Atradius – Global and regional food outlook, 2024

The food and beverage industry is a fundamental sector that has remained somewhat insulated against economic downturns compared to non-essential goods. However, the industry also faces challenges due to high inflation and interest rate payments impacting consumer demand for luxury and non-essential items. Atradius Trade Sector Experts from different regions provide insights and forecasts for the industry's performance. The outlook for global food and beverages production shows a predicted increase of 3.2% this year and 3.3% in 2025, with expectations of easing food prices for consumers. However, factors like El Niño, geopolitical conflicts such as the war in Ukraine and climate risks, may threaten industry growth. Global food prices are expected to stay above 2019 levels due to drivers like energy prices, transport and labor costs, and geopolitical conflicts could disrupt market stability. Despite challenges, there are signs of stability in the North American market.