Food & Drink - Europe

Europe

The Food & Drink market in Europe is expected to witness significant growth in the coming years.
In 2022, the total revenue in this market is projected to reach US$263.80m.
This impressive figure indicates the substantial potential and importance of the Food & Drink market sector in Europe.
Furthermore, the market is expected to experience a steady annual growth rate (CAGR 2022-2027) of 11.97%.
This growth rate is anticipated to drive the market volume to US$499.90m by 2027.
These numbers illustrate the positive trajectory of the Food & Drink market in Europe over the forecast period.
When examining the various revenue streams within the Food & Drink market, it is worth noting that in-app purchase (IAP) revenue is projected to reach US$76.57m in 2022.
This revenue source highlights the increasing popularity of digital platforms and mobile applications in the Food & Drink market sector.
Paid app revenue in the Food & Drink market is also expected to contribute significantly, with a projected value of US$8.52m by 2022.
This revenue stream showcases the willingness of consumers to invest in premium applications that enhance their food and beverage experiences.
Moreover, advertising revenue in the Food & Drink market is projected to reach US$178.70m in 2022.
This revenue category emphasizes the importance of marketing and promotional activities within the industry.
In terms of consumer engagement, the number of downloads in the Food & Drink market is projected to reach 85.72m downloads in 2022.
This figure demonstrates the high demand for food and drink-related applications and services among European consumers.
Additionally, the average revenue per download is expected to amount to US$3.08.
This metric provides insight into the monetization potential for businesses operating in the Food & Drink market.
When comparing global market performance, it is interesting to note that in the United States generates the highest revenue in the Food & Drink market, with a projected value of US$786.60m in 2022.
This exemplifies in the United States's strong position as a key player in the global food and beverage industry.
In summary, the Food & Drink market in Europe is poised for growth, with total revenue projected to reach US$263.80m in 2022.
The market's various revenue streams, including in-app purchases, paid apps, and advertising, are expected to contribute significantly to its overall success.
Furthermore, the high number of downloads and the average revenue per download indicate a promising future for the European Food & Drink market.

Key regions: United States, India, South Korea, Japan, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.