Austo & Co’s 2020 food and beverage report largely focuses on three segments of the industry – Hot Beverage, Ready to Eat Breakfast Cereal and Noodles &Pasta.
The global food & beverage industry has experienced phenomenal growth due to factors like growing population, technological advancements, streamlined manufacturing processes, and more efficient supply chains. We expect these factors to sustain growth in the short to medium term, although, at a level that is slightly subdued due to the adverse impact of the COVID-19 pandemic. On a global scale, the recent trends in the food & beverage industry include; increasing importance of corporate environmental sustainability, innovative packaging and changes to regulations around nutritional facts.
Nigeria, with its large consumer market, has the potential to be the fastest-growing economy in Africa, with a projected annual GDP growth rate of 4.2% in the period 2016-2050 according to the IMF.
The report provides the following;