The Food Contract Manufacturing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Food Contract Manufacturing Global Market Report 2024, The food contract manufacturing market size has grown rapidly in recent years. It will grow from $154.23 billion in 2023 to $170.92 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to demand for cost efficiency, focus on core competencies, market expansion and geographic reach, seasonal demand fluctuations, regulatory compliance and quality assurance, flexibility in production capacities.
The food contract manufacturing market size is expected to see rapid growth in the next few years. It will grow to $274.94 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to rise in health and wellness products, e-commerce and direct-to-consumer trends, clean label and sustainable practices, global market penetration, plant-based and alternative foods. Major trends in the forecast period include technological integration and industry 4.0, technology integration, sustainability focus, customization demand, global supply chain optimization.
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. For instance, in September 2022, according to The Bureau of Labor Statistics, a US-based federal agency, in 2021, there was a 13.4% rise in food expenditures, marking an increase from the 10.5% recorded in 2020. Additionally, consumer units’ spending on food amounted to 7,310 in 2020, which saw an uptick to 8,289 in 2021. Therefore, increased food demand during the pandemic is driving the growth of the food contract manufacturing market going forward.
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The food contract manufacturing market covered in this report is segmented –
1) By Services: Manufacturing Services, Packaging Services, Research and Development Services
2) By Manufacturing Process: Dry Blending, Spray Drying, Extrusion
Major companies in the food contract manufacturing market are directing their efforts towards establishing plant-based manufacturing sites to align with the growing demand for plant-based food products and sustain their market presence. A plant-based manufacturing site refers to a facility or location specifically designed and equipped for the production of plant-based products. For instance, in November 2022, ETA Lumis Foods, a US-based food contract manufacturing company announced the launch of its flagship facility in New Jersey. The recently constructed, cutting-edge facility spans 12,000 square feet and is outfitted with a state-of-the-art GEA processing line, along with an EV88 Clextral Twin Screw machine. ETA Lumis maintains affiliations with reputable organizations, including The Good Food Institute, Plant-Based Food Association, and Private Label Manufacturers Association.
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 Market analysis
5.Food Contract Manufacturing Market Size And Growth
6.Food Contract Manufacturing Segmentation
7.Food Contract Manufacturing Regional And Country Analysis
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27.Food Contract Manufacturing Competitive Landscape And Company Profiles
28.Food Contract Manufacturing Key Mergers And Acquisitions
29.Food Contract Manufacturing Future Outlook and Potential Analysis
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