Wilmington, Delaware, May 21, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Staple Food Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, by Nature, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global staple food market generated $1.7 trillion in 2022, and is anticipated to generate $3.2 trillion by 2032, rising at a CAGR of 7.2% from 2023 to 2032.
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Prime Determinants of Growth
The rising demand for sustainably sourced and organic staple foods, innovations in agricultural technology, and the supportive government policies, including subsidies and agricultural incentives, are the factors expected to drive the growth of the global staple food market in the forecast period from 2023 to 2032. However, the stringent food safety standards and the adverse climate conditions may restrict market growth in the coming future. Contrarily, the rise of e-commerce and the increasing popularity of plant-based diets are expected to offer remunerative opportunities for expanding the staple food market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.7 trillion |
| Market Size in 2032 | $3.2 trillion |
| CAGR | 7.2% |
| No. of Pages in Report | 340 |
| Segments covered | Product Type, Nature, Distribution Channel, and Region |
| Drivers |
|
| Opportunities |
|
| Restraints | Stringent government regulations |
Product Type: Cereals Sub-segment to Witness Significant Growth by 2032
The cereals sub-segment accounted for the largest global staple food market share of 22.0% in 2022 and is expected to witness substantial growth during the forecast period. The growing preference for healthier options among consumers propels the demand for whole grains like oats, quinoa, and brown rice, driving cereal market dynamics. Agricultural technological advancements enhance production efficiency and sustainability, influencing cereal availability and costs.
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Nature: Conventional Sub-segment to be the Most Dominant During the Forecast Period
The conventional sub-segment accounted for the largest global staple food market share of 69.2% in 2022 and is expected to hold major share and rise at the highest CAGR of 7.4% during the forecast period. The demand and production of conventional staple foods are primarily driven by a complex interplay of social, economic, and cultural factors. These foods, deeply rooted in cultural practices, serve as culinary staples and symbols of identity for various regions. Rice, integral to many Asian cultures, and wheat-based products like bread in Western diets, exemplify how traditional practices and cultural identity sustain the demand for these foundational food items.
Distribution Channel: Wholesale Distributors Sub-segment to Flourish Immensely by 2032
The wholesale distributors sub-segment held the largest market share of 28.2% in 2022 and is predicted to continue to hold major share by 2032. Enhancing supply chain efficiency, cost reduction, and responsiveness to consumer demands are three pivotal driving factors for the sub-segment. These distributors serve as vital intermediaries, optimizing logistics, transportation, and inventory management to meet market demands efficiently. Strengthening relationships with retailers and end-users through exceptional customer service, consistent product quality, and punctual deliveries remains imperative for sustained success in this dynamic market.
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Region: Asia-Pacific Market to be the Most Prominent During the Forecast Period
The Asia-Pacific staple food market accounted for the largest share of 32.2% in 2022 and is predicted to continue its dominance and grow at the highest CAGR of 8.2% during the forecast period. Rapid population growth, urbanization, and increasing incomes are three major driving factors shaping market growth. As cities expand and populations soar, the demand for essential foods escalates. Urban consumers, with different dietary preferences, drive shifts in market dynamics, while rising incomes encourage diet diversification, yet staple foods maintain their pivotal role in traditional diets amidst economic growth.
Leading Players in the Staple Food Market:
- Danone
- Nestle
- PepsiCo
- JBS S.A.
- Cargill
- Mondelez
- AB InBev
- Coca-Cola
- DIAGEO PLC
- ADM Company
The report provides a detailed analysis of the key players of the global staple food market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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