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Introduction to the Food & Beverage Industry, Business and Industry Trends Analysis

The global food and agricultural industry for 2023 totaled about $11.1 trillion, according to Plunkett Research estimates, or roughly 11% of the world’s GDP.  Global food exports totaled about $2.0 trillion, per the World Trade Organization.  While it is obvious that food is of equal importance to all people on planet Earth, the relative cost of that food is not equal.  It varies widely due to such influences as location, local food industries and the availability of proper infrastructure for food transportation and storage.
Households in well-developed nations such as the U.S. Canada, Singapore and countries in Europe, spend a relatively modest portion of household income on food, typically 11%-15%.  In less-developed nations, such as Pakistan and parts of Africa, food may account for more than 40% of spending, making it hard for families to have any income left to invest in education or health care.
Inflation in food and restaurant prices has been a major issue for consumers in recent years.  In America, the average household spent $9,343 on food in 2022, up significantly from $8,289 during 2021 and $7,310 in 2020.  That included $5,703 spent on food for at-home dining, and $3,639 for dining out.
The retail food and beverage store industry in the U.S., which includes revenue from about 50,522 traditional grocery stores, totaled about $820.6 billion in revenues during 2023, according to U.S. Department of the Census figures.  However, food products and beverages in America and elsewhere are sold at a wide variety of stores other than supermarkets.  To get the full U.S. picture, it is important to consider food and beverage sales at 71,057 non-traditional food-sellers such as wholesale clubs, supercenters, dollar stores, drug stores and military stores.  Taking those stores into account, total retail store food sales (including traditional and non-traditional stores) reached an estimated at $1.8 trillion per Plunkett Research.
The National Restaurant Association estimated that, for 2024, its industry employed, in the United States, 15.7 million people at more than 1 million restaurants.  Estimates of total food industry revenues can vary widely due to many factors.  For example, a large portion of supermarket sales is made in non-food items such as drugs and personal care goods, and many types of non-food stores sell small amounts of specialty food products.  Also, the National Restaurant Association’s estimates of total annual revenues are always higher than figures gathered by researchers at the Census, and both groups may miss part of the revenues generated by caterers and other non-traditional prepared food sellers.  
Outside the U.S., food retailing has become more diverse and sophisticated in emerging markets.  For example, modern convenience stores are widespread in major Asian cities, such as the large number of highly popular 7-11 stores found in Thailand.  Also, discount stores that sell food products, among other items, are increasingly popular, evidenced by the rapid growth of Walmart in Mexico, and the continuing fast spread of stores in China owned by Walmart and its competitors.  Nonetheless, outside of the major cities, much of the food retailing in emerging markets is conducted by very modest local markets, often run as family operations.
Restaurant food sales are spreading very quickly in the emerging world as well.  For example, U.S. fast food brands KFC and Pizza Hut grew very quickly in China, with thousands of units in locations ranging from the giant metropolises such as Shanghai and Beijing to remote, smaller cities of growing importance.  The success of U.S. fast food outlets, as well as Starbucks, spawned a great number of domestic competitors within China.  Africa is the next frontier in fast food and food retailing in the emerging world.
U.S. farm sector values for crops, livestock and other products were projected to be $586.2 billion in 2023, according to the U.S. Department of Agriculture.  America’s agricultural sector enjoyed $171.4 billion in exports in 2023.  U.S. agricultural imports in 2023 were $185.8 billion.
Aquaculture (fish farming) was forecasted to produce 184.1 million tons of fish globally in 2022, up from only 66.1 million tons in 2010, according to the UN Food and Agriculture Organization.  This production is growing quickly.  By 2030, aquaculture is projected to provide two-thirds of total fish for human consumption. Fish farming is extremely active in the U.S. as well as in nations such as the Philippines, China, Norway and Vietnam.  Tilapia, salmon and shrimp are among the leading products.


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