The production of Food, Beverages, and Tobacco in the US has shown a steady growth over the past decade. In 2023, the value stood at $1001.1 billion. Historical data indicates a consistent upward trend with minor fluctuations. Year-on-year variation for 2022 and 2023 was 1.39% and 1.34% respectively, reflecting a gradual growth. The CAGR over the last 5 years averaged 1.51%. Forecasted data suggests continued growth, reaching $1063.4 billion by 2028, with a projected 5-year CAGR of 0.95% and an overall growth rate of 4.86% during this period.
Future trends to watch for:
● Impact of technological advancements in food production.
● Regulatory changes impacting the industry.
● Shifts in consumer preferences towards healthier and sustainable products.
● Global economic factors affecting production costs and supply chains.
● Growth of plant-based and alternative protein products.