Latest food and beverage market forecasts: The global food and beverage market size is expected to grow from $5.8 trillion in 2021 to $6.4 trillion in 2022 at a growth rate of 9.7%. The food and beverage market size is expected to grow to $8.9 trillion in 2026 at a compound annual growth rate of 8.7%.
Influential food and beverage industry trends: The demand for clean label products is increasing rapidly, owing to a significant rise in awareness of healthy eating. Clean label products do not contain additives, artificial flavor enhancers, dyes, or artificial preservatives. Also, many food service and retail grocery store chains are stating lists of ingredients that cannot be present in food items in their stores or restaurants. Many manufacturers and producers are also increasingly using natural ingredients and have reduced the use of artificial colors and flavors. Another key trend is the increased demand for functional beverages, with many individuals seeking specialized drinks to stay hydrated and maintain nutritional balance. To capitalize on this segment, companies are introducing fortified beverages such as functional juices, and functional water with health benefits, such as water balance, weight management, and improved digestion.
Top distribution channels: The food and beverage market is segmented by distribution channel into supermarkets/hypermarkets, convenience stores, e-commerce, and other channels. The supermarkets/hypermarkets market was the largest segment of the food and beverages market segmented by distribution channel, accounting for 58.7% of the total in 2021. Going forward, the e-commerce segment is expected to be the fastest growing segment in the food and beverages market segmented by distribution channel, at a CAGR of 13.2% during 2021-2026.
The European Chemicals Agency (ECHA) has amended the Prior Informed Consent (PIC) Regulation, EU 64/2012, to add 27 pesticides and eight industrial chemicals into Annex I, bringing the total to 295. As a result, EU exporters are now required to notify their intentions to export them from 1 November onwards.
The global custom synthesis and manufacturing market was valued at US$271.33 billion in 2022. The market value is expected to reach US$474.94 billion by 2028.
The ocean freight industry is undergoing a massive transformation, as the technology and supply chain management tools are being improved by the day, impacting ocean freight rates.
In the second half of 2022, China unveiled the details of its data export regulations, providing further explanations to its existing laws and regulations on data.
The current energy crisis has reached an unsustainable level for the European chemical industry. For the first time ever, the EU imports more chemicals than it exports, both in volume and value, resulting in a trade deficit of € 5.6 bn for the first half of 2022.
Endocrine Disrupting Chemicals (also referred to as hormone disruptors or EDCs) are synthetic chemicals that are not produced by the human body and that disrupt the normal functioning of humans and animals.
The shipping industry is now returning to normality and is in a downward spiral. The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming prospects for container carriers that turned in record profits during the pandemic.
No precipitous plunge in container shipping rates, just ‘orderly’ decline.
The amendment makes QR codes mandatory on every active pharmaceutical ingredient. The Amendment Rules will come into force from January 01, 2023.