This year, a deceleration in global food and beverages production is anticipated, except in the Asia-Pacific region. The overall output is projected to increase by a modest 1.4%, and sector investment is expected to grow by 4.3%, a decline from the 6.5% observed in 2022.
Several factors contribute to the persistent high prices, prompting consumers to reduce spending on non-essential food items. Foremost among these factors are supply challenges, predominantly influenced by the conflict in Ukraine. The non-renewal of the Russia-Ukraine grain agreement has significantly impacted the global food industry due to Ukraine’s substantial contributions—accounting for 4% of global wheat supply, 13% of corn, and over a third of the worldwide sunflower oil trade.
Read more here: https://atradius.ca/reports/industry-trends-food-industry-trends-2023.html
