The food industry is thriving with substantial growth and economic impact. As the global human population continues to rise, the global food market has seen remarkable expansion, achieving an annual revenue of $10 trillion and contributing to nearly 12% of the world's GDP. As we set foot into a new dawn full of technological advancements, companies have begun projects to in all sections of the value chain. Regulations have also been put in place in North America and the EU promoting the practice of sustainable future of food.
Key factors driving transformative changes in the global food market landscape include:
Plant-based Alternatives Gaining Prominence
As consumers become more health-conscious and environmentally aware, there's a significant shift towards plant-based diets. Consequently, we see an explosion of plant-based alternatives to traditional animal products such as burgers, milk, cheese, and even seafood.
Clean Label Products on the Rise
Consumers are increasingly scrutinizing food labels, seeking products with simple, recognizable ingredients and minimal additives. Clean labeling extends beyond ingredients to encompass ethical sourcing, sustainable production practices, and even eco-friendly packaging, reflecting a holistic approach to food transparency and sustainability.
Sustainability a Major Focus
Companies are under pressure to reduce their environmental footprint across the entire supply chain, from sourcing ingredients to manufacturing and distribution. Additionally, consumers are increasingly choosing products from companies with transparent sustainability initiatives, driving a shift towards more environmentally responsible food choices.
Technological Innovation in Demand
The food industry is ripe with innovation, driven by the quest for more sustainable, nutritious, and ethical food options. Technologies like cellular agriculture, which involves growing meat or other animal products from cultured cells in a lab setting, offer promising alternatives to traditional animal agriculture. Additionally, advancements in food science and biotechnology are enabling the development of novel ingredients, flavors, and textures, expanding the possibilities for creating innovative and exciting food products that cater to evolving consumer preferences.
Join us for the 'Future of Food Roundtable’ in Las Vegas on October 28, 2024. Held parallel to Supply Side West 2024, this exclusive networking fourm shal host 20+ industry veterans and prominent business leaders as we explore sustainable food practices and their future impact worldwide!
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