Global food retail sales comprise more than $4 trillion annually. The food industry includes various categories of food such as organic food, dairy, eggs, fish and seafood, fruits and vegetables, snacks and sweets, meat and poultry, cereal-based foods, and condiments and sauces, among others. The industry has evolved rapidly in the past twenty years owing to technological advancements. The increasing demand for enhanced foods and that too in large quantities is also driving other industries along with the food industry, as evidenced by the growing number of supermarkets, convenience stores, gasoline outlets having grocery sections, and hypermarkets. Amongst these, hypermarkets and supermarkets held the biggest share in the market on the basis of sales.
The rising global population and demand for convenience foods will fuel the food industry. The changing preferences of consumers around the world have resulted in varied tastes resulting in increasing ethnic food demand and demand for various microwaveable food items. The region of Asia Pacific holds the biggest share in the food industry and represents more than 45% in the market. The key players in the market include Associated British Foods PLC., The Coca-Cola Co., General Mills, Inc., Kellogg Co., Mars, Inc., Mondelez International, Inc., PepsiCo Inc., Unilever Group, and Groupe Danone S.A., among others.
The information portrays the prime aspects of the food industry and presents current and up to date analysis of the overall market. Various market dynamics including market drivers and restraints and their effect on the growth of the market is also a part of this study. The rising mergers and acquisitions in this sector will further drive the market in the coming years.