Between 2013 and 2023, the production volumes of food products in the US fluctuated, with notable declines in 2014 (-0.14%), 2017 (-0.6%), and most significantly, 2020 (-4.37%). Despite these drops, there were several years of growth, peaking in 2021 with an 8.11% increase. The Compound Annual Growth Rate (CAGR) over the last five years was 0.73%, reflecting moderate but steady growth.
In 2023, the production volumes reached 818.66 billion US dollars. This upward trend is projected to continue, with production volumes forecasted to rise to 847.33 billion US dollars by 2028, signifying a forecasted 5-year CAGR of 0.52%.
Looking ahead, trends to watch for include technological advancements in food production, shifts in consumer preferences towards healthier options, and the impact of environmental regulations. Additionally, potential disruptions in supply chains and global economic conditions could influence future production volumes.