Hospitality Verticals: Food & Beverage Market Size
The global market size of the food and beverage industry in 2020 is an estimated $4.71 trillion. Growing at a CAGR of 3.0%, the market size is expected to reach $5.0 trillion by 2022. However, this estimate was released prior to the COVID-19 crisis, which will likely heavily impact the food and beverage market. The extent to which each segment of the food and beverage industry will be affected, though, is not yet known.
- According to The Business Research Company's Food And Beverages Global Market Report 2019, the global market size for the food and beverage industry is expected to reach $5.0 trillion in 2022.
- Growing at an anticipated CAGR of 3.0%, the global food and beverage market size can be calculated for each year between 2019 and 2022 as follows.
- 2022: $5.0 trillion
- 2021: $4.85 trillion
- 2020: $4.71 trillion
- 2019: $4.57 trillion
- Therefore, the estimated global market size for the food and beverage industry in 2020 is $4.71 trillion.
- The Business Research Company has estimated the growth rate for the global food and beverage market to be 3.0% between 2019 and 2022.
- This would mean the market size would grow by an average of 3% each year to move from $4.57 trillion in 2019 to $5.0 trillion in 2022.
Despite extensive research through market reports, industry publications, and reputable news outlets, we were unable to find an estimated market size for 2019 or 2020. This information does exist, but it is behind paywalls and requires purchase. However, The Business Research Company published its anticipated market size for 2022 along with a CAGR, so we were able to calculate the approximate market size for 2020. The calculations are below.
2022: $5.0 trillion
2021: $4.85 trillion ($5.0 trillion / 1.03)
2020: $4.71 trillion ($4.85 trillion / 1.03)
2019: $4.57 trillion ($4.71 trillion / 1.03)
The report issued by The Business Research Company was completed before the COVID-19 crisis emerged. The global travel and tourism industry is likely to be significantly impacted by the virus, but no new market size estimates have yet been released. According to Vitafood's Insights, the global food and beverage industry has largely been negatively affected by the pandemic, but "it is yet to be understood what impacts and what magnitude of impact the outbreak of COVID-19 will have on the supply chain in the long term." As such, it is likely the estimates here are high, and may be adjusted down as the full impact of the virus on the industry is known.