Growth for the Food and Beverages Sector
Roshan Deshmukh
Koyel Ghosh
How Has the Food and Beverages Domain Adapted to the Revolutionary Trends of Q3 2024?
Over the past few years, the growth of the food and beverages domain has been quite exceptional. The rise of veganism has created many opportunities in plant-based foods, supported by advances in food processing and packaging technology. Along with this, the growing awareness regarding the importance of healthy diets and balanced lifestyles has also contributed to the expansion of the landscape. Particularly in the third quarter of 2024, the sector witnessed the influence of certain trends and developments that have reshaped its different dimensions. In an effort to help food and beverage businesses understand the evolving nature of this domain, Allied Market Research has compiled a study of these Q3 2024 trends.
Plant-based and Alternative Proteins Facilitating the Rise of Veganism
Recently, the demand for plant-based food products has increased immensely owing to the environmental impact of the meat industry. Furthermore, the health advantages offered by plant-based items have led to growth in the popularity of plant-based food items. Typically, these products have low cholesterol and calorie content which makes them an ideal substitute for people suffering from different lifestyle diseases like diabetes, obesity, cardiovascular ailments, cancer, etc. Moreover, leading food processing and packaging companies have supported the vegan movement by launching innovative plant-based alternatives in the industry. All these factors, along with the increased consumption of alternative proteins are expected to help the plant-based meat industry grow at a healthy CAGR of 20.5% from 2022 to 2031.
Increased Focus on Immunity Building and Gut Health to Enhance the Demand for Fermented Foods
In the post-pandemic period, the consciousness regarding the importance of immunity and gut health has surged drastically, resulting in an increased demand for fermented food. Foodstuffs such as kefir, kimchi, and kombucha, known for their probiotic content, have become quite popular. These products aid in improving the digestion and metabolic activity in the body, thus enhancing the nutrient absorption capacity in the long run. The favorable support from government for different types of probiotic products has also contributed to the growing consumption of such food items in the past few years. Multinational giants such as Danone Inc., Lancashire Farm, Fonterra Co-operative Group Limited, General Mills, Inc., etc., have launched innovative edibles like probiotic desserts to provide consumers with a tasty and healthy option for improving digestive health. This has further impacted the sphere of fermented foods in a positive manner.
Alternative Grains and Flours: A New Era in Nutrition Transforming the Landscape
Alternative grains are foods that are used as a replacement for three major cereals viz., wheat, rice, and corn. The consumption of these foods has increased significantly in contemporary times owing to their various health advantages. These grains are rich in antioxidants and micronutrients such as zinc, magnesium, and iron which help in removing free radicals in the body. Furthermore, these cereals and legumes also contain fibers that aid in tackling gastrointestinal disorders such as hemorrhoids and constipation. Apart from the health benefits, these grains are cultivated in sub-tropical countries owing to their drought-resistant properties. Due to their wide popularity and applicability, many food companies have started launching alternate grain flour products to address the demands of the global population, reshaping the food and beverages domain.
Shifting Emphasis on Ghost Kitchens and Virtual Restaurants Influencing the Dynamics of the Sector
During the COVID-19 pandemic, several governments across the globe imposed travel restrictions and social distancing norms to curb the spread of the virus. This reduced the footfall in major restaurants and fast-food chains, leading to a decline in their business operations. As a result, these businesses started adopting digital technologies and online services to deliver food items to their customers seamlessly. Due to this change, the cloud kitchen industry is anticipated to surge ahead at a fascinating CAGR of 11% from 2024 to 2035. The hectic work schedule of millennials and the GenZ population in metropolitan cities has increased their preference for ordering food through mobile applications. This trend boosted the demand for ghost kitchens and virtual restaurants in Q3 2024.
Growing Awareness Regarding Fitness and Healthy Lifestyle Driving the Demand for Functional Beverages
Functional beverages are non-alcoholic drinks containing bioactive components from animals, plants, microorganisms, etc., that provide different health benefits to the consumer. Typically, these products contain nootropics, cannabidiols, adaptogens, and probiotics, thus offering stress relief and well-being in the long run. The increasing number of athletes taking part in national and international sports competitions has indirectly created opportunities for the growth of the functional beverages industry. Additionally, the growing expansion of e-commerce companies has enabled consumers to order such drinks from the comfort of their homes, augmenting the growth rate of the landscape. As a result of these factors, the industry is expected to generate a revenue of $200,080.3 million by 2030.
A Period of Exponential Growth for the Food and Beverages Sector
The comprehensive analysis by Allied Market Research, thus, underlines the fact that the food and beverages domain witnessed significant growth in the third quarter of 2024. The adoption of digital technologies by fast food chains to launch cloud kitchen services and the growing consumption of alternative food grains have generated new prospects for the sector. Furthermore, the rising awareness regarding healthy diets has surged the demand for functional beverages and fermented foods which has strengthened the position of the landscape. Finally, the shift toward plant-based food products has completely transformed the domain and is likely to influence it in the coming period.
Contact our analysts for a comprehensive study of the food and beverages domain!
