Agrifood Sector Report 2023

Summary of 2022 performance, general outlook for 2023 and regional focus

June 2023

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.

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