Study: Consumer spending on value-added products drives gains
Rising demand from foodservice establishments will also support growth.
U.S. demand for processed food is forecast to grow 1.8% annually in nominal terms through 2022, according to “Processed Food: United States,” a report released by Freedonia Focus Reports, Cleveland, Ohio.
Increasing levels of disposable personal income will support consumer spending on value-added products that offer high-quality food in a convenient format. Rising demand from foodservice establishments will also support growth. However, low commodity prices for key ingredients in processed food (e.g., beef, chicken, grain) will restrain faster demand gains.