- Growth of the U.S. food industry is expected to progress at a CAGR of 2.9% through 2022, according to the 2016 Food Packaging Trends and Advances report from PMMI, the Association for Packaging and Processing Technologies.
- The report predicts snacks, plus meat and meat-related product, segments will outperform the overall industry at 3% growth due to consumer preferences for convenience and portion control.
- Manufacturers with an international presence will see even faster growth in certain regions, particularly emerging markets like Argentina, Brazil, China, and India. Global growth rates for most segments are double the rates in the U.S., except meat and related products (8.5%) and candy and confections (8%), which are even higher.
The U.S. food and beverage industry is growing at a steady pace even as the population growth rate has slowed to 0.7% as of 2013, according to the Census Bureau. The recession was a key factor there, but the country's rebound in recent years has left consumers with more money to spend on food.
The industry is also expanding rapidly in terms of number of companies and products on the market. Consumers' renewed focus on health and how it relates to what they buy at the supermarket has been one of the main drivers of that expansion. This has led to the rise of food and beverage startups making any number of plant-based foods, meat snacks, and functional products.
Major manufacturers have since joined in to expand portfolios with better-for-you options, developed either in-house or through an acquisition of a smaller company. Portfolio expansion means consumers have more choices, and overall industry growth has been — and will continue to be — the result.