Study: Digitization, personalization, sustainability, meat alternatives define agriculture & nutrition industry in 2019
Sustainability remains a key issue for the food and beverage packaging industry, with plastic packaging facing substitution pressures.
While technology offers the greatest opportunities for the agriculture and nutrition industry, enabling technology to deliver on personalization is the next big thing, according to a report released by Frost & Sullivan, Santa Clara, Calif. Retailers will take advantage of consumer trends with free-form and meat substitutes receiving more shelf space. Finally, sustainability remains a key issue for the food and beverage packaging industry, with plastic packaging facing substitution pressures. What’s more, the global processed food and beverage industry was valued at $3.28 trillion in 2018, with revenues expected to reach $3.41 trillion by the end of 2019. This will provide a year-on-year growth rate of 3.9%, although the revenue trajectory varies widely by product segment and geography.
"Social trends such as population growth and urbanization are expected to support growth in demand for processed food and beverage products," says Christopher Shanahan, global director, agriculture and nutrition. "Furthermore, consumers increasingly want value-add food, which will spur further growth opportunities in this sector."