Food and Beverages Market Size to Reach USD 14.72 Trillion by 2034, Driven by Functional Foods and E-commerce Expansion
According to Towards FnB, the global food and beverages market size is calculated at USD 8.71 trillion in 2025 and is projected to hit USD 14.72 trillion by 2034, expanding at a CAGR of 6% from 2025 to 2034. The report highlights key market drivers such as shifting dietary preferences, a surge in demand for functional and fortified food products, and the rapid growth of e-commerce platforms.
Ottawa, Oct. 06, 2025 (GLOBE NEWSWIRE) -- The global food and beverages market size stood at USD 8.22 trillion in 2024 with projections indicating a rise from USD 8.71 trillion in 2025 to reach nearly USD 14.72 trillion by 2034, at a CAGR of 6% from 2025 to 2034, according to study published by Towards FnB, a sister firm of Precedence Research.
A growing population, coupled with increasing demand for functional and fortified food options, convenient food choices, and plant-based alternatives, as well as the expansion of e-commerce platforms for food distribution, are key factors driving the growth of the food and beverages market.
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Key Highlights of the Food and Beverages Market
- By region, North America led the food and beverages market with highest share of 40% in 2024, whereas the Asia Pacific is expected to grow in the foreseeable period.
- By product type, the food segment led the food and beverages market in 2024, whereas the beverages segment is expected to grow in the forecast period.
- By distribution channel, the retail segment captured the maximum share of 50% in 2024, whereas the e-commerce segment is expected to grow in the expected timeframe.
Changing Consumer Preferences, helping the Evolution of the Food and Beverages Industry
The growing global population is further driving the growth of the food and beverage industry, becoming a major factor in the expansion of the food and beverage market. Different types of consumer bases with varying food preferences, such as plant-based diets, gluten-free diets, vegan diets, and other forms, contribute to the market's growth. Sustainable food options and farming practices are another key factor driving the market's growth.
The food and beverage market encompasses various steps, including manufacturing, processing, distribution, and sale of different types of food and beverage products. Changing lifestyle preferences, hectic lifestyles, high demand for convenient food options, and high demand for organic and sustainable food options also aid the growth of the food and beverages market. The availability of healthier food options on various platforms enables consumers to adhere to their healthy diet goals and maintain a balanced intake of nutrients.
“Consumers today are more conscious about what they eat and where their food comes from,” said Vidyesh Swar, Principal Consultant at Towards FnB. “The growth in functional, plant-based, and convenience food categories shows a clear shift toward healthier, sustainable choices. Our research indicates that brands aligning with these values will capture the strongest growth momentum in the coming decade.
New Trends in the Food and Beverages Market
- High demand for sustainably sourced food and beverage options, plant-based, and gluten-free food products is one of the major factors for the growth of the food and beverages market.
- High demand for convenient food options by busy consumers with a hectic schedule is another major factor for the growth of the market.
- Fueling demand for functional, fortified, and specialty food options also fuels the growth of the market.
- Globalization, allowing the food and beverage industry to help consumers explore the cuisines from around the world, is also helping the industry flourish.
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Growth of e-commerce platforms, enhancing convenience along with the availability of different types of products, is also helping the growth of the market.
Impact of AI in the Food and Beverages Market
Artificial intelligence is transforming the food and beverage market by enhancing efficiency, driving innovation, and fostering consumer engagement throughout the value chain. In product development, AI accelerates innovation by analyzing consumer data and predicting preferences for flavor, nutrition, and texture, enabling companies to launch new products tailored to evolving health, sustainability, and convenience trends. In manufacturing, AI-powered quality control systems ensure consistency in taste, safety, and packaging, while predictive maintenance reduces downtime and operational costs. Supply chains are also becoming smarter, with AI-driven demand forecasting, logistics optimization, and raw material sourcing helping to minimize waste and improve sustainability.
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Recent Developments in the Food and Beverages Market
- In September 2025, leading retail and global food beverage companies such as PepsiCo and Unilever announced the launch of Supporting Trusted Engagement and Partnership (STEP) up for Agriculture (STEP up for Ag), a pre-competitive initiative designed to strengthen the capacity and sustainability of farmer-facing support organizations across North America. (Source- https://www.prnewswire.com)
- In May 2025, Tata Consumer, the fast-moving consumer goods (FMCG) arm of the Tata group, decided to focus on its food and beverages by entering into new categories. The decision is in line with a huge FMCG revival in the domestic market. (Source- https://www.financialexpress.com)
Top Products in the Food and Beverages Market
| Product Category | Key Features / Subcategories | Benefits & Consumer Drivers | Examples / Applications |
| Dairy Products | Milk, cheese, yogurt, butter, plant-based dairy alternatives | High in protein & calcium, growing demand for lactose-free & vegan options | Fresh dairy, functional dairy drinks, non-dairy milks |
| Meat, Poultry & Seafood | Fresh, frozen, processed, plant-based meat alternatives | Protein-rich, expanding demand for sustainable/alt-meat | Frozen meat, seafood, burgers, deli meats |
| Bakery & Confectionery | Bread, cakes, biscuits, chocolates, candies | Convenience, indulgence, premium artisanal trends | Packaged breads, premium chocolates, sugar-free snacks |
| Snacks & Convenience Foods | Chips, nuts, ready meals, frozen pizzas, instant noodles | On-the-go lifestyle, convenience, portion control | Savory snacks, frozen meals, instant soups |
| Beverages (Non-Alcoholic) | Carbonated drinks, juices, bottled water, functional drinks, RTD teas & coffees | Hydration, energy, health & wellness | Soft drinks, cold brew coffee, vitamin water |
| Alcoholic Beverages | Beer, wine, spirits, RTD cocktails, hard seltzers | Lifestyle-driven, premiumization & craft trends | Craft beers, premium whiskey, flavored RTDs |
| Fruits & Vegetables | Fresh, frozen, dried, canned, juices | Health focus, convenience (frozen/dried), clean label | Smoothie packs, canned veggies, fruit snacks |
| Cereals & Grains | Rice, wheat, oats, breakfast cereals, gluten-free grains | Staple foods, rising demand for fortified & functional grains | Breakfast cereals, fortified flours, quinoa |
| Oils, Fats & Sauces | Cooking oils, dressings, condiments, spreads | Essential cooking ingredients, flavor diversity | Olive oil, mayonnaise, soy sauce, and nut spreads |
| Functional & Fortified Foods | Protein powders, probiotics, fortified bars & drinks | Health-conscious consumption, fitness & immunity | Sports nutrition, probiotic yogurts, vitamin bars |
| Plant-based & Alternative Foods | Plant proteins, dairy-free, meat-free, egg substitutes | Sustainability, vegan diets, and flexitarian demand | Plant-based burgers, oat milk, egg replacers |
| Coffee & Tea | Instant, brewed, specialty blends, and herbal teas | Daily consumption, premiumization, and health teas are rising | Specialty coffee, RTD tea, matcha, herbal infusions |
| Infant & Child Nutrition | Infant formula, baby food, fortified snacks | High safety & nutrition standards, organic growth | Organic baby foods, fortified cereals, toddler milk |
| Pet Food & Nutrition | Dry & wet pet food, treats, supplements | Growing pet ownership, premium pet nutrition | Grain-free dog food, cat treats, pet supplements |
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Market Dynamics
What are the growth drivers of the Food and Beverages Market?
Multiple factors are driving the growth of the food and beverages market, including high demand for organic, functional, and fortified foods, convenient food options, and the increasing emphasis on sustainability. Health-conscious consumers in search of vegan and plant-based food options also help to fuel the growth of the market. The use of technologically advanced methods to enhance sales and support product planning and innovation is another vital factor driving the market's growth. Convenient food brands offering products in eco-friendly packaging are in high demand compared to those with traditional packaging, further fueling the market's growth.
Challenge
Supply Chain Issues Creating Barriers in the Growth of the Market
Supply chain issues are one of the major restrictions in the growth of the food and beverages market. The inconsistent supply of raw materials, which delays the production process, is a major challenge for the market. It also affects production and transportation costs. Fluctuating raw material costs, high costs of the final products, and geopolitical issues are also some of the major factors limiting the growth of the market for food and beverages.
Opportunity
Technologically Advanced Healthy Food Options Aiding the Market’s Growth
The high demand for functional and fortified food options among health-conscious consumers presents a significant opportunity for the growth of the food and beverage market. The use of technologically advanced methods to innovate in taste, texture, and appearance of food options is another major factor driving the market's growth, as it attracts more consumers. Functional food manufactured with the aid of technologically advanced procedures helps enhance its nutritional value and cater to the diverse needs of consumers.
Food and Beverages Market Regional Analysis
North America Dominated the Food and Beverages Market in 2024
North America led the food and beverages market in 2024 due to various factors such as a rising population of health-conscious consumers, a surge in demand for functional and fortified food options, and a hike in demand for convenient food options. Such food options help consumers maintain their nutritional levels along with their hectic schedules. The growing population of vegans and plant-based diet followers is also helping the growth of the market. High demand for online platforms to order groceries and various other types of food options is also helping the growth of the market massively. The US plays a vital role in the growth of the market in the region.
Asia Pacific Is Expected to Grow in the Expected Timeframe
Asia Pacific is observed to be growing in the foreseen period due to rising disposable income, allowing the middle-class section to shop for different types of food and beverage products. High demand for convenient food options for busy consumers in healthy variants is also helping the growth of the market. The rising beverage industry is another major factor attracting more consumers, further fueling the growth of the market. Food and beverage brands with sustainable and eco-friendly packaging for their products have more demand compared to traditional plastic packaging, which is helpful for the industry to lower its carbon footprint. India plays a massive role in the growth of the food and beverages market in the Asia Pacific.
Food and Beverages Market Report Scope
| Report Attribute | Key Statistics |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Growth Rate from 2025 to 2034 | CAGR of 6% |
| Market Size in 2025 | USD 8.71 Trillion |
| Market Size in 2026 | USD 9.24 Trillion |
| Market Size by 2034 | USD 14.72 Trillion |
| Dominated Region | North America |
| Fastest Growing Region | Asia Pacific |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
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Food and Beverages Market Segmental Analysis
Product Type Analysis
The food segment led the food and beverages market in 2024 due to high demand for convenient food options by consumers from different age groups. Such food options are easy to prepare and can be consumed on the go. It helps to save time on a complete traditional meal preparation and allows one to maintain their nutritional levels as well. The segment involves ready meals, microwaveable snacks, pre-sliced vegetables, and other similar options to lessen the cooking time, aiding a hectic lifestyle. Such food options also have longer shelf lives and are easy to store, further fueling the growth of the food and beverages market.
The beverage segment is expected to grow in the foreseeable period as consumers are seeking alternative and healthier options to alcohol. Hence, the demand for fortified and functional drinks is fueling the growth of the market in the foreseeable period. Such drinks have high nutritional benefits and can be consumed easily on the go. They are easily available in retail stores and online platforms, further helping the growth of the food and beverages market. The taste and flavor profile of such beverages is unique and exciting, helping to attract more consumers.
Distribution Channel Analysis
The retail segment led the food and beverages market in 2024 with the help of supermarkets, hypermarkets, online retailers, and various other outlets. Availability of different types of products under one roof, helping consumers to pick the right kind of product, is one of the major factors helping the growth of the segment and the market. Different types of food and beverage products are arranged in their respective sections, making the shopping experience of a consumer hassle-free. Retailers also utilize the benefits of a smooth supply chain and invest in cold chain logistics to ensure the freshness and longer shelf life of food and beverage products, which is helpful for the growth of the market.
The e-commerce segment is expected to grow in the foreseen period due to its convenience factor, allowing consumers to shop for their desired products from the ease of home and get them delivered within minutes. Such platforms also have different types of food and beverage options with their detailed information, allowing customers to shop smartly. Coupons and offers on online platforms help to make the shopping experience an economical one. Availability of tailored food and beverage options, convenient snacks, and meal kits also fuels the market’s growth.
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Additional Topics Worth Exploring:
- Gluten Free Food Market: The global gluten free food market size increasing from USD 14.25 billion in 2025 and is expected to surpass USD 33.59 billion by 2034, with a projected CAGR of 10% during the forecast period from 2025 to 2034.
- Canned Wines Market: The global canned wines market size is expected to increase from USD 127.88 million in 2025 to USD 332.46 million by 2034, growing at a CAGR of 11.2% throughout the forecast period from 2025 to 2034.
- Plant-Based Protein Market: The global plant-based protein market size is projected to expand from USD 20.33 billion in 2025 and is expected to reach USD 43.07 billion by 2034, growing at a CAGR of 8.7% during the forecast period from 2025 to 2034.
- Sugar-Free Food Market: The global sugar-free food market size is expected to grow from USD 48.14 billion in 2025 to USD 83.2 billion by 2034, growing at a CAGR of 6.27% during the forecast period from 2025 to 2034.
- Vegan Food Market: The global vegan food market size is anticipated to grow from USD 22.38 billion in 2025 to USD 55.88 billion by 2034, with a CAGR of 10.7% during the forecast period from 2025 to 2034.
- Herbal Tea Market: The global herbal tea market size is forecasted to expand from USD 4 billion in 2025 to USD 5.36 billion by 2034, growing at a CAGR of 3.3% during the forecast period from 2025 to 2034.
- Fruit Juice Market: The global fruit juice market size is forecasted to expand from USD 165.56 billion in 2025 and is predicted to hit around USD 229.59 billion by 2034, growing at a CAGR of 3.7% during the forecast period from 2025 to 2034.
- Beverage Packaging Market: The global beverage packaging market size is projected to reach USD 271.80 billion by 2034, growing from USD 173.71 billion in 2025, at a CAGR of 5.1% during the forecast period from 2025 to 2034.
- Dairy Free Products Market: The global dairy free products market size is projected to reach USD 79.17 billion by 2034, growing from USD 33.03 billion in 2025, at a CAGR of 10.20% during the forecast period from 2025 to 2034.
- Snack Food Market: The global snack food market size is calculated at USD 265.95 billion in 2025 and is forecasted to reach around USD 468.76 billion by 2034, growing at a CAGR of 6.50%throughout the forecast period from 2025 to 2034.
Top Companies in the Food and Beverages Market
- PepsiCo Inc. – Global leader in snacks and beverages with brands like Pepsi, Lay’s, Quaker, and Gatorade.
- Nestlé S.A. – World’s largest food company with diverse offerings in coffee, dairy, nutrition, confectionery, and prepared foods.
- The Coca-Cola Company – Beverage giant with a vast portfolio of soft drinks, juices, teas, and bottled water.
- Anheuser-Busch InBev – World’s largest brewer with global beer brands like Budweiser, Stella Artois, and Corona.
- JBS S.A. – Brazilian multinational and the world’s largest meat processor (beef, poultry, pork).
- Tyson Foods Inc. – U.S.-based protein leader producing beef, pork, chicken, and prepared foods.
- Mondelez International Inc. – Global snacking leader with brands like Oreo, Cadbury, and Toblerone.
- Unilever PLC – Multinational consumer goods company with a strong presence in ice cream, tea, condiments, and personal care.
- Danone S.A. – French multinational focusing on dairy, plant-based foods, bottled water, and specialized nutrition.
- General Mills Inc. – U.S. packaged food leader with brands like Cheerios, Betty Crocker, and Häagen-Dazs.
- Kellogg Company – Known for cereals and snacks with brands like Corn Flakes, Pringles, and Special K.
- Mars, Incorporated – Family-owned global leader in confectionery, pet care, and food brands like Mars, Snickers, and Pedigree.
- Archer Daniels Midland Company (ADM) – U.S. agribusiness giant supplying ingredients, plant proteins, and commodity processing.
- Cargill, Incorporated – Global food and agriculture company offering meat, cocoa, oils, and ingredients.
- Conagra Brands, Inc. – Packaged foods company with brands like Healthy Choice, Birds Eye, and Hunt’s.
- Kraft Heinz Company – Major food company offering sauces, condiments, frozen meals, and snacks.
- Associated British Foods plc – Diversified group with food, sugar, ingredients, and retail (Primark).
- Diageo plc – World’s largest spirits producer with brands like Johnnie Walker, Guinness, and Smirnoff.
- Red Bull GmbH – Austrian company dominating the global energy drink market.
- Heineken N.V. – Dutch multinational brewer with global beer brands including Heineken, Amstel, and Tiger.
Segments Covered in the Report
By Product Type
- Food
- Packaged Foods
- Ready-to-Eat Meals
- Frozen Foods
- Canned Foods
- Dried Foods
- Instant Foods
- Snacks
- Potato Chips
- Extruded Snacks
- Nuts & Seeds
- Popcorn
- Crackers
- Tortilla Chips
- Confectionery
- Chocolates
- Candies
- Gum
- Sugar Confectionery
- Bakery Products
- Bread
- Cakes & Pastries
- Cookies & Biscuits
- Pies & Tarts
- Dairy Products
- Milk & Cream
- Cheese
- Butter & Margarine
- Yogurt & Curd
- Ice Cream & Frozen Desserts
- Meat & Poultry
- Fresh Meat
- Processed Meat
- Frozen Meat
- Canned Meat
- Seafood
- Fresh Seafood
- Frozen Seafood
- Canned Seafood
- Sauces, Dressings & Condiments
- Cooking Sauces
- Salad Dressings
- Ketchup & Mustard
- Spices & Seasonings
- Pickles & Chutneys
- Baby Food
- Infant Formula
- Baby Cereals
- Baby Snacks
- Packaged Foods
- Beverages
- Non-Alcoholic Beverages
- Water
- Bottled Water
- Sparkling Water
- Flavored Water
- Soft Drinks
- Carbonated Soft Drinks
- Non-Carbonated Soft Drinks
- Juices
- Fruit Juices
- Vegetable Juices
- Blended Juices
- Dairy & Dairy Alternative Beverages
- Milk
- Plant-Based Milks
- Yogurt Drinks
- Flavored Milks
- Tea & Coffee
- Packaged Tea
- Packaged Coffee
- Ready-to-Drink Tea & Coffee
- Functional Beverages
- Energy Drinks
- Sports Drinks
- Nutritional Drinks
- Probiotic Drinks
- Fortified Water
- Alcoholic Beverages
- Beer
- Wine
- Spirits
- Ready-to-Drink Alcoholic Beverages
- Cider & Perry
- Liqueurs
- Non-Alcoholic Beverages
By Distribution Channel
- Retail
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Discount Stores
- Foodservice
- Quick Service Restaurants (QSR)
- Full-Service Restaurants
- Cafés & Coffee Shops
- Catering Services
- E-commerce
- Online Grocery Stores
- Direct-to-Consumer Platforms
- Institutional
- Schools & Universities
- Hospitals & Healthcare Facilities
- Corporate Offices
- Government & Military Institutions
By Region
North America
- U.S.
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
Latin America
- Brazil
- Mexico
- Argentina
Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
Thank you for exploring our insights. For more targeted information, customized chapter-wise sections and region-specific editions such as North America, Europe, or Asia Pacific—are also available upon request.
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About Us
Towards FnB is a global consulting firm specializing in the food and beverage industry, providing innovative solutions and expert guidance to elevate businesses. With an in-depth understanding of the dynamic F&B sector, we deliver customized market analysis and strategic insights. Our team of seasoned professionals is committed to empowering clients with the knowledge needed to make informed decisions, ensuring they stay ahead of market trends. Partner with us as we redefine success in the rapidly evolving food and beverage landscape, and together, we’ll navigate this transformative journey.
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