Driving Forces Learn NLP Research company Technavio projects a compound annual growth rate of more than 4% for the global food flavors market from 2020 to 2024, boosted by increasing demand for food flavors from the processed foods industry. 2020 will represent an inflection point for trust and transparency, 5G and time to purchase in the U.S. retail and consumer landscape. As of October, sales of plant based meats in the U.S. had reached $946.6 million, 10.2% more than the previous year: Sales could reach $1 billion in 2020. Online advertising spending is expected to continue to rise with 64% of respondents saying that their company will spend more money on online advertising in 2019. Nielsen's FMCG E-commerce study estimates that e-commerce's share of total FMCG value will increase 119% by 2022 and will be worth US$678 million. Online grocery delivery is rapidly growing: While its share of the $641 billion food market is currently only 5%, sales are expected to skyrocket to $100 billion by 2025. Consumer adoption of online grocery shopping is accelerating and could become a $100 billion business in the next four years. Online grocery sales in the United States are expected to reach $100 billion, up from $19 billion last year About a quarter of American households buy some groceries online, and more than 70 percent will use online food shopping within 10 years. 70 percent of consumers will be grocery shopping online by 2024. FMCG e-commerce is set for exponential growth as total retail e-commerce is predicted to grow by 20% or an additional $2.1 trillion by 2020. During the next decade, the percentage of people doing their grocery shopping online is expected to more than double. Consumer spend on online grocery shopping is forecast to reach $100 billion within the decade - the equivalent of 3,900 grocery stores based on store volume. Online grocery spending is expected to reach $100 billion by 2025 while the percentage of shoppers doing their grocery shopping online is estimated to more than double. 55 percent of global consumers will pay more for products and services offered by companies that make a positive social and environmental impact. While the coronavirus pandemic has brought about a behavioral shift among shoppers - a Nielsen survey suggests 93% of consumers around the world will now consider buying online - the global economic recession is clouding the outlook for cross-border e-commerce businesses. In the U.S. alone, Nielsen estimates show that consumers will spend up to $150 billion on sustainable consumer goods by 2021 and, within the next year, 25% of products in stores will be sustainable. In Europe alone, the online grocery market is expected to grow by 66% by 2023 while Nielsen forecasts that 70% of consumers globally will do their grocery shopping online by 2024. Nielsen projects legalized cannabis sales in the U.S. to reach $41 billion by 2025, although it acknowledged that most retailers and CPG companies are still in the early stages of learning about this market. Nielsen has predicted the market for all legalized cannabis, including CBD, to quintuple from $8 billion in 2018 to $41 billion by 2025. Sustainable product sales reached $128.5 billion in 2018, up 20 percent from four years prior; Nielsen projects 2021 to cash in on $150 billion worth of sustainability sales. By 2025, Nielsen projects that sales of all legalized cannabis in the U.S. will reach $41 billion: $35 billion from marijuana products and $6 billion from hemp-derived CBD products. Last updated: 18 April 2021 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No