What Is The Overview Of The Global Staple Food Market?
Staple food refers to essential dietary items that form the foundation of a region or culture's diet, typically providing a significant portion of daily calorie intake. These foods are often abundant, affordable, and widely accessible, serving as reliable sources of nutrition and energy for populations.
Staple Food Global Market Report 2024 provides data on the global staple food market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The staple food market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Staple Food ?
The staple food market has experienced strong growth, rising from $1616.98 billion in 2023 to $1728.79 billion in 2024, with a CAGR of 6.9%. This growth is attributed to advancements in agricultural practices, population growth, and investment in agriculture. The market is projected to grow to $2269.32 billion by 2028, at a CAGR of 7.0%. Growth drivers include plant-based diets, sustainable food sourcing, and organic food demand. Trends include innovations in agricultural technology, sustainable farming practices, and the rise of precision agriculture.
What Factors Are Driving Growth In The Staple Food Market?
The growing popularity of plant-based diets is anticipated to drive the expansion of the staple food market in the coming years. These diets emphasize the consumption of plant-derived foods such as vegetables, fruits, nuts, seeds, grains, legumes, and beans. This trend is fueled by heightened awareness of the health benefits, environmental sustainability, and ethical concerns regarding animal welfare. Staple foods like grains, legumes, and vegetables are gaining importance due to their role in providing nutrition, supporting sustainable farming, reducing reliance on resource-intensive animal farming, and promoting environmental well-being. For example, as reported by the Plant Based Foods Association in December 2021, U.S. retail sales of plant-based foods reached a record $7.4 billion in 2021, reflecting a 6.2% growth compared to the previous year. This growth rate outpaced overall food retail sales, with plant-based foods accounting for 2.7% of retail packaged meat sales and 1.4% of the total meat market. Consequently, the rising popularity of plant-based diets is fueling the staple food market.
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What Are The Main Segments Of The Global Staple Food Market?
The staple food market covered in this report is segmented –
1) By Product : Cereals, Sugar, Roots And Tuber, Fruit, Vegetables, Oil, Other Products
2) By Nature: Organic, Conventional
3) By Distribution Channel: Wholesale Distributors, Online Retailers, Other Distribution Channels, Direct-to-Consumer (D2C), Retail Stores
What Emerging Trends Are Influencing The Growth Of The Staple Food Market?
Leading players in the staple food market are innovating with products like Instabowls to meet the rising demand for quick, nutritious, and convenient meals. Instabowls offer a portable breakfast solution, allowing consumers to enjoy cereal with instant milk created by simply adding cold water. In September 2022, Kellogg Company, a U.S.-based food giant, introduced Instabowls in four classic cereal varieties: Frosted Flakes, Froot Loops, Apple Jacks, and Raisin Bran Crunch. This innovation solves the challenge of accessing milk on the go, enabling consumers to enjoy their favorite cereals anywhere.
What Is The Largest Region In The Staple Food Market?
Asia-Pacific was the largest region in the staple food market in 2023. The regions covered in the staple food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
