Food and Beverage
Global outlook of the delivery and takeaway food market
Technavio’s market research analyst predicts that the global delivery and takeaway food market will exceed USD 100 billion between 2016 and 2020. There is growing preference for online shopping among consumers owing to their hectic schedules and busy lifestyles. The increased internet penetration, quick access to smartphones, and simplified e-banking systems have resulted in more purchases through the online channels. This has propelled several food chains to shift towards online portals to enhance online ordering by offering improved selection, convenience, transparency, and security to the customers. Most of the orders received by these food portals are through mobile phones as these provide consumers a secure and easy way to pay and order food from local takeaway restaurants. Consumers can also track their order through their smartphones through real-time order tracking. With the continuous growth in the online orders, the role of social media in the purchase decisions of consumers has increased significantly. Takeaway restaurants and food delivery portals are using social media platforms to connect with customers to obtain their experiences and feedback.
Consumers are opting for nutritious food restaurants over fast food while ordering online or for takeaway. They are willing to pay more for the healthy, fresh, and low-calorie food served at these restaurants. Such requirements have propelled several quick service restaurants (QSRs) to introduce nutritious and healthy meals in their fast food menus. They are offering half or full size salads containing fruits and fresh
Overview of the global hemp-based foods market
Market research analysts at Technavio predict that the global hemp-based foods market will grow at a CAGR of around 20% by 2020. Hemp-based food products have gained wide acceptance for their easy digestibility as they are free from allergens, gluten, genetically modified organism (GMO), lactose, soy, phytoestrogen, and pesticides. Hemp seeds are a highly nutritious protein source and are increasingly used in packaged foods such as bread, pretzels, granola bars, and cereals. Hemp has emerged as a superfood in recent years due to its high content of essential fatty acids (EFAs) including omega-3 and omega-6. The market potential for hemp-based foods emerging as superfoods will witness a huge surge in the coming years owing to their blending capacity in terms of taste and functionality with other common food ingredients. Moreover, the growing demand for high protein content products will further contribute to the growth of the global hemp-based foods market over the forecast period.
The health benefits associated with hemp-based foods make them an excellent choice for the growing health-conscious consumers in APAC. Many hemp-based food manufacturers are focusing on using this opportunity to penetrate their products in the APAC countries, such as South Korea, China, Japan, Indonesia, Taiwan, Malaysia, and Singapore, by getting into distribution right agreements with the local distributors. Several vendors are also focusing on securing a foothold in the market in this region by supplying hemp-based foods such as hulled hemp seeds. Recently, Naturally Splendid has announced that it will offer hemp foods and other hemp-based products through Korea Beauty and Healthcare in the region.
Competitive landscape and key vendors
The global hemp-based
Outlook of the food additives market in the US
Extensive market research carried out by the analysts at Technavio has shown the food additives market in the US will grow at a CAGR of more than 3% over the forecast period. A growing preference for convenience and packaged food is one of the key factors driving the growth of the food additives market in the US. Ready-to-eat and processed food products, such as canned cereals, ready-to-cook meals, and dehydrated soups, require very less cooking and clean-up time, leading to an augmented demand globally. Food additives like flavors, enhancers, and enzymes play a critical role in the manufacture of packaged and convenience food. Food manufacturers add these additives to ensure that the taste, texture, and quality remains stable. Therefore, it can be estimated that the presence of a growing convenience and packaged food market will positively influence the growth of the food additives market in the US by the end of 2020.
In this market report, analysts have estimated factors like the increasing demand for food flavors and taste enhancers to impel the prospects for market growth until the end of the forecast period. Health-conscious consumers are increasingly demanding for more natural additives in place of artificial additives, which will aid in the growth of this market over the predicted period. Also, with increasing consumption of packaged food, food manufacturers are demanding customized flavors and enhancers from food additive vendors to develop new varieties of food with unique flavors, which will propel the growth prospects of the food additives market in the US.
Product-based segmentation of the food additives market in the US
- Flavors and enhancers
Overview of the global cocoa market
Technavio’s market research analyst predicts that the global cocoa market will grow at a modest CAGR of over 3% by the end of 2020. One of the key drivers for market growth is the range of uses for cocoa powder. Since cocoa powder has a universal flavor, the market space will offer scope for multiple applications. Cocoa is an essential ingredient in products related to baking, dairy, and even beverages. After processing, cocoa powder can be used in syrups, toppings, confectionery, as a coloring agent, and even in beverages. The ability to process and utilize cocoa powder in multiple ways will lead to this market’s growth during the forecast period.
In this market research report, analysts have estimated factors like the rising demand for Fairtrade-certified cocoa products to bolster market growth until the end of 2020. Fairtrade cocoa is sourced from farms, which do not indulge in slavery or child labor. Vendors dealing in fairtrade cocoa levy a small premium on products and use these funds to improve the living standards of cocoa producing farmers. Growing awareness of fair trade practices and the rising demand for ethically cultivated and sourced cocoa products will have a positive impact on market growth during the forecast period.
Product-based segmentation and analysis of the cocoa market
- Cocoa butter
- Cocoa powder
- Cocoa liquor
The cocoa liquor segment was the largest in 2015 and is expected to grow at a CAGR of close to 3% during the next four years. Much of this segment’s growth can be attributed to its extensive use in a wide range of applications including confectionery, bakery, ice creams, and desserts. In addition, the rising demand for origin cocoa liquor will also lead to the growth of this market segment during the forecast
Global outlook of the gum market
Extensive research carried out by the analysts at Technavio has shown that the global gum market will reach close to USD 25 billion by 2020. The consumer’s choice of packaged food items is largely based on the availability of products in the market. The larger the number and more the varieties, the higher the chances of them consuming multivariate products. The availability of product variants compels consumers to change their taste frequently. Moreover, children are also drawn by different flavors, shapes, and packaging of gums, which will bolster the growth prospects for this market in the coming years.
The growing demand for nicotine gum is one of the important trends driving the growth of the global gum market over the predicted period. Nicotine gum is a type of chewing gum that delivers nicotine to the body and helps in coping with the withdrawal symptoms of smoking. According to the US FDA, tobacco products are responsible for an average of 440,000 deaths in the US every year. Therefore, to combat this health hazard, the FDA approves safe and effective therapies that consumers can use to stop smoking, including nicotine gums, lozenges, and patches. Moreover, several governments and organizations have extended support to people who want to quit smoking by providing NRT (nicotine replacement therapy). The desire to quit smoking tobacco and the increasing awareness regarding its harmful effects will contribute to the growth of this market over the next four years.
Segmentation by type and analysis of the gum market
- Chewing gum
- Bubble gum
The chewing gum segment led the global gum market and is expected to reach close to USD 22 billion by 2020. The growth of this market segment is attributed to the increasing demand for sugar-free chewing gum products. In 2012, scientific studies conducted by the European
Outlook of the soy desserts market
The global soy desserts market is envisaged to witness steady growth and will post a CAGR of more than 5% over the forecast period. Increasing awareness of the several health benefits associated with the consumption of soy is one of the most important factors driving the growth of this market in the coming years. Soy contains the perfect proportion of all the nine essential amino acids that are vital for an individual’s wellbeing. Moreover, soy also contains phytosterols that help prevent cholesterol absorption, thereby, reducing the risks of a heart failure. Additionally, the role of soy and soy-based products in increasing bone density and as a good source of vitamin B6 and B12 will lead to its augmented demand over the next four years.
The growing popularity of soy milk is one of the key trends propelling the growth prospects for this market until the end of 2020. As soy milk is derived by finely grinding, boiling, and soaking soybeans in water, it is dairy free and contains only vegetable proteins. Also, soy milk enhances the lipid profile, promotes weight loss, reduces the risk of prostate cancer, and helps in preventing osteoporosis. Since soy milk is the main ingredient of most soy desserts, its increasing consumption will contribute to the growth of the soy desserts market during the forecast period.
Segmentation by distribution channel and analysis of the soy desserts market
- Hypermarkets and supermarkets
- Food and drink specialists
- Convenience stores
During 2015, the soy desserts distribution was led by the hypermarkets and supermarkets segment, which accounted for more than 58% of the market share in terms of revenue. The widespread availability of a wide array of soy and soy-based products in such stores will lead to the strong growth of this market segment during the estimated period.
The food and beverage industry encompasses the entire range and distribution of fast-moving consumer goods (FMCG) products from suppliers and manufacturers. Technavio’s food and beverage domain provides actionable global market analyses and forecasts. It examines key drivers, challenges, and emerging trends that are influencing the market.
Through Technavio reports clients can garner strategic insights into real consumer attitudes and behaviors and identify key market opportunities for future growth and investment. Our expert research and analysis includes carefully compiled data, like market size, vendor analysis, and competitor information, for different markets in the food and beverage industry. Technavio analysts continuously monitor industry segments, including alcoholic beverages, non-alcoholic beverages, food, and food services.
Leading companies extensively covered in our report offerings include Coca-Cola, Diageo, Mondelez International, Nestlé, PepsiCo, and Unilever.