Food and beverages are a necessity, which augurs well for the industry. The food & beverages industry is expected to be fueled by the growing demand for functional food products over regular products. The demand for processed and ready-to-eat food has beenconstantly increasing across the world owing to rapid urbanization, growing health awarenessand the changing andimprovinglifestyle.
The food industryencompass variedsectors,and include food ingredients, processed food, animal food, food testing, food processing equipment, health & hospitality services, and logistics. The beveragesindustrycomprisesalcoholic and non-alcoholic beverages. While alcoholic beverages include spirit, wine, and beer; non-alcoholic beverages consist oftea, coffee, juice, soft drinks, and water.
North America is the dominant market for food & beverages, and this dominance expected to continue for the next five years or so. Asia Pacific and Europe are the next big markets for food & beverages. The large share of North America is attributed to the regionâsincreasing demand for natural and organic processed food over flavored food & beverages. Alcoholic beverages command a higher demand over non-alcoholic beverages in this region.North Americaalso contributes over 60% to the food testing & equipment market. Thedemand for organic food in the US, for instance, is expected to grow at about 15% in 2018 as compared to 2017. In theAsia Pacific region, the food & beveragesindustryis expected to witnessa significant growth backed by the regionâs growing population and increasing disposable income.