General food typically includes wheat, coarse grains, rice, oil & meals, sugar, meat products, milk & derived products and fisheries. Broadly, food market is categorized as functional, organic and packaged food products. With stable production and ample stocks, global food market is expected to have stable supplies and prices in next few years. Wheat being the most consumed cereal grain may retain its highest position in the market; however, may witness drop in market share due to shift towards maize.
Other than fruits & vegetables market, processed and packaged food market is expected to drive global food industry. Within processed food market, frozen & canned food products dominate the market by revenue. In addition, demand for packaged food products is also increasing because of urbanisation and growing disposable income.
Food retail market is also witnessing growth because of increasing consumer spending on food items, rising preference for private labels and growing supermarket shopping culture. Super/hypermarkets and convenience stores are basic retail formats, where, super/hypermarkets account for the largest share of retail food sales with health & wellness product as the most demanded products.
Food market is witnessing rising consumer traction towards performance or sports nutrition resulting in higher demand for sports food and drinks like protein bars, energy bars, ready-to-drink (RTD) products and sports supplements. These products are generally consumed for strength building and in addition they also provide other benefits such as strengthening of immunity, weight management, among others.
Food safety has become a global concern because of increasing incidences of food borne diseases due to microbial hazards, chemical food contamination and emergence of genetically modified foods. To address these concerns, improvement in safety standards are being implemented in middle-income and developing countries through Global Food Safety Partnership (GFSP). Stringent regulatory framework in placed by the governments is also going to augment growth of food safety testing devices market.
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