The output of food in the US has shown a notable upward trend from 2013 to 2023, with the value reaching 896.62 billion US Dollars in 2023. The recent year-on-year variations include a 1.94% increase in 2022 and a 1.89% rise in 2023. Over the last five years, the compound annual growth rate (CAGR) stands at 2.89%, indicating steady growth. Forecasts suggest continued growth with a projected 1.37% CAGR over the next five years, leading to a total growth rate of 7.04% by 2028.
Future trends to watch include:
- Potential impacts of technological advancements in food production
- Shifts in consumer demand towards sustainable and organic foods
- Regulatory changes that could affect the food industry
- Global economic factors influencing food export and import dynamics