Food and Beverage Industry set to reach $6.4 Trillion this year! Here are 13 trends for 2023.

Top 15 food and beverage trends for 2023

The F&B industry is easily the oldest on the planet and has gone through several stages of evolution. Wholesalers and retailers in this industry have also been forced to evolve.

Consumers, on the other hand, remain demanding and insatiable, and the only thing businesses can do to maintain their market position is to keep up with the changes and current trends in the industry.

This article provides an overview of the food and beverage industry. You’ll learn the top 15 food and beverage trends for 2023 and the market’s prospects on a global scale.

According to Market Research, a leading provider of industry intelligence, the global food and beverage market is worth well over $5.8 trillion. Statistica also recorded that the market size of the food and beverage industry grew by over $500 billion since the previous year.

The 2022 FCC Food Industry Report revealed that the food and beverage industry continues to grow amid pressures from inflation. Further research showed that the food and beverage industry is set to reach $6.4 trillion by the end of 2022.

7 billion+ people consume some form of food or beverage every single day. New opportunities also open up daily in the food and beverage industry as the consumer market increases. These opportunities are mostly influenced by consumer behavior and consumption patterns.

The COVID-19 pandemic, on the other hand, changed the food and beverage business by encouraging consumer packaged goods. The opportunities in modern eCommerce had also increased as a result, as they had to cater for the direct-to-consumer food and beverage market.

The processing and marketing industries were also impacted by these social and economic shifts, which increased the responsibilities of food delivery services.

Here are the top 15 food and beverage trends for 2023:

1. Consumer packaged goods

Consumer packaged goods (CPG) are low-cost and fast-moving consumer goods. The bulk of the food and beverages sector falls under this group. Consumer packaged goods are usually packaged with consumers in mind, and this is what appeals to them the most.

2. Organic food

Currently, the market for organic and whole foods is booming, due to greater consciousness about sustainability and healthy living. The COVID-10 pandemic has also influenced consumers to make healthier decisions about the food and beverages they consume.

3. Comfort food and drinks

Inflationary pressures have done everything but reduce the demand for confectionery, sweets, and snacks, now dubbed “comfort food.” Many people feel the need to give themselves a special treat as a result of the increased stress. While they walk down the aisle looking for some sort of dairy, meat, or protein, they can’t help but also pick up ice cream.

4. Vegan desserts

Vegan desserts also appeal to consumers with dietary concerns such as lactose intolerance and high cholesterol. The rising trend is focused on consuming clean, safe, and natural ingredients. The market for vegan and plant-based foods is currently valued at $2.68 billion.

5. Household food processing machines

There is also increased pressure and influence from DIY (do it yourself) supporters and social media influencers. This, accompanied by rising interests in tech innovations in the food and beverage industries, created a new market demand for household food processing machines that are cost-friendly and easy to use.

6. Instant food

The increase in industrialization and longer working hours has led to more demand in instant foods and noodles that can easily be cooked in the microwave. However, the convenience, taste, and affordable price of instant food also contribute to its popularity amongst consumers. Consumers believe that they get sufficient nutrients from instant food like noodles and burgers.

7. Food spices and herbs

Healthy living decisions have also influenced the market for food spices and herbs, with Asian and African countries being the main benefactors of this trend. Spices that improves immune system like ginger, garlic, and turmeric have recorded immense demand. Business insights project that the food, spices, and herbs market could grow to about US $25.42 billion by 2029.

8. Nutrient supplements

The nutrient supplement market was valued at over $150 billion in 2021 and is expected to grow at a rate of 8.9%. This trend is driven by increased wellness and personal health awareness. Consumers take these supplements to cover their nutrient deficits from an unhealthy diet owing to hectic work schedules and busy lifestyles.

9. Whole grains

Dietary guidelines and social media attention contribute heavily to the increasing demand for whole grains. Consumers and food and beverage manufacturers alike are opting for whole grains in their products, both in their original form and in their grounded form, and this trend is expected to rise for a sustained period of time.

10. Low-calorie food

This trend was majorly influenced by urbanization and the increase in obesity and chronic diseases. This segment of the food and beverage industry is growing and, according to Maximize Market Research, the total low-calorie food revenue is expected to reach $18.54 billion by 2029.

11. Food storage and packaging

Storage and preservation have always been challenges in the food and beverage industry. Thus, innovative entrepreneurs create newer and more effective food storage and packaging solutions, especially for household consumers who now prefer to buy fresh food as opposed to processed food.

12. Healthy Beverages

Beverages are a part of our lives, but recent years have seen consumers switch from coffee to healthier green tea so much that it has become a trend. The preference is fueled by the need to maintain healthier mental health and aura.

13. F&B Production lines

Flexible and mobile production lines are becoming popular in the food and beverage industries. Another factor contributing to this trend is the growing demand for agility, which indicates vertical disintegration in food processing facilities.

14. Mood booster drugs

Drugs that boost happiness and do not have a visibly adverse effect are trending as consumers are moving towards a healthier lifestyle. These drugs are prime options for those who do not want to deal with the calories that come with “comfort food”.

15. Eco-friendly packaging

Environmental sustainability drives are encouraging eco-friendly lifestyles and consumers only want to associate with brands that are also eco-friendly. The sustainable packaging market is increasing alongside the food and beverage industry. A study by Zion Market Research reveals that the sustainable packaging market will be worth over $350 billion by 2028.

It is worth noting that the bulk of these food trends is influenced by gut health and physical health concerns and the consumer’s need to maintain a healthy lifestyle.

eCommerce also plays a role in these trends as they cater to consumers’ need for convenience and ready-to-eat food and beverages. In essence, convenience and health are the major drivers of these food and beverage trends.