From 2013 to 2023, the US production of food products expanded fairly irregularly. Starting at $750.61 billion in 2013, the market showcased an overall growth trajectory with fluctuations. There were minor declines in 2015, 2016, and 2022, while notable growth was seen in 2014, 2019, and 2021. The latest data from 2023 puts the production value at $835.08 billion. Notably, the CAGR from 2018 to 2023 stands at approximately 1.53%, indicating steady albeit slow annual growth.
Future trends indicate a continuous rise in production value, projected to reach $893.4 billion by 2028. The forecasted CAGR from 2024 to 2028 is 1.04%, reflecting consistent albeit moderate growth. Expectations for the next five years include sustained advances, driven by technological innovations, shifts in consumer preferences, and potential regulatory changes.
Trends to watch for in the future:
- Health and wellness driving product innovation
- Technological advancements in food production
- Increased focus on sustainability and eco-friendly practices
- Fluctuations in raw material prices affecting production costs
- Changing consumer behavior and preferences