Agrifood Sector Report 2023
Summary of 2022 performance, general outlook for 2023 and regional focus
- The global agrifood market has continued to grow despite supply tensions and war in Ukraine.
- The market grew from 8.28 USD trillion in 2021 to 8.67 USD trillion in 2022.
- It is projected to reach 9.43 USD trillion in 2023 and about 12 USD trillion by 2027.
- This represents an expected +6% CAGR over 2023-2027.
- The growth is driven by factors such as population growth, technological advancements, and shifting consumer preferences.
- The ongoing war in Ukraine has created challenges and uncertainties in the sector.
- Despite declining volumes in production and sales, food products are non-reducible, allowing firms in the sector to compensate lower volumes with higher sales prices.