The global food and beverage (F&B) sector, which comprises farming, food production, distribution, retail and catering , was valued at $5.7 trillion USD. The industry is one of the major contributors to growth of all economies and has historically witnessed consistent growth. The industry is expected to increase at a CAGR of 3.5 percent to $7 trillion USD. In terms of structure, the industry is highly fragmented and the top few players—Nestlé, Kraft Foods, Unilever and Cargill—account for less than 5 percent of the overall value.
Europe accounts for the largest share in the global F&B industry, generating revenues of $1.4 trillion USD4 and employing 4 million workers, followed by the US, which contributed $1 trillion USD. However, Asia, led by China and India, is now emerging as a major contributor of raw material to the F&B industry. India’s F&B market was valued at $182 billion while the food processing sector alone was worth $72 billion. China’s food processing sector increased by 13.6 percent from $44 billion in to $50 billion USD.
How consumer trends will affect the packaging industry with its entire supply chain?