How Much is the Food Industry Worth in 2024?

People need to eat, which is why the food industry is such an enormous market.

In fact, it’s worth trillions of dollars.

So, how much is the food industry worth in 2024?

The food and beverage industries combined are massive manufacturing sectors in the United States contributing more than 4% of the nation’s GDP (gross domestic product).

The overarching food industry has various sectors such as food manufacturing and agriculture which make up the largest share of the food industry’s overall value.

Moreover, there are grocery stores, supermarkets, and other kinds of food stores that account for a substantial portion of the food industry’s revenues.

In terms of the trillions of dollars generated in the food industry, more segments like restaurants, catering businesses, and other food-centric establishments are major contributors to the overall industry.

Lest we forget, the food industry also includes family-owned and operated farms, food distribution outlets, food marketing services, retail chain restaurants and big public food conglomerates.

The United States isn’t the only player in the food industry, of course.

China is the world’s leader in food production that also generates trillions of dollars.

India and Brazil are also huge players in the food industry.

In this article, the globe will be represented as we answer the question du jour.

Post Contents

1 Key Statistics
2 How Much is the Food Industry Worth in 2024?
3 FAQs
4 Conclusion
- 4.1 Sources

Key Statistics

As of 2023, the global food industry brings $9.4 trillion to the world’s GDP.
The United States food industry accounts for more than $1.5 trillion.
Global food production is expected to account for $4.4 trillion by 2026.
The food industry in China accounts for $1.493 billion as of 2023.
Russia ranks third in the global baby food market.
In Europe, food sales are expected to reach €1.2 trillion by 2026.
The food market’s biggest segment is in the Confectionery and Snacks market.
The Food Service segment of the food industry is expected to generate $997 billion in sales.
The global food service market size amounted to over $2.395 billion in 2022.
The food service segment is still 400,000 jobs below pre-pandemic numbers.

How Much is the Food Industry Worth in 2024?

1. As of 2023, the global food industry brings $9.4 trillion to the world’s GDP.

The global revenue of the food industry accounts for $9.4 trillion (USD) as of 2023.

Furthermore, the overall food market is expected to see a compound annual growth rate, or CAGR of 3.74% between 2023 and 2028.

(Statista)

2. The United States food industry accounts for more than $1.5 trillion.

The United States food industry generates over $1.5 trillion (USD).

The USDA reported that in 2022, the United States owns one of the biggest industries in the country contributing more than 4% of its GDP (gross domestic product).

The GDP is a significant measurement used to determine the final goods and services generated in the United States.

(Food Industry, 2022)

3. Global food production is expected to account for $4.4 trillion by 2026.

Since the global food industry has a long history of food production, it’s been measured in terms of annual growth since 1966.

Since 1966, the average annual growth rates of the food industry have come to 1.1%.

(ReportLinker)

4. The food industry in China accounts for $1.493 billion as of 2023.

China has the highest share of the food industry production market and accounts for $1.493 trillion.

In 2021, China’s good production accounted for $1.2 trillion.

Thus far, China is the world leader in food production.

The United States ranks second after China.

(ReportLinker, Statista)

5. Russia ranks third in the global baby food market.

In 2022, Russia ranked third in the global baby food market generating 5.34 billion (USD).

China ranked first at $17.47 billion (USD) in the baby food segment.

The United States generated $8.11 billion in the baby food segment in 2022.

(Statista²)

6. In Europe, food sales are expected to reach €1.2 trillion by 2026.

The food industry in European countries is expected to reach €1.2 trillion by 2026, which translates into over $1.278 trillion in USD.

The European food market has had an average 0.9% annual growth rate since 2016.

In 2021, Germany was the European market leader with €193.5 billion.

France, Italy, and Spain ranked second, third, and fourth respectively

(ReportLinker)

7. The food market’s biggest segment is in the Confectionery and Snacks market.

Does it surprise you to know that the Confectionery and Snacks segment of the food market is the largest?

That means mostly candy and sweets, though there are also some sugar-free and special diet sweets and snacks out there.

In 2023, this part of the food industry has a volume of $1.7 trillion (USD).

(Statista)

8. The Food Service segment of the food industry is expected to generate $997 billion in sales.

According to the United States National Restaurant Association’s 2023 State of the Restaurant Industry report, things are looking good.

It’s expected that this sector will generate $997 billion in sales over 2023.

Much of this will happen to inflation driving food prices up.

Additionally, the workforce in this market is expected to reach 15.5 million employs by the end of 2023.

(The Restaurant Association)

9. The global food service market size amounted to over $2.395 billion in 2022.

In 2022, reports revealed that the global food service segment of the food industry amounted to more than $2.395 billion.

Expert predictions revealed that the food service market will reach over $5.424 billion by 2030.

This is calculated by a CAGR of 10.79% over 2023 to 2030.

(Fortune Business Insights)

10. The food service segment is still 400,000 jobs below pre-pandemic numbers.

While many industries all over the world are struggling to recover after 3 years post-pandemic, especially in terms of jobs, the food service and restaurant industry portion of the overall food industry is still below pre-pandemic numbers by 400,000.

This is even though the food service industry added 2.8 million jobs in just that past two years.

(National Restaurant Association)

FAQs

What are Some Challenges Facing the Global Food Industry?

There are several challenges being mentioned regarding the food industry in 2023, which includes:

1. Inflation: The rising cost of food across the globe is impacting the overall food industry.
2. Climate change: It’s believed that climate change is impacting food production in terms of extreme weather like flooding, droughts, and heatwaves.
3. Geopolitical instability: Geopolitical instability in the food industry like war (think Ukraine) interrupt the food supply chain, which results in the rising cost of food.

What are Some Opportunities in the Food Industry?

Even in the wake of challenges in the global food market, we also find opportunities like these:

1. The increasing demand for sustainable and healthy foods is an opportunity for food companies to market these foods to meet the growing demand.
2. Emerging markets are rapidly increasing which helps drive the global food industry. Growth in the middle class of these markets is showing a demand for high-quality food.
3. The rise of innovative technologies like blockchain and AI (artificial intelligence) are believed to have the potential to revolutionize the worldwide food industry. Technology can be used to enhance food safety, improve the supply chain, and reduce waste.

What are Some Trends in the Global Food Industry?

We did some digging and found these trends in the global food industry.

1. The growth in alternative proteins like insect, plant-based, and meat protein products. It’s thought that plant-based diets and proteins are better for the environment and for overall health.
2. Personalized nutrition has been growing as the demand for foods with higher nutritional values are in demand.
3. The global pandemic boosted the growth of eCommerce in the global food industry.

Conclusion

We have learned that China leads the global food industry, and the United States is right behind it in food production and revenues in the food industry.

We also learned about the challenges, opportunities, and trends occurring in the global food industry as of 2023.

We hope you feel more enlightened about the global food industry after reading this article.

How much is the food industry worth in 2024?

Now we know that the figures are in the trillions of dollars realm.