(Food-Beverage-News.Com, December 14, 2018 ) The global food and beverages market, a part of the food and beverages industry, grew at a compound annual growth rate (CAGR) of around 3% during the historic period. The food and beverages industry showed a steady growth. The growth is mainly due to increasing population, strong economic growth and rising disposable income in many emerging countries in Asia and Africa, rapid urbanization, and shifting consumer preferences in both developed and developing countries. In the forecast period, the global food and beverages market size is expected to be over $6 trillion by 2021, growing at a CAGR of nearly 5%.
This is expected due to the expected increase in demand for food and beverages due to rapid urbanization, positive economic growth outlook in many developed and developing countries, rising disposable income and changing lifestyles of consumers leading to a high demand for convenience foods. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global food and beverages market in the future.
There has been an increased demand for functional beverages with many individuals seeking drinks to stay hydrated and to maintain nutritional balance. To capitalize on this segment companies are introducing fortified beverages such as functional juices, functional water with health benefits such as water balance, weight management and improved digestion. Major companies in the food and beverages market, offering functional drinks include Middle East & Africa, America, Asia, Europe, Oceania.
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