Released August 29, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--If you missed this week's webinar on the spending outlook for the global Food & Beverage Industry, you'll soon be able to catch it in Industrial Info's On-Demand Webinar Library. In the webinar, Randy Godet, Industrial Info's vice president of research for the Food & Beverage Industry, discussed the trends and drivers affecting the sector and how these are affecting spending both now and in the future.
Godet emphasized that the Food & Beverage Industry is quite resilient, being one of the few industries that actually increased spending at the height of the COVID-19 pandemic and maintaining fairly high levels of capital expenditure since that time. Nevertheless, some slowdown in spending is expected this year as many companies take a breather from larger projects and focus instead on smaller projects with higher returns on investment. Some larger projects are also being shifted from this year to 2025 or later.
This being said, Industrial Info is tracking more than $357 billion worth of food and beverage projects kicking off in 2024-25 throughout the world, including nearly $115 billion worth in the U.S. and Canada. Many companies in the U.S. are waiting to see how this year's presidential election pans out before making any large commitments to capital spending.
Noting that there are more than 45,000 operational food and beverage plants throughout the world and 3,000 that are in the planning or engineering stage, Godet highlighted various trends by region, discussing China's high spending in the meat and poultry sector, the alcoholic beverage market in Africa and the decline in green project spending in Europe, among other things. Of special note was the Middle East, which although representing a small sliver of the overall market, is showing $11 billion in new construction as the region seeks to secure food independence.
Before taking questions, Godet ended his prepared remarks with a breakdown of trends by industry segment, discussing the contraction, growth or flatness seen. Of note was a bit of contraction in the agribusiness sector after demand for alternative fuels feedstock has flattened, although 67 capital-intensive sugar plants have been proposed for construction over the next two years. The meat, poultry and seafood sector has seen a sharp decline in spending for most of the world, showing a pullback from larger, high-dollar projects; to a certain extent, aquaculture projects to produce seafood help buoy the sector. The beverage sector also shows strength globally, with soft drinks and nutritional beverages gaining ground as spending on breweries and distilleries declines.
If you missed this complimentary webinar or would like to review some of its highlights, make sure to visit our On-Demand Webinar Library for this and other past presentations!
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Godet emphasized that the Food & Beverage Industry is quite resilient, being one of the few industries that actually increased spending at the height of the COVID-19 pandemic and maintaining fairly high levels of capital expenditure since that time. Nevertheless, some slowdown in spending is expected this year as many companies take a breather from larger projects and focus instead on smaller projects with higher returns on investment. Some larger projects are also being shifted from this year to 2025 or later.
This being said, Industrial Info is tracking more than $357 billion worth of food and beverage projects kicking off in 2024-25 throughout the world, including nearly $115 billion worth in the U.S. and Canada. Many companies in the U.S. are waiting to see how this year's presidential election pans out before making any large commitments to capital spending.
Noting that there are more than 45,000 operational food and beverage plants throughout the world and 3,000 that are in the planning or engineering stage, Godet highlighted various trends by region, discussing China's high spending in the meat and poultry sector, the alcoholic beverage market in Africa and the decline in green project spending in Europe, among other things. Of special note was the Middle East, which although representing a small sliver of the overall market, is showing $11 billion in new construction as the region seeks to secure food independence.
Before taking questions, Godet ended his prepared remarks with a breakdown of trends by industry segment, discussing the contraction, growth or flatness seen. Of note was a bit of contraction in the agribusiness sector after demand for alternative fuels feedstock has flattened, although 67 capital-intensive sugar plants have been proposed for construction over the next two years. The meat, poultry and seafood sector has seen a sharp decline in spending for most of the world, showing a pullback from larger, high-dollar projects; to a certain extent, aquaculture projects to produce seafood help buoy the sector. The beverage sector also shows strength globally, with soft drinks and nutritional beverages gaining ground as spending on breweries and distilleries declines.
If you missed this complimentary webinar or would like to review some of its highlights, make sure to visit our On-Demand Webinar Library for this and other past presentations!
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
