Market Research Blog – Page 590 – New Product Development

Food Certification Market to Grow at 10.4% CAGR by 2034 Amid Rising Safety Demand

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According to the latest analysis, the global food certification market value is expected to grow from USD 11,053.9 million in 2024 to USD 28,405.7 million by 2034. It will likely exhibit strong growth during the forecast period, with overall demand rising at a CAGR of 10.4%.

Several factors are expected to drive the food certification industry forward during the assessment period. These include:

Food certifications play a crucial role in ensuring the safety, quality, and sustainability of food products.
Consumers are becoming conscious about the food they consume and are actively seeking products with certifications that validate specific attributes such as organic, non-GMO, fair trade, gluten-free, and animal welfare.
Certification bodies are also evolving to offer a wide range of certification programs tailored to different sectors and specific requirements. Furthermore, regulatory bodies and government agencies are implementing strict regulations and guidelines to maintain food safety standards and protect consumer interests.
The global food certifications market is expanding as many countries and regions adopt certification programs. Additionally, advancements in technology, such as blockchain-based certification systems, are emerging to enhance transparency and traceability in the food supply chain

The rising importance of food certifications like BRC Food, IFS FOODs, ISO 2203, FSSC FOODS, HACCP, Global GAP, and others is expected to boost the global market. Each certification serves a specific purpose to maintain product safety, quality, and integrity across different sectors.

Food certifications are essential for manufacturers, retailers, and regulatory bodies, ensuring that food products meet specific safety standards, quality, and ethical production practices. They also reduce risks associated with foodborne illness, contamination, fraud, and noncompliance with regulations.

As consumer awareness grows regarding health, sustainability, and ethical concerns, the demand for certified products is expected to increase globally. Emerging regions such as the Asia-Pacific and Latin America present key opportunities for these certifications.

Growing health-conscious consumers and middle-class populations are projected to further drive demand for safer and higher-quality food certification products. Hence, the target market is projected to thrive rapidly through 2034.

Key Takeaways from the Food Certification Market Report:

The global food certification market is estimated to be valued at USD 11,053.9 million in 2024.
The market is expected to surge at a CAGR of 10.4% by 2034.
In the United States, the food certification market is expected to exhibit a CAGR of 8.6% by 2034.
India is expected to grow at a CAGR of 8.5% during the forecast period.
Based on application, the dairy products segment is expected to reach USD 3,933.3 million in 2034.

“The food certification market consists of certification bodies, inspectors, and consultants who verify compliance with standards. These bodies serve both manufacturers who rely on these certifications to differentiate their products and consumers who trust them to make ethical and informed decisions. Growing consumer awareness about food safety and quality is expected to play a key role in boosting the food certification industry through 2034.” says Nandini Roy Choudhury, Client Partner at Future Market Insights

Country-wise Insights

The table below shows the estimated growth rates of the top five countries. Japan, the United Kingdom, and the United States are set to record high CAGRs of 11.5%, 8.9%, and 8.6%, respectively, through 2034.

Countries	CAGR
United States	8.6%
United Kingdom	8.9%
Germany	3.9%
India	8.5%
Japan	11.5%

The popularity of Multi-Domestic Food Service and E-Retail Chains to Shape the Market

With the rapid shift to processed and convenient food, food certification remains of paramount importance. The emergence of e-commerce platforms and online food delivery services is estimated to propel the need for food certification worldwide.

The advent of multi-domestic food services, especially in India and China, is compelling governing bodies and agencies to monitor the safety and quality of food. The imposition of several food certification policies is helping the growth of the market.

There are several companies adopting food certification methods to meet the burgeoning demand for halal and ‘free-from’ certification food. Food producers are adopting these methods to maintain their position in the industry and to garner consumers’ trust. This particularly is going to aid the market growth in the coming years.

Demand for halal food products from the Muslim countries in the Middle East has amped up the demand for food-certification of meat products. Hence, food certifications continue to gain traction as a necessity with the globalization of the food sector.

Competitive Landscape

The competitive landscape of the food certification market is characterized by a diverse array of certification bodies, auditors, and consultants globally. Key players offer a wide range of certification services related to food safety, quality, and sustainability.

Regional and national certification companies play significant roles in specific markets, providing local expertise and support. The market is dynamic, with ongoing innovations in certification standards and increasing demand driving competition among industry players to maintain credibility and relevance in the evolving food industry.

For instance,

In November 2022, SCS announced the launch of the plant-based certification program. The program advances plant-based options and recognizes development in different buyer items.
In September 2022, Intertek Group PLC presented a vegan food certification mark to guarantee total belief in item claims.

In-Depth Market Analysis: A Complete Report

Key Companies Profiled in the Food Certification Industry

SGS SA
Bureau Veritas SA
Thermo Fischer Scientific Inc.
ALS Limited
AsureQuality Limited
UL Registrar LLC
Aspirata Auditing Testing And Certification (Pty) Ltd.
Dekra SE
Lloyd’s Register Group Services Limited
Indocert
Intertek Group Plc.
Eurofins Scientific SE

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global food certification market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study incorporates compelling insights on the food certification industry based on certification type (BRC Food, IFS Food, ISO 22000, FSSC 22000, HACCP, Global GAP, Organic, Kosher, Halal, and others) and application (bakery & confectionary, dairy products, processed & packaged food, infant food, alcoholic & non-alcoholic beverages, functional food, meat & poultry products and seafood) across several regions.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the United Kingdom, the United States, and India. FMI’s latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Floral Flavor Market Set to Hit USD 26.8 Billion by 2033, Says FMI

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The floral flavor market is forecast to expand at 5% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of USD 16,390 million in 2023. The market value of the floral flavor market is anticipated to reach a high of USD 26,827.2 million by the year 2033.

The floral flavors are extensively used in craft beers, botanical mixes, food products, and ready-to-drink beverages. High demand for food and beverages infused with floral flavor is projected to catapult market growth. Ample health benefits are associated with floral flavors like the ease of urinary issues, effective bloating, cure of bone abnormalities like arthritis, and prevention of cognitive problems like insomnia, etc. Heightened awareness regarding the healthful advantages of floral flavors is projected to propel market development.

Growing demand for clean labels and natural goods suffused with natural flavors, along with increasing health issues and discretionary incomes, is projected to positively influence the market. Changes in living standards and robust urbanization also augment the sale of floral flavors.

As cases of cognitive issues are rising, the use of chamomile tea and lavender lattes is increasing. Additionally, edible flowers as an alternative to sugar are seeing quite a surge. However, the market may dip due to lowered production and increased inflation.

Top competitors in the market are employing state-of-the-art competitive strategies to enhance their share in the market. Besides, the companies constantly evolve their product portfolio to extend their horizons.

Top Highlights from the FMI’s Analysis of the Floral Flavor Market:

The United States floral flavor industry is projected to account for more than 21.3% market share by 2023.
The German floral flavor industry is expected to surpass a market share of 5.1% in the forecast period.
The Japanese floral flavor industry is anticipated to account for above 4.6% in the next decade.
The Australian floral flavor industry gained a 3.3% market share in 2022.
The Indian industry is anticipated to propel at a CAGR of 22.3% over the forecast period.
The United Kingdom’s floral flavor industry is expected to expand at a CAGR of 5.8% in the upcoming years.
The China floral flavor industry is projected to register a CAGR of 5.4% in the next ten years.
Based on the product, the natural segment is estimated to account for a substantial market share.
Food and beverages are expected to be the leading end uses in the floral flavor industry.

Key Developments in the Floral Flavor Industry:

Firmenich and DSM revealed in May 2022 that they had reached a business combination agreement to set up a leading innovation and creative partner in beauty, nutrition, and well-being. The combination is projected to unite DSM’s excellent nutrition and health profile and world-renowned scientific expertise with Firmenich’s discrete Perfumery and Taste businesses.
Densient Technologies Corporation officially declared in October 2021 that it had obtained the assets of Flavor Solutions, Inc. The business offers flavor technologies and flavors to the beverage, food, and nutraceutical markets. Procurement of this business is projected to enable Sensient to widen its flavor portfolio and introduce key technologies to invigorate its technical solution capabilities.
Symrise agreed to obtain Giraffe Foods, a Canadian firm providing dips, sauces, syrups, etc., to business customers in retail, food service, and home meal replacement. This acquisition is projected to provide a broader range of taste solutions to more customers in North America.

“The floral flavor market, as indicated in our recent research study, is poised for significant growth. This market’s expansion is primarily driven by the burgeoning demand for floral-infused products in craft beers, botanical mixes, food items, and ready-to-drink beverages,” Nandini Roy Choudhury, Client Partner at Future Market Insights.

Extensive Market Research: Complete Report and Findings

Some of the key companies increasing in the market are:

Givaudan S.A.
Symrise AG
International Flavors & Fragrances Inc.
Firmenich SA
Sensient Technologies Corporation
Takasago International Corporation
Frutarom Industries Ltd.
Robertet SA
S H Kelkar and Company Limited
International Taste Solutions Ltd.
Dohler GmbH
Blue Pacific Flavors, Inc.
Others

Key Segments in the Floral Flavor Market:

By Raw Material:

Hibiscus
Lavender
Orange Flower
Rose
Jasmine
Cherry Blossom
Chamomile
Violette
Other

By Product Type:

Organic
Synthetic

By Region:

North America
Latin America
Asia Pacific
Middle East & Africa (MEA)
Europe

About Future Market Insights (FMI)

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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Asparagus Market to Exceed USD 30.9 Billion by 2033, FMI Reports

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The asparagus market is expected to be valued at USD 23,992.8 million in 2023. The market is expected to reach USD 30,884.4 million by 2033. The industry is estimated to expand at a CAGR of 5% from 2023 to 2033. The market is a dynamic sector of the global agricultural industry, influenced by diverse factors ranging from consumer health trends to technological advancements.

The asparagus market is being significantly influenced by the growing demand for organic and sustainably sourced produce. As consumers prioritize health and environmental responsibility, there has been a surge in organic asparagus cultivation. Sustainable farming practices, including efficient water management and reduced chemical use, are becoming essential to the industry.

Another major driver of the asparagus market is globalization. With asparagus being grown across the globe, it is now available year-round to meet the diverse needs of international markets. However, this global reach also brings challenges, such as increased competition and price volatility. Key exporters like Peru and Mexico help fulfill off-season demand in North America and Europe.

In addition, recent advancements in food processing and packaging have broadened the market beyond fresh asparagus. Ready-to-eat meals, canned products, and asparagus-based supplements are gaining popularity, opening new revenue opportunities and expanding the industry’s reach.

Ongoing research and development are uncovering novel applications for asparagus extracts in pharmaceuticals and cosmetics, adding a new dimension to the market. Despite challenges, the asparagus market continues to adapt and flourish, driven by evolving consumer preferences, sustainable practices, and innovative product development.

The asparagus market in the United States remains to be shaped by a variety of variables. Health-conscious customer choices drive consumption, as asparagus is a healthy vegetable with vitamins and minerals.

Market Overview

Asparagus is valued for its nutritional benefits, including high levels of vitamins, fiber, and antioxidants. The increasing consumer focus on healthy eating and plant-based diets has contributed to a growing demand for asparagus worldwide.
The market is segmented by type (green, white, and purple asparagus), distribution channels (supermarkets, grocery stores, online retail), and regions (North America, Europe, Asia-Pacific, etc.).

Key Takeaways from the Asparagus Market Report:

The asparagus market in the United Kingdom is expected to develop at a 2.9% CAGR from 2023 to 2033.
The market in China is anticipated to continue to rise at a 6% CAGR until 2033.
The asparagus market in Japan is expected to expand at a 5% CAGR.
The South Korean asparagus market is expected to grow at a 4.8% CAGR until 2033.
Green asparagus is predicted to emerge as a key segment. From 2023 to 2033, the CAGR is expected to be 4.5%.

“With robust financial backing, developments in technology, and a growing middle class interested in healthy eating, the forecast for the asparagus market in China remains beneficial, with prospects for both internal consumption and global commerce,” Nandini Roy Choudhury, Client Partner at Future Market Insights.

Country-wise Insights

The below table showcases revenues in terms of the top 5 leading countries, spearheaded by the United States and China. These two countries are expected to lead the market through 2033, with a CAGR of 6.1% and 6%.

Forecast CAGRs from 2023 to 2033

The United States	6.1%
China	6%
The United Kingdom	2.9%
Japan	5%
South Korea	4.8%

Competitive Landscape:

Technological advancements in farming techniques, post-harvest processing, and adherence to stringent quality standards provide a competitive edge. Branding, marketing strategies, and the development of diverse asparagus-based products influence the market.

Teboza, a Dutch firm, released the Tasty Spears asparagus concept in July 2021. The company hopes that by introducing Tasty Spears, customers will be able to enjoy well-nourished, fresh asparagus throughout the year.
The New Zealand Asparagus Council and Tauranga-based Robotics Plus collaborated with New Zealand asparagus growers in September 2021 to build a business-scale automated computerized asparagus harvester. The new reaper would help farmers access significant overseas markets by addressing labor shortages.

Extensive Market Research: Complete Report and Findings

Segmentation Analysis of the Asparagus Market:

By Type:

Fresh
Canned
Frozen

By Color:

White
Green

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
The Middle East & Africa

About Future Market Insights (FMI)

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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Acai Berry Market to Grow at 8.5% CAGR, Reaching USD 4.27 Billion by 2034

Acai Berry Market

The acai berry market is expected to reach a value of USD 1.89 billion in 2024 and USD 4.27 billion by 2034. The market is projected to expand at a CAGR of 8.5% through 2034. The industry is growing due to health consciousness, product diversification, global foods trends, e Commerce accessibility, and effective marketing strategies.

The acai berry market has experienced significant growth in recent years, fueled by rising consumer interest in health and wellness. Native to the Amazon rainforest, acai berries are renowned for their rich antioxidant content, fiber, and heart-healthy fats, earning them a reputation as a global superfood. Here’s a look at the key trends influencing the acai berry market:

In the coming decade, heightened public awareness of the health benefits of acai berries is expected to drive increased demand. The fruit’s high antioxidant levels, combined with growing consumer recognition of its wellness advantages, have led to rapid expansion in the dietary supplement and pharmaceutical sectors.

Acai is also making its way into a variety of cosmetic products, including lip balms, face washes, and moisturizers, further diversifying its market presence.

Additionally, acai berries are being incorporated into the food industry, particularly in the creation of healthy snacks and desserts. This trend is likely to boost demand for acai berries in the near future, contributing to the overall market growth.

With the continued popularity of acai for its health benefits and its expanding use in food, beverage, and cosmetic products, the market is poised for steady growth over the next decade.

Market Growth Drivers

Rising Health Consciousness: Consumers are increasingly prioritizing natural and organic products that support overall health and well-being. Acai berries, known for their anti-inflammatory and anti-aging properties, fit well into this trend.
Expanding Product Applications: Beyond being sold as whole berries, acai is now commonly found in various forms such as powders, supplements, juices, smoothies, and even skincare products, broadening its market appeal.
Increasing Demand for Functional Foods: The trend towards functional foods that provide additional health benefits beyond basic nutrition is a key driver for acai products.

Key Takeaways from the Acai Berry Market

The United States acai berry industry is projected to experience a CAGR of 6.2% through 2034.
The demand for acai berries in Germany is expected to rise at a CAGR of 6.8% through 2034.
The Chinese acai berry market is anticipated to witness a CAGR of 9.5% through 2034.
The United Kingdom’s market for acai berries showcases a CAGR of 5.9% through 2034.
The Indian acai berry market is expected to grow at a CAGR of 10.3% through 2034.

“The market for acai berries is anticipated to expand gradually due to the growing awareness of the health benefits associated with them. The use of acai berries in various food and beverage items is becoming popular among health-conscious customers. This leads to increased demand for acai-based supplements, juices, smoothies, and health-conscious snacks and sweets,” –Nandini Roy Choudhury, Client Partner at Future Market Insights

Country-wise Insights

The table below shows sales from sales in key countries, along with estimated growth rates of the Acai Berry sector.

Countries	CAGR (2034)
USA	5.1%
Brazil	7.3%
China	6.0%
Germany	4.1%
Japan	5.5%

Competitive Landscape of the Acai Berry Market

Acai berry extracts are added to supplements by nutraceutical businesses, which expands and diversifies the market. Global market access, quality standards, and sustainable practices are advocated by market participants such as wholesalers and farmers.

Consumer education and awareness efforts on acai berries’ health advantages help boost the acceptability of by-products and the market demand. The market players use various tactics, such as innovative product launches, imaginative marketing campaigns, and smart partnerships, to bolster their branding.

Success in this context mostly depends on the caliber of the products and the companies’ ability to engage and resonate with the target audience effectively.

Firms that can negotiate and follow new regulations are expected to have a competitive advantage. The regulatory framework is more than just a barrier; it influences the competitiveness of the acai berry industry.

Exhaustive Market Report: A Complete Study

Key Companies in the Acai Berry Market

Sambazon, Inc
Acai Roots, inc.
Acai Frooty
Nativo Acai
Acai Exotic LLC
Jamba Juice Inc
Sunfood
Phyto Nutraceutical’s
Naked Juice Company
The Coca-Cola Company

Key Segments

By Form:

Pulp
Dried

By Application:

Food and Beverage
Nutraceuticals
Cosmetics and Personal Care
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

About Future Market Insights (FMI)

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact Us

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Wagyu Beef Market Set to Reach USD 40 Billion by 2033 with a 4.8% CAGR: FMI Study

A recently published study by FMI expects the global wagyu beef market to augment at a 4.8% CAGR from 2023 to 2033. By the end of the said assessment period, a valuation of US$ 40 Billion is expected for the market. Consumer eating habits are evolving as individuals grow more self-aware and health-conscious, willing to spend more money on high-quality food products containing necessary nutrients. Furthermore, expanding population and consumer disposable income are major factors boosting the wagyu beef industry.

Aside from its great softness and richer flavor, wagyu beef is becoming increasingly popular among customers due to a number of health advantages. Wagyu beef is recognized as a healthy choice in a well-balanced diet. Wagyu beef has the most omega-3 fatty acids and the largest amount of mono-unsaturated lipids. This aids in the prevention of Alzheimer’s, heart disease, depression, arthritis, and high blood pressure.

Wagyu steak is commonly seen in five-star restaurants and represents the fine-dining lifestyle. The foodservice sector has lately risen at a phenomenal rate as a result of continual advancements and menu customization for customers. Because of the increased demand for nutritional and high-quality meals, the hotel and foodservice companies have had to adapt their offers.

Furthermore, corporations seeking larger profits are engaging in marketing activities, which is assisting in the development of a wagyu beef market platform. Consumers are increasingly willing to spend money on luxury holidays and meal services in order to obtain higher-quality food goods. Manufacturers are being compelled to implement an Omni channel distribution strategy in order to boost income as the e-commerce business expands at a rapid pace.

Consumers are spending more time on the internet and doing more online purchasing. Customers choose online businesses because they provide faster delivery choices and a diverse selection of items at cheap rates. The increased use of the internet, particularly in industrialized nations such as North America and Europe, has pushed players to expand their online presence. To increase their digital visibility, the leading companies interact with other famous e-commerce websites.

Because Japan is the greatest production and consumer of various forms of wagyu beef, notably full blood and wagyu, the Asia-Pacific region now leads the wagyu beef industry. In Japan, wagyu is consumed on a regular basis by nearly 80% of the population. As the food service industry grows, the Japanese invest heavily in promotional initiatives to achieve high reach and value sales. Australia, the United States, and Canada are predicted to develop substantially throughout the projection period due to their standing as the world’s leading exporters of wagyu beef.

Key Takeaways from the Market Study

FMI projects the global wagyu beef market to expand at a 4.8% value CAGR by 2033.
The global wagyu beef market is estimated at a market value of US$ 25 Billion in 2023.
The global wagyu beef market is expected to garner a market value of US$ 40 Billion
As per Future Market Insights, the Asia Pacific is expected to be the most lucrative market for wagyu beef during the assessment period 2023-2033.
Australian Agricultural Co Ltd, Agri Beef Co., and Starzen Co. Ltd., are some prominent wagyu beef manufacturers
As per Future Market Insights, the North America is expected to grow at a CAGR of 4.3% during the assessment period 2023-2033.
As per Future Market Insights, the Europe is expected to grow at a CAGR of 4% during the assessment period 2023-2033.
The fullblood wagyu segment is expected to market share for wagyu beef in the forecast period 2023-2033

“During the projected period, the expanding inventory of wagyu beef in Japan is expected to boost the wagyu beef market. Increased production of Wagyu beef can close the supply-demand imbalance and boost consumption, driving the market throughout the projection period” Ssays an analyst at FMI

Market Competition

Key players in the wagyu beef market are Australian Agricultural Co Ltd, Agri Beef Co., and Starzen Co. Ltd.

Recent Developments:

In June 2022, Matilda 159 Domain, a restaurant in the United States, launched a limited-time Wagyu item on its menu called Blackmore Wagyu tomahawk steak. This limited-time offer helps to generate favourable word of mouth among consumers and pique people’s curiosity in trying these things.

More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the global wagyu beef market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of Type (Fullblood, Purebred and Crossbred), End use (Food Service Channels and Retail Channel), across five major regions (North America, Europe, Asia Pacific, South America and Middle East & Africa).

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

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Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Food Service Industry Set to Reach USD 5.7 Trillion by 2033

The global food service industry size is likely to jump from US$ 3,483,539.5 million in 2023 to US$ 5,704,966.8 million by 2033. This projected expansion is anticipated to expand at a 5.3% CAGR in the demand for food services over the upcoming decade.

Convenience, rising purchasing power, and the emergence of a variety of fast food formats are driving the growth of the global fast food business, which is led by well-known names like KFC, McDonald’s, and Domino’s. Nonetheless, the sector is under strain due to quick changes brought about by shifting customer preferences and difficulties in different places. Food and beverage sales on the internet are expected to skyrocket, which will have an impact on traditional retail. At the same time, worries about labour shortages, sustainability, and social responsibility are driving calls for more automation.

Because fast food is more convenient and individuals have more money to spend, the global market is expanding. Apart from these variables, globally, different-format fast-food outlets are proliferating in developing nations. The brands KFC, McDonald’s, and Domino’s are still quite well-known.

The food service industry is changing faster than it has in the past, and this trend is only anticipated to pick up steam. The strain is mostly caused by the ever-evolving tastes of the customers. The company is further hindered by several geographical locations.

It is projected that the sales of food and beverages through online channels will rise by three quarters every year, causing traditional retail establishments to lose market share. The labour crisis and customers’ worries about sustainability and social responsibility have led to a rise in automation.

The food service industry is really good at combining flavors from around the world with ingredients that come from nearby. They make it all work together smoothly. This means people can enjoy dishes with influences from different countries but still use ingredients that are easy to find in their own area.

Consumers are confronted with bare shelves and restricted options in the new normal. Understandably, food merchants are concerned with customer and staff safety, as well as keeping items on the shelves, which might push the addition of new products to the back burner.

The way everyone around the globe eats is promptly transforming. Busy lives have resulted in an increase in preference for quick and easy packaged food solutions. This includes meal packages, grab-and-go options, and delivery services.

Many people care more about their health now. More and more foods without certain ingredients are available now. There are more options now for people who need to avoid certain foods or have allergies. This means a bigger demand for organic, gluten-free, and plant-based foods exists.

Sales of frozen meals such as pizzas, meats, and vegetables have increased due to their long shelf life and ease of preparation. According to a recent report from the American Frozen Food Institute (AFFI), those increased sales will likely continue in the coming years. The food truck concept has gained in popularity as millennial shopping and the desire for mobile eating have increased.

Key Takeaways from the Food Service Industry:

In 2022, the United States firmly established itself as a leader in the food service industry, commanding a substantial 25.5% share of the global market.
The food service industry in the United Kingdom is positioned for significant expansion, with an estimated CAGR of 4.6% anticipated through 2033.
The Japanese food service industry secured a market share of 3.9% in 2022.
India’s notable progress in the food service industry is reflected in its anticipated CAGR of 4.1% over the forecasted period.
In 2022, Germany showcased a significant 6.9% portion of the global food service industry.
China is poised for swift ascent in the food service industry, with an estimated CAGR of 10.9% through 2033.

“China’s remarkable economic expansion, coupled with a growing focus on food tourism, has led to an unprecedented surge in the desire for dining out and online food delivery services. This powerful combination is poised to propel the China food service industry ahead of the United States in the coming years.” opines a lead analyst at FMI.

Key Players and Strategies for Success in the Food Service Industry

The food service industry has undergone a remarkable transformation, emerging as a dynamic and rapidly expanding sector within the broader food landscape. Here are crucial insights into key competitors and success strategies in the industry:

Prioritize customer satisfaction and feedback.
Offer diverse dishes to appeal to a broader customer base.
Regularly update the menu to reflect changing tastes and trends.
Utilize digital marketing channels, social media, and influencer collaborations for visibility.
Stay updated with industry trends such as health-conscious eating and delivery services.
Collaborate with food delivery platforms for wider reach.
Personalize experiences to cater to different preferences.

Recent Developments in the Food Service Industry

In September 2023, Hyatt Hotels Corporation unveiled an exciting new venture: the Impression Makers Supper Club. This distinctive series of exclusive dinners, presented as part of the Inclusive Collection within the World of Hyatt, results from a dynamic collaboration with some of the globe’s most talented and forward-thinking chefs.
In May 2023, Tim Hortons®, the Canada-based coffee brand with an illustrious nearly 60-year legacy, revealed its intention to venture into the South Korean market later this year. This expansion is made possible through a master franchise agreement with BKR Co. Ltd., a prominent South Korean QSR industry player.

Key Players in the Food Service Industry

Aramark Corporation
Compass Group North America
Doctor’s Associates Inc.
Seven & I Holdings Co. Ltd.
Sodexo
McDonald’s
Starbucks
Yum! Brands Inc.
Darden Restaurants Inc.
Restaurant Brands International Inc.
The Wendy’s Company
Bloomin’ Brands Inc.
Papa John’s International Inc.
Chipotle Mexican Grill Inc.
Domino’s

Food Service Industry Segmentation by Category

By Type

Full-Service Restaurants
Quick Service Restaurants
Institutes
Others

By Service Type

Commercial
Institutional

By Region

North America
Latin America
Asia Pacific
Eastern Europe
Western Europe
Japan

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Algae Protein Market: Projected to Soar to US$ 1,351.57 Million by 2033 with 5.5% CAGR As Revealed In New Report

The global algae protein market value is on a trajectory of impressive growth, with revenue expected to rise from US$ 750 million in 2022 to US$ 1,351.57 million by 2033, exhibiting a healthy CAGR of 5.5% over the forecast period. This surge is attributed to the increasing acceptance of algae as a reliable protein source, driven by its use in nutraceuticals, feed, and functional food products due to its high protein content and numerous health benefits.

Key Growth Drivers and Trends

Health Benefits and Nutritional Value: Algae protein offers multiple health benefits, including immune system enhancement and improved dietary intake. Its high nutrient content makes it a valuable addition to the nutraceutical market, aiding in the treatment of various health conditions such as fatigue, anxiety, ADHD, premenstrual heart disease, and diabetes.
Consumer Shift Towards Plant-Based Diets: Growing awareness of the environmental impact of meat production and the rising preference for plant-based alternatives are propelling the demand for algae protein. Consumers are increasingly seeking sustainable and eco-friendly protein sources, driving the market forward.
Innovations in Algae-Based Products: The utilization of algae in beverages and dietary supplements is gaining traction. For instance, FUL Foods introduced Ful Soda, a nutritious drink using spirulina, and Sophie’s Bionutrients launched the world’s first algae milk, addressing concerns related to lactose intolerance and other allergies.
Government Initiatives and Research Advancements: Government initiatives to promote the production of algae products, coupled with increasing research on algae’s nutritional benefits, are fostering market growth. The development of new extraction procedures and processing technologies is making algae protein more economically viable and accessible.

Market Challenges

Despite its potential, the algae protein market faces several challenges:

High Production Costs: The cost-intensive production process increases the final price of algae protein products, potentially limiting market growth.
Allergies and Climate Dependence: Some individuals may experience allergies post-consumption of algae protein, and the cultivation of algae is highly dependent on climate and humidity, which can affect production consistency.

Opportunities for Market Expansion

Increased Government Support: Growing governmental support for sustainable food production methods presents significant opportunities for the algae protein market.
Rising Demand for Nutrient-Rich Foods: The escalating demand for high-protein, nutrient-rich foods and supplements is expected to drive market expansion.

Regional Insights

The U.S. market is driven by fitness enthusiasts and innovative marketing strategies targeting health-conscious consumers.
China is set to experience significant market growth due to increasing exports and local demand for high-quality nutritional feed products.

Competitive Landscape

The algae protein market is highly competitive, with key players such as Corbion, Cyanotech Corporation, and Earthrise Nutritional focusing on partnerships, mergers, and new product developments to capture market share. Recent notable developments include:

Tofurky and Triton Algae Innovations Partnership: In September 2021, Tofurky partnered with Triton Algae Innovations to commercialize algae-based meat alternatives.
Aliga Microalgae Acquisition: In August 2022, Aliga Microalgae acquired Duplaco’s microalgae production facility to upscale production capacity and strengthen its market position in Europe.

Key Market Segmentation

By Source:

Seaweed
- Brown algae
- Green algae
- Red algae
Microalgae
- Spirulina (Blue-green algae)
- Chlorella (Green algae)
- Others

By Dosage Form:

Capsules
Liquid
Powder
Others

By Application:

Dietary Supplements
Food and Beverage
- Bakery and Confectionery
- Protein Drinks
- Breakfast Cereals
- Snacks
Animal Feed
Cosmetics
Others

By Regions:

North America
Latin America
Europe
Asia Pacific
The Middle East and Africa

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Fromage Frais and Quark Market Growth: Projected to Reach USD 16.37 Billion by 2033 with a 2.7% CAGR

The global fromage frais and quark market demand is predicted to register a CAGR of 2.7% throughout the projected period. The overall fromage frais and quark market is expected to reach US$ 16.37 billion in 2033 from its present valuation of US$ 12.54 billion in 2023.

The market is expanding due to the rising consumption of traditional dairy products, the nutritional benefits of fromage frais and quark, and expanding distribution outlets. Mesophilic or thermophilic lactic acid bacteria are commonly employed as starter cultures for fromage frais and quark.

Dairy proteins have nutritive properties, which led to the development of innovative products in the fromage frais and quark markets. The product combination of packaged diet with quark and fromage frais is ideal for a morning meal and a quick snack, supporting market expansion.

Quark is packed with calcium, vitamin A, and vitamin B. These health benefits of quark and fromage frais act as drivers for the quark and fromage frais market expansion.

Supermarkets and hypermarkets are the main distribution channels for the fromage frais and quark market. This is because these establishments offer a lot of products and have a high level of brand recognition, giving customers a wide range of options. With the growth of supermarket chains around the world and the expansion of the retail sector, market growth is expected to accelerate soon. Since they are traditional dairy products from Europe, quark and fromage frais are more favored in the region. One of the key developments in the fromage frais and quark market in Europe is the increase in spending by millennials. Due to their propensity to try out new flavors, scents, and tastes, millennials make up the statistical group that consumes the most fromage frais and quark.

The segment for fromage frais and quark in North America is anticipated to develop at a swift CAGR throughout the forecast period. One of the key factors propelling the development of the North American market during the forecast period is the region’s growing popularity of organized retail.

Key Takeaways

Between 2023 and 2033, the United States fromage frais and quark market is expected to surpass US$ 1.8 billion.
The market in China is expected to expand at a CAGR of 7.5% between 2023 and 2033.
Others segment in the distribution channel saw an increase throughout the predicted period, with Japan and Canada both experiencing growth of 1.6% and 4.3%, respectively.
Germany fromage frais and quark market is likely to dominate in Europe, with a CAGR of 1.9%.
From 2023 to 2033, the Asia Pacific region’s demand for fromage frais and quark is anticipated to reach US$ 1.1 billion, driven by nations like China, India, and South Korea.
About 60% of the market is taken up by the segment of supermarkets and hypermarkets. The CAGR for the online distribution channel is predicted to be 3.1%.

Competitive Landscape

Nestlé SA, First Milk Limited, Arla Foods, Müller Group, Barambah Organics Pty Ltd, Lactalis, Savencia SA, Tesco Plc, General Mills Inc., and Frischli Milchwerke GmbH are a few of the significant businesses that are now participating in the sector.

These businesses are actively engaged in product innovation, mergers, and acquisitions. Due to the aforementioned strategies, these big players may continue to dominate the market.

Recent Development

Collaboration – April 2022

To continue supplying British cheddar and dairy-based products to Ornua Foods UK for the long term and provide premium, sustainably produced cheese to British retailers, First Milk and Ornua Foods UK collaborated.

Acquisition – November 2021

The Kraft Heinz Company’s license to use the Kraft Brand in the grated, natural, and flavored cheese industries was acquired by Lactaclis Group (Lactalis). Lactalis operate as Lactalis Heritage Dairy.

Investment – September 2021

To support the Sustainable Development Goals (SDGs) by 2030, Nestlé stated that it plans to invest US$ 3.6 billion in regenerative agricultural promotion across the company’s manufacturing line.

Nestlé SA
First Milk Limited
Arla Foods
Müller Group
Barambah Organics Pty Ltd
Lactalis
Savencia SA
Tesco Plc.
General Mills Inc.
Frischli Milchwerke GmbH

Key Segments

By Distribution Channel:

Supermarkets/Hypermarkets
Convenience Stores
Online
Others

By Region:

North America
Latin America
Asia Pacific
The Middle East and Africa (MEA)
Europe

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Vegan Drink Mixes Market Expected to Total USD 21,956.8 Million by 2032, Growing at 6.1% CAGR

The vegan drink mixes market size is expected to grow at a CAGR of 6.1%. The market is projected to be valued at US$ 12,145.5 Mn in 2022 and reach a valuation of US$ 21,956.8 Mn by the end of 2032.

Plant-based products are both healthier and safer than animal-based products. The vegan drink mixes market is being driven by growing popularity of veganism around the world. Increased adoption of vegan drink mixes is primarily due to its growing consumer popularity, as well as the product’s versatility in various applications.

Vegan drink mixes are linked to lower the risk of heart disease. A study, which was conducted by the Harvard School of Public Health, found that people who drank one or more servings of plant-based beverages per day were 32% less likely to develop heart disease than those who didn’t drink any.

Researchers believe that antioxidants in plant-based drinks may be responsible for their protective effect on the heart. Antioxidants help to neutralize harmful molecules called free radicals, which can damage cells and lead to inflammation., which has led to growing consumer preference for it and, in turn, accelerated the vegan drink mixes market in the forecast period.

Another factor driving the high sales of vegan drink mixes is that more people are nowadays becoming vegan or vegetarian. It means that there is a larger market for vegan products. Another reason for growth is that more people are interested in health and wellness. They want to avoid processed foods and ingredients. They are mainly looking for ways to get more nutrients into their diet. Vegan drink mixes can be a great way to do this, as they are primarily made with whole fruits and vegetables.

Key Takeaways: Vegan Drink Mixes Market

India currently holds a vegan drink mixes market share of around 4% in South Asia.
Based on application, the sports nutrition segment is expected to generate a vegan drink mixes market share of 4% in 2022.
In terms of type, vegan juices are projected to account for a vegan drink mixes market share of nearly 3% in 2022.
During the forecast period, the Germany vegan drink mixes market is expected to grow at a high CAGR of 0%.
The U.K. vegan drink mixes market is anticipated to generate a share of about 2% in the forecast period.

“As the vegan movement continues to grow, the world can expect to see more products on the market that cater to this growing demographic. Vegan drink mixes offer a convenient way to get all of the nutrients a person needs without any animal products,” says a lead analyst at Future Market Insights.

Competitive Landscape: Vegan Drink Mixes Market

Top 5 manufacturers of vegan drink mixes are Danone SA , Coca-Cola Company , PepsiCo Inc., Hain Celestial Group, and SunOpta Inc. Together, these companies are currently holding nearly 20% to 30% of the vegan drink mixes market share.

Companies are using vegan drink mixes in their products. The swift move to plant-based ingredients is mainly driven by high consumer demand for healthier, more sustainable options. Vegan drink mixes offer a wide variety of benefits, including lower calories and sugar content, as well as being free of dairy and gluten. With increasing research & development and technological advancements, numerous companies are finding new techniques to effectively use vegan drink mixes to their maximum potential.

Vegan drink mixes are used by companies like Danone SA as they are considered to be dairy free. The company uses these products in order to make their in-house items more accessible to vegans and those who are lactose intolerant. These products are also used by other companies in order to target the vegan market.

Get More Valuable Insights on Vegan Drink Mixes Market

Future Market Insights, in its new offering, provides an unbiased analysis of vegan drink mixes market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.

The study provides valuable insight on the vegan drink mixes market by type (vegan hot drinks, vegan cold drinks, vegan juices), by source (soy-based, coconut based, rice-based, almond based, oats based, fruits based, hazelnut based, cashew based, flax based, others), by packaging (cans, bottles, pouches, others), by sale channel (b2b, b2c), by flavor (plain, flavored), by distribution channel (hypermarkets and supermarkets, convenience stores, specialty stores, online, others), by application (sports nutrition, functional beverages, meal replacement drinks) and region.

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Mexico’s Sustainable Tourism Market Poised for Strong Growth Driven by Eco-Conscious Travelers and Strategic Investments

The sustainable tourism market in Mexico is poised for significant growth, with a projected valuation of USD 34.22 million in 2023, according to recent market analysis. This growth is expected to continue at a robust 13.8% compound annual growth rate (CAGR), bringing the market size to USD 124.65 million by 2033. The increase in demand for sustainable tourism is set to make up 3-4% of the global sustainable tourism market, signaling a growing focus on eco-friendly and socially responsible travel experiences.

As global tourism continues to grow, Mexico stands out as a key player in the sustainable tourism sector, offering a diverse range of natural, cultural, and heritage resources that make it an attractive destination for eco-conscious travelers. In 2023, Mexico’s sustainable tourism market has shown resilience and promise, building on the strong foundation established in 2022, when the market was valued at USD 29.3 million.

Key Drivers of Growth

Rich Resource Base:
Mexico’s unique cultural and natural assets, including pristine beaches, historical landmarks, and indigenous heritage, present substantial opportunities for sustainable tourism development. By capitalizing on these resources, Mexico can diversify its tourism offerings beyond conventional coastal resorts, enabling new regions to benefit from tourism revenues.
Employment and Economic Impact:
Sustainable tourism in Mexico supports local employment, particularly in rural areas, and creates new opportunities for entrepreneurship. Indigenous communities, women, and small businesses stand to benefit from increased investment in tourism-related ventures, contributing to the overall economic development.
Infrastructure Investment:
Investments in tourism infrastructure, including transportation and internet connectivity, are critical for sustaining growth in the sustainable tourism market. Enhancements to regional infrastructure are expected to address current deficits and drive growth, particularly in non-coastal areas, fostering a more inclusive tourism model.

Consumer Preferences Shaping the Market

Recent data highlights key trends shaping the Mexico sustainable tourism market:

Rising Preference for Package Travel: Tourists increasingly prefer packaged travel due to its convenience, cost-effectiveness, and eco-friendly options.
Growing Popularity of Digital Bookings: Online booking platforms are gaining popularity, with tourists opting for seamless digital payment systems, live tracking, and enhanced security features.
Sustainability Among Middle-Aged Travelers: Travelers between the ages of 26 and 35 are particularly inclined toward sustainable tourism, seeking adventurous experiences like scuba diving, kayaking, and eco-tours.

Competitive Landscape

Leading companies and Latin American governments are focusing on sustainable tourism to promote eco-friendly practices.

Cozumel Pearl Farm, the only operating pearl farm in the Caribbean, prioritizes sustainability by using non-chemical, eco-friendly products. The family-run farm, established around the turn of the century, also builds with recycled materials like telephone poles and sustainable local resources. They’ve extended these practices to the ocean with eco-friendly anchoring systems and even created an artificial reef to boost coral growth and attract tourists for fishing, diving, and snorkeling.

Recent Developments

In 2019, Frommer’s released a guide stating the various travel trends shaping tourism.
In 2018, SAT Mexico Tours and Travel organized incentive travel named #justdare – BVLGARI with BVULGARY Mexico. The main objective was to show the attributes of a product to the leading fashion influencers in Mexico.

Key Companies Profiled

Frommer’s; EcoColors Tours; SAT Mexico Tours and Travel; Intrepid Travel; G Adventures; Project Expedition; ROW Sea Kayak Adventures; Discover Corps; Titan Travel; Indus Travels; Global Basecamps; Exodus Travels; Explore

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Segments Covered in Mexico Sustainable Tourism Industry Survey Report

By Tourism Type:

Eco-Tourism
Green Tourism
Soft Tourism
Community Tourism

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

By Tourism Type:

Domestic
International

By Tourist Type:

Independent Traveler
Tour Group
Package Traveler

By Consumer Orientation:

Men
Women

By Age Group:

15 to 25 Years
26 to 35 Years
36 to 45 Years
46 to 55 Years
66 to 75 Years

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