Global Food and Beverage Market
Consumers are increasingly wanting value-added food and beverage products that are green, safe, healthy, and ethical.
- The global medical foods market generated a revenue of $9.36 billion in 2013. It is estimated to grow at a CAGR of 7.3% to reach $13.34 billion in 2018. Increasing number of disease targets, increasing healthcare expenditure, and increasing public health consciousness are likely to be the key drivers for market growth. A poor regulatory environment and low medical adherence among patients restrain market growth.
- The market is well-consolidated with the top 3 participants accounting for about 60%– 70% of the market. Increasing merger and acquisition (M&A) activities are set to impact the market dynamics.
- A robust R&D set-up, regional product differentiation, and focus on product innovation are the key competitive factors in the Asia-Pacific (APAC) medical foods market.
- The APAC market (including Australia, New Zealand, and Southeast Asia) still accounts for a very small share of the global medical foods market. Considering the region’s population and disease prevalence rates, this region continues to have a significant growth potential.
- Diabetes, oncology, and metabolic health are the most significant application areas in the APAC region, while immune health and cardiovascular health are promising applications for future growth.
- Different growth factors have been evaluated for their significance in market growth and product-related trends have been identified to have the highest impact, followed by promotional efforts by medical food manufacturers.
- The pricing and product functionality of medical foods are largely influenced by the ingredients. Nutritional proteins and nutritional lipids account for a majority of the revenue of the ingredients market for APAC medical foods.
The objective of this strategic market insight is to present an assessment of the current trends and predictions expected to impact the global food and beverage market and related enabling industries in 2015.
- With respect to the global food and beverage market and its associated value chain, the key trends expected to have a direct impact on industry growth and performance can be grouped into 3 primary categories:
- The impact of socioeconomic
- The rise of freedom food
- Continued demand for enhanced health and wellness
- This study argues that companies with a truly global market and product strategy, a focus on health and wellness, and adoption of an environmentally and socially responsible sustainability strategy will come out on top and be global leaders of the food and beverage market.