Food and beverage markets are constantly shifting based on consumer preferences and changes in global supply chains. In 2024, we’re seeing previously niche markets (like oat milk) boom, while longstanding segments – like organic food – also experience a surge in demand.
Based on a report by the Business Research Company (BRC), we’ve put together a list of five key market segments in F&B that are gaining traction globally this year.
BRC’s research shows that a growing vegan population around the world is driving growth in the oat milk market. Consumers are opting to reduce or completely cut out animal products from their diet in order to improve their health, manage their weight, and because of animal welfare and sustainability concerns. And oat milk has become an obvious alternative: with vitamin-fortified options that offer health benefits along with a satisfying creamy texture.
In fact, that texture is behind another of the drivers of oat milk growth: the coffee industry. Baristas love oat milk as a plant-based alternative to dairy, because it steams beautifully. Even non-vegan coffee drinkers are increasingly switching to oat milk coffee drinks – based on taste and texture, rather than dietary restrictions.
The oat milk market size in 2023 stood at USD $2.99 billion, and grew to $3.25 billion in Q1 2024 – at a CAGR of 8.6%. It’s predicted the CAGR will increase to 9.6% until 2028, when the market size will reach $4.69 billion.
Speaking of coffee drinkers – the coffee capsule market is also surging, expected to reach $15.24 billion in 2024 (up from $13.77 billion in 2023). That 10.7% CAGR is down to a range of factors, including the uptick in at-home coffee setups since COVID-19 lockdowns; increased retail availability and online distribution; and the expiration of patents that have allowed more players to tap into the market.
Continued growth is expected, with the market forecast to hit $21.53 billion by 2028. Innovators will continue to offer more flavour profiles and capsule design improvements; along with much-demanded sustainability initiatives.
Organic food goes through phases – with market surges tempered by declines, as consumer trust in the marketing campaigns that surround organic food uptake tends to waiver.
Right now though, the global organic food market is on the climb: growing from $244.82 billion in 2023 to $279.19 billion in 2024, at a very healthy CAGR of 14.0%.
Why?
BRC’s research puts it down to factors including increased awareness of food product quality and microbiome health; food safety concerns; digital marketing; and economic growth among certain demographics that enables them to spend more on quality food.
Continued growth is expected during the forecast period, with the market predicted to hit $489.75 billion in 2028.
Valued at $1496.23 billion in 2023, the global halal food market has climbed at a CAGR of 15.5% to $1727.74 billion in 2024. While the Asia-Pacific was the main focus for this market in 2023, market reach in other regions continues to increase – including Western Europe, Eastern Europe, South America, North America, and the Middle East and Africa.
As well as an increasing Muslim population, halal certified products are gaining traction outside of religious communities due to their focus on quality and product innovation. And technological integrations, including blockchain and IoTs, are improving transparency – so more consumers can trust the validity of halal products.
The market is expected to grow at a CAGR of 14.1% until 2028, when it’ll reach a global valuation of $2928.57 billion.
Chicken may not be trending like oat milk – but the poultry market is still one to watch. Valued at $360.5 billion in 2023, it’s forecast to reach $385.37 billion in 2024, growing at a CAGR of 6.9%.
A low fat meat option packed with high quality proteins, chicken is growing in popularity among health-conscious consumers due to awareness of its health benefits. Sales are also benefiting from economic expansion in emerging markets around the world, some of which are seeing increased meat consumption in general; and rising disposable incomes in some of those markets too.
During the forecast period until 2028, the poultry market is expected to grow at a CAGR of 6.4%, hitting a value of $494.55 billion.
And within that growth, key trends will include a preference for organic poultry; AI integration in poultry supply chains; and strategic partnerships to boost market reach.
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