Plunkett’s Food Industry Market Research

Competitive Intelligence, Business Analysis, Forecasts, Market Size, Trends, Companies, Statistics

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Industry Overview
Contents/Key Findings
Industry Statistics
Top companies
Industry trends

Food, Beverage and Grocery OVERVIEW

The global food and agricultural industry for 2023 totaled about $11.1 trillion, according to Plunkett Research estimates, or roughly 11% of the world’s GDP. Global food exports totaled about $2.0 trillion, per the World Trade Organization. While it is obvious that food is of equal importance to all people on planet Earth, the relative cost of that food is not equal. It varies widely due to such influences as location, local food industries and the availability of proper infrastructure for food transportation and storage.

Households in well-developed nations such as the U.S. Canada, Singapore and countries in Europe, spend a relatively modest portion of household income on food, typically 11%-15%. In less-developed nations, such as Pakistan and parts of Africa, food may account for more than 40% of spending, making it hard for families to have any income left to invest in education or health care.

Inflation in food and restaurant prices has been a major issue for consumers in recent years. In America, the average household spent $9,343 on food in 2022, up significantly from $8,289 during 2021 and $7,310 in 2020. That included $5,703 spent on food for at-home dining, and $3,639 for dining out.

The retail food and beverage store industry in the U.S., which includes revenue from about 50,522 traditional grocery stores, totaled about $820.6 billion in revenues during 2023, according to U.S. Department of the Census figures. However, food products and beverages in America and elsewhere are sold at a wide variety of stores other than supermarkets. To get the full U.S. picture, it is important to consider food and beverage sales at 71,057 non-traditional food-sellers such as wholesale clubs, supercenters, dollar stores, drug stores and military stores. Taking those stores into account, total retail store food sales (including traditional and non-traditional stores) reached an estimated at $1.8 trillion per Plunkett Research.

The National Restaurant Association estimated that, for 2024, its industry employed, in the United States, 15.7 million people at more than 1 million restaurants. Estimates of total food industry revenues can vary widely due to many factors. For example, a large portion of supermarket sales is made in non-food items such as drugs and personal care goods, and many types of non-food stores sell small amounts of specialty food products. Also, the National Restaurant Association’s estimates of total annual revenues are always higher than figures gathered by researchers at the Census, and both groups may miss part of the revenues generated by caterers and other non-traditional prepared food sellers.

Outside the U.S., food retailing has become more diverse and sophisticated in emerging markets. For example, modern convenience stores are widespread in major Asian cities, such as the large number of highly popular 7-11 stores found in Thailand. Also, discount stores that sell food products, among other items, are increasingly popular, evidenced by the rapid growth of Walmart in Mexico, and the continuing fast spread of stores in China owned by Walmart and its competitors. Nonetheless, outside of the major cities, much of the food retailing in emerging markets is conducted by very modest local markets, often run as family operations.

Restaurant food sales are spreading very quickly in the emerging world as well. For example, U.S. fast food brands KFC and Pizza Hut grew very quickly in China, with thousands of units in locations ranging from the giant metropolises such as Shanghai and Beijing to remote, smaller cities of growing importance. The success of U.S. fast food outlets, as well as Starbucks, spawned a great number of domestic competitors within China. Africa is the next frontier in fast food and food retailing in the emerging world.

U.S. farm sector values for crops, livestock and other products were projected to be $586.2 billion in 2023, according to the U.S. Department of Agriculture. America’s agricultural sector enjoyed $171.4 billion in exports in 2023. U.S. agricultural imports in 2023 were $185.8 billion.

Aquaculture (fish farming) was forecasted to produce 184.1 million tons of fish globally in 2022, up from only 66.1 million tons in 2010, according to the UN Food and Agriculture Organization. This production is growing quickly. By 2030, aquaculture is projected to provide two-thirds of total fish for human consumption. Fish farming is extremely active in the U.S. as well as in nations such as the Philippines, China, Norway and Vietnam. Tilapia, salmon and shrimp are among the leading products.

WE PROFILE HUNDREDS OF TOP COMPANIES:

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PLUNKETT PROVIDES IN-DEPTH STATISTICS TABLES COVERING THE FOLLOWING INDUSTRY TOPICS:

Top Companies Profiled

The following is a partial listing for this industry. As a subscriber, you will have access to the leading companies and top growth companies. This includes publicly-held, private, subsidiary and joint venture companies, on a global basis as well as in the U.S.

Hundreds of Top Companies Profiled, Including:

PLUNKETT PROVIDES UNIQUE ANALYSIS OF THE FOLLOWING TRENDS THAT ARE DRIVING THIS INDUSTRY:

Key Findings:

A complete market research report, including forecasts and market estimates, technologies analysis and developments at innovative firms within the Food Industry. Gain vital insights that can help shape strategy for business development, product development and investments.

Key Features:

Business trends analysis
In-depth industry overview
Technology trends analysis
Forecasts
Spending, investment, and consumption discussions
In-depth industry statistics and metrics
Industry employment numbers

Additional Key Features Include:

Industry Glossary

Industry Contacts list, including Professional Societies and Industry Associations

Profiles of industry-leading companies

U.S. and Global Firms
Publicly held, Private and Subsidiaries
Executive Contacts
Revenues

For Public Companies: Detailed Financial Summaries
Statistical Tables

Key Questions Answered Include:

How is the industry evolving?
How is the industry being shaped by new technologies?
How is demand growing in emerging markets and mature economies?
What is the size of the market now and in the future?
What are the financial results of the leading companies?
What are the names and titles of top executives?
What are the top companies and what are their revenues?

This feature-rich report covers competitive intelligence, market research and business analysis—everything you need to know about the Food Industry.

Plunkett Research Provides Unique Analysis of the Following Major Trends and Technologies Affecting the Food Industry

Introduction to the Food Industry
The State of the Food Industry Today
Genetically Modified (GM) Seeds and Crops Planted in Dozens of Nations/Agribio R&D Investment Is High
Genetically Modified (GM) Foods Prompt Controversy, Labeling and Legislation
Plant-Based Meat Substitutes Developed
Selective Breeding, Mutagenesis and Gene-Editing, Including CRISPR, as Alternatives to GM Seeds
Obesity Sparks Government, School and Corporate Initiatives/Snack Foods Get Healthier
Organic Food Sales Continue Global Growth/Locally Sourced Foods and Farm to Table Increase in Popularity
McDonald’s and Other Fast Food Companies Reposition to Adapt to New Consumer Tastes and Robotics
Demand for Home Grocery Delivery Service Such as Instacart and Amazon Fresh Soars
Grubhub, DoorDash and Others Deliver Restaurant Meals and Household Items to Homes
Precision Agriculture Technologies (AgTech), Farm Robotics, GPS and Irrigation Market Grows Worldwide/Hi Tech Greenhouses
Drones Provide New Tools for Precision Agriculture
Aquaculture Gains Major Fish Supply Market Share
Packaging Technology Improves/Walmart, Amazon and Coca-Cola Boost Packaging Sustainability
Retail Technologies Advance for Restaurant Online Ordering, along with Robotics and Automation
RFID Drives Inventory Management Evolution
Walmart Still Leads the Retail Industry, but Invests in Web Presence to Battle Amazon
Private Label Brands Grow in Share of Total Store Sales
Consumers Drive a Revolution in the Food Industry, Demanding Fresher, More Natural Foods, Creating both Pain and Opportunities
Food Recycling Efforts Underway
Wages Rise for Restaurant, Hotel and Hospitality Workers
Fast Food Faces Stiff Competition from Casual Dining Restaurants (Fast Casual/ Fast Fine)
Food Trucks Enjoy a Boom
Meal Kits from Firms like Blue Apron Make It Easy to Prepare Home-Cooked Meals
Craft/Microbreweries Proliferate
ALDI Scores Big Market Share in the U.S., UK and Europe with its Discount Supermarkets and Aggressive Investment/Walmart Dominates Grocery Retailing
The Future of the Food Industry, Agriculture, Food Demand, Supermarkets and Online Food Retailing

Plunkett Research Provides In-Depth Tables for the Following Food Industry Statistics

U.S. Food Industry Statistics and Market Size Overview
Global Food Industry Statistics and Market Size Overview
Food Sales, U.S.: 2020-September 2023
Income Statement for U.S. Farm Sector: 2019-2023
Federal R&D & R&D Plant Funding for Agriculture, U.S.: Fiscal Years 2021-2023
Value Added to the U.S. Economy by the Agricultural Sector via the Production of Goods and Services: 2018-2023
Summary of U.S. Agricultural Trade Projections: Fiscal Years 2020-2031
Total U.S. Agricultural Commodity Exports & Imports, Top Ten Countries: 2018-February 2023
Food Industry Employment, U.S.: 2018-October 2023
Food Preparation and Serving Related Employment and Wage Estimates by Occupation, U.S.: May 2022
World Supply & Utilization of Major Crops: 2021-2024
World Supply & Utilization of Major Animal Products: 2019-Oct 2024

Organizations that have used our research and products

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Plunkett’s Food Industry Market Research

Food, Beverage and Grocery OVERVIEW

WE PROFILE HUNDREDS OF TOP COMPANIES:

PLUNKETT PROVIDES IN-DEPTH STATISTICS TABLES COVERING THE FOLLOWING INDUSTRY TOPICS:

Top Companies Profiled

The following is a partial listing for this industry. As a subscriber, you will have access to the leading companies and top growth companies. This includes publicly-held, private, subsidiary and joint venture companies, on a global basis as well as in the U.S.

Hundreds of Top Companies Profiled, Including:

PLUNKETT PROVIDES UNIQUE ANALYSIS OF THE FOLLOWING TRENDS THAT ARE DRIVING THIS INDUSTRY:

Organizations that have used our research and products

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