From 2013 to 2023, the production of food and beverages in the US demonstrated variable growth with notable fluctuations. The period exhibited a mix of incremental growth and occasional declines, highlighted by a 3.7% year-on-year increase in 2014 and a significant 8.88% rise in 2021, followed by a modest 1.32% growth in 2023, where the production value stood at 934.18 billion US dollars. The compound annual growth rate (CAGR) over the last five years up to 2023 was 1.5%.
Forecasts from 2024 to 2028 predict continued growth, though at a slightly slower pace, with a five-year CAGR of 1.03%. By 2028, the production value is expected to reach 998.71 billion US dollars, reflecting an overall growth rate of 5.26% from 2024.
Trends to watch for include:
- Impact of technological advancements on production efficiency.
- Shifts in consumer preferences towards sustainable and health-conscious products.
- Regulatory changes affecting the industry.
- Potential economic disruptions and their effects on production and supply chains.