The food contract manufacturing market is expanding rapidly, surging from $154.23 billion in 2023 to $170.92 billion in 2024, at a CAGR of 10.8%. This growth is attributed to cost efficiency and health product demand. By 2028, the market is projected to reach $274.94 billion, growing at a CAGR of 12.6%. Key trends include technological integration and sustainability focus.
Major Driver In The Food Contract Manufacturing Market
The growth of the food contract manufacturing market is poised to surge due to the increased demand for food during the COVID-19 pandemic. The SARS-CoV-2 virus, causing COVID-19, has prompted a heightened focus on maintaining health through the consumption of healthy and hot food, which is believed to mitigate the effects of the infectious disease and boost immunity. In September 2022, The Bureau of Labor Statistics reported a 13.4% rise in food expenditures in 2021, compared to 10.5% in 2020. Additionally, consumer units' spending on food increased from 7,310 in 2020 to 8,289 in 2021. This elevated demand for food during the pandemic is a significant driver for the growth of the food contract manufacturing market, reflecting market sizes of X in 2023, Y in 2024, and Z in 2028.
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Food Contract Manufacturing Market Competitive Landscape
Christy Friedgram Industry, Hearthside Food Solutions LLC, Haco AG, Hamilton Beach Brands Inc., Nikken Foods Co. Ltd., The C.F. Sauer Company, Cosori Corporation, Tree Top Inc., Nu-World Foods Inc., SK Food Group Inc., De Banketgroep B.V., The Eli’s Cheesecake Co. LLC, Pacmoore Products Inc., The Fremont Company LLC, Action Pak Inc., LEM Products Holding LLC, Van Law Food Products Inc., Superior Supplement Manufacturing Inc., The Sausage Maker Inc., Fibro Foods LLP, Gourmia Inc., Thrive Foods LLC, SternMaid America LLC, ETA Lumis Foods Ltd., Samma Service S.r.l., Nutrascience Labs Inc., Hindustan Foods Limited, Cremica Agro Foods Ltd., Helander Company Inc., Magic Mill Enterprises LLC, The French’s Food Company LLC
Key Food Contract Manufacturing Market Trend
New product innovations are a prominent trend in the food contract manufacturing market. Companies in this sector are concentrating on developing innovative products to boost their market presence. For example, in March 2022, EnWave Corporation, a Canadian advanced technology firm, unveiled its advanced vacuum-microwave toll drying facility, REVworx. This facility provides on-demand contract manufacturing services for producing high-quality, vacuum-microwave dried snacks and ingredient applications. REVworx utilizes REV technology to reduce initial capital investment and accelerate market entry.
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Food Contract Manufacturing Market Segmentation
The food contract manufacturing market covered in this report is segmented –
1) By Services: Manufacturing Services, Packaging Services, Research and Development Services
2) By Manufacturing Process: Dry Blending, Spray Drying, Extrusion
By Geography:The regions covered in the food contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the food contract manufacturing market in 2023.
The Food Contract Manufacturing Global Market Report 2024 furnishes information about the global food contract manufacturing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
