The Food Contract Manufacturing Global Market Report 2023 by The Business Research Company, provides food contract manufacturing market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Food Contract Manufacturing Global Market Report 2023, the market size grew from $139.38 billion in 2022 to $154.23 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the food contract manufacturing market is expected to grow to $220.43 billion in 2027 at a CAGR of 9.3%.
Increasing food demand during the COVID-19 pandemic is expected to propel the growth of the food contract manufacturing market going forward. The SARS-CoV-2 virus causes the COVID-19 infectious disease. Most people infected with the virus experience mild to moderate respiratory illness. Taking healthy and hot food at regular intervals helps to reduce the effect of COVID-19 and boosts immunity, which has thus increased the demand for food.
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The food contract manufacturing market is segmented:
1) By Services: Manufacturing Services, Packaging Services, Research and Development Services
2) By Manufacturing Process: Dry Blending, Spray Drying, Extrusion
Increasing food demand during the COVID-19 pandemic is expected to propel the growth of the food contract manufacturing market going forward. The SARS-CoV-2 virus causes the COVID-19 infectious disease. Most people infected with the virus experience mild to moderate respiratory illness. Taking healthy and hot food at regular intervals helps to reduce the effect of COVID-19 and boosts immunity, which has thus increased the demand for food.
The food contract manufacturing market report table of contents includes:
1. Executive Summary
2. Food Contract Manufacturing Market Characteristics
3. Food Contract Manufacturing Market Trends And Strategies
4. Food Contract Manufacturing – Macro Economic Scenario
5. COVID-19 Impact On Food Contract Manufacturing Market
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