New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food Contract Manufacturing Global Market Report 2023" - https://www.reportlinker.com/p06351351/?utm_source=GNW
, Van Law Food Products Inc., Cremica Agro Foods Ltd., Sk Food Group, Haco AG, Hindustan Foods Limited, Christy Quality Foods, and Nikken Foods.
The global food contract manufacturing market grew from $139.38 billion in 2022 to $154.23 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The food contract manufacturing market is expected to grow to $220.43 billion in 2027 at a CAGR of 9.3%.
The food contract manufacturing market includes revenues earned by entities by providng food product development, beverage formulation, microbiome solutions, nutraceutical formulations, herbal formulation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included
The food contract manufacturing are used to handle the manufacturing of food production activities through other agencies.This includes activities such as preparation of school food services, and in others, meals may be catered for an event.
Food contract manufacturing refers to outsourcing in which one company hires another firm to manufacture food products. This helps the customer company focus more on branding and marketing.
North America was the largest region in the food contract manufacturing market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the food contract manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of services in the food contract manufacturing market are manufacturing services, packaging services, and research and development.Manufacturing services refer to services that are used in the food industry as they allow for the avoidance of investments in food production and packaging machinery, facilities, resources, and highly skilled personnel.
The various manufacturing processes include dry blending, spray drying, and extrusion.
Increasing food demand during the COVID-19 pandemic is expected to propel the growth of the food contract manufacturing market going forward.The SARS-CoV-2 virus causes the COVID-19 infectious disease.
Most people infected with the virus experience mild to moderate respiratory illness.Taking healthy and hot food at regular intervals helps to reduce the effect of COVID-19 and boosts immunity, which has thus increased the demand for food.
For instance, according to Oxford Press, a UK-based Oxford University Press, in 2020, in Europe, the demand for fresh bread increased by 76%, and frozen vegetables by 52%. Also, healthy food and beverage consumption increased, with vegetables by 33%, fruit by 29%, legumes by 26.5%, and extra virgin olive oil by 21.5%. Therefore, increased food demand during the pandemic is driving the growth of the food contract manufacturing market going forward.
New product innovations have emerged as the key trend gaining popularity in the food contract manufacturing market.Major companies operating in the food contract manufacturing sector are focused on developing new innovative products to increase their market share.
For instance, in March 2022, EnWave Corporation, a Canada-based advanced technology company, launched its state-of-the-art vacuum-microwave toll drying facility, REVworx.This facility offers on-demand contract manufacturing services for the production of high-quality, vacuum-microwave dried snacks and ingredient applications for food companies of all sizes.
REVwork uses REV technology that would lower the upfront capital investment and increase speed to market.
In December 2021, Hearthside Foods Solutions, LLC, a US-based company operating in food contract manufacturing acquired Weston Foods Inc for a deal of $ 296 million.Through this acquisition, Hearthside Foods Solution aims to expand its production capabilities and enhance geographic coverage.
Weston Food Inc is a Canada-based contract manufacturer of fresh and frozen baked products.
The countries covered in the food contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The food contract manufacturing market research report is one of a series of new reports that provides food contract manufacturing market statistics, including food contract manufacturing industry global market size, regional shares, competitors with the food contract manufacturing market share, detailed food contract manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the food contract manufacturing industry. This food contract manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06351351/?utm_source=GNW
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