With food still reaching up to 112.0 points on the FAO Food Price Index in 2023, this post breaks down the year to year swings in prices alongside energy use, hunger and health impacts, and the growing costs and innovations shaping how food gets produced, processed, and delivered.
Key Takeaways
- Global food price index averaged 112.0 points in 2023 (FAO Food Price Index)
- FAO Food Price Index averaged 126.3 points in 2022
- FAO Food Price Index averaged 99.8 points in 2021
- Food loss and waste contributes 8%–10% of global greenhouse gas emissions (IPCC AR6)
- Food systems account for roughly one-third of global GHG emissions (IPCC AR6 WG3)
- Global undernourishment affected 735.1 million people in 2022 (FAO SOFI 2023)
- The global food and beverage market size was $8.6 trillion in 2023 (industry estimate—MarketLine/IMF datasets)
- Global retail food delivery revenue exceeded $200 billion in 2023 (industry estimates summarized by Statista press pages)
- The global food packaging market was valued at $414.2 billion in 2022 (Fortune Business Insights—packaging market report page)
- The share of the population that is undernourished was 8.9% in 2022 (FAO SOFI 2023)
- Stunting affects 22.3% of children under 5 globally (UNICEF-WHO-World Bank Joint Child Malnutrition Estimates 2023)
- Wasting affects 6.7% of children under 5 globally (UNICEF-WHO-World Bank Joint Child Malnutrition Estimates 2023)
Food prices eased in 2023, but millions still face insecurity, loss, and foodborne illness worldwide.
Cost Analysis
1Global food price index averaged 112.0 points in 2023 (FAO Food Price Index)[1]
Verified2FAO Food Price Index averaged 126.3 points in 2022[1]
Verified3FAO Food Price Index averaged 99.8 points in 2021[1]
Verified4FAO Food Price Index averaged 104.5 points in 2020[1]
Directional5FAO Food Price Index averaged 97.3 points in 2019[1]
Single source6Food and beverage manufacturing accounts for 17% of total manufacturing energy use in the United States (2021)[2]
Verified7In the United States, food manufacturing used 33.2 billion kilowatt-hours of electricity in 2021[3]
Verified8In the United States, food manufacturing used 6.8 quadrillion Btu of energy in 2021[4]
Verified9The U.S. Department of Agriculture projects retail food price inflation of 2.5% for 2024 (USDA ERS projections)[5]
Directional10The U.S. Department of Agriculture projects retail food price inflation of 4.6% for 2023 (USDA ERS projections)[5]
Single source11The U.S. CPI food-at-home increased by 4.9% year-over-year in February 2024[6]
Verified12The U.S. CPI food-away-from-home increased by 4.5% year-over-year in February 2024[6]
Verified13The U.S. CPI food-at-home increased by 8.2% year-over-year in September 2022[6]
Verified14The U.S. CPI food-away-from-home increased by 8.7% year-over-year in September 2022[6]
Directional15In Japan in 2023, the cost of food increased by 3.1% (CPI food)[7]
Single source16In Australia in 2023, the cost of food increased by 4.2% (CPI)[8]
Verified17Food price inflation in India averaged 6.3% in 2023 (CPI food and beverages)[9]
VerifiedCost Analysis Interpretation
Food prices show persistent pressure across major economies, with the FAO Food Price Index rising from 97.3 in 2019 and 104.5 in 2020 to 126.3 in 2022 and 112.0 in 2023, while the US still faces 4.9% food-at-home inflation in February 2024 alongside 2.5% projected retail food price inflation for 2024.
Industry Trends
1Food loss and waste contributes 8%–10% of global greenhouse gas emissions (IPCC AR6)[10]
Verified2Food systems account for roughly one-third of global GHG emissions (IPCC AR6 WG3)[10]
Verified3Global undernourishment affected 735.1 million people in 2022 (FAO SOFI 2023)[11]
Verified4Global food insecurity affects an estimated 783.8 million people in 2022 (FAO SOFI 2023)[11]
Directional52.4 billion people did not have access to adequate sanitation-related hygiene services (context: WASH and nutrition linkages reported in WHO/UNICEF JMP)[12]
Single source6Worldwide, 30% of food produced is lost or wasted (FAO estimate)[13]
Verified7Fisheries and aquaculture production reached 213 million tonnes in 2022 (FAO State of World Fisheries and Aquaculture 2024 data)[14]
Verified8Global cereal production was 2.8 billion tonnes in 2022 (FAOSTAT/FAO cereal production aggregates)[15]
Verified9Global soybean production was 359.4 million tonnes in 2022/23 (USDA PSD/FAO-style aggregation—FAO statistics portal for oilcrops by crop year)[16]
Directional10Global wheat production reached 781.3 million tonnes in 2022 (FAO world wheat statistics)[17]
Single source11Global rice production was 518.6 million tonnes in 2022 (FAO world rice statistics)[18]
Verified12Global maize production was 1.20 billion tonnes in 2022 (FAO world maize statistics)[19]
Verified13Global sugar production reached 179.7 million tonnes in 2022 (FAO sugar statistics)[1]
Verified14Global cocoa bean production was 4.7 million tonnes in the 2022/23 season (ICCO quarterly statistics)[20]
Directional15Global tea production was 5.9 million tonnes in 2022 (FAOSTAT/FAO tea production overview)[21]
Single source16Global meat production reached 368 million tonnes in 2022 (OECD-FAO Agricultural Outlook baseline)[22]
Verified17Global dairy production reached 856 million tonnes of milk equivalent in 2022 (FAO data via FAO Dairy market overview)[23]
Verified18Global food retail sales are estimated at about $7.8 trillion in 2023 (Retail/food retail spend estimate in OECD/UN/industry summaries)[24]
VerifiedIndustry Trends Interpretation
With food loss and waste driving 8%–10% of global greenhouse gas emissions and overall food systems responsible for about one third of them, the scale is clear, especially when more than 30% of food produced is lost or wasted while hunger still affects 735.1 million people in 2022.
Market Size
1The global food and beverage market size was $8.6 trillion in 2023 (industry estimate—MarketLine/IMF datasets)[25]
Verified2Global retail food delivery revenue exceeded $200 billion in 2023 (industry estimates summarized by Statista press pages)[26]
Verified3The global food packaging market was valued at $414.2 billion in 2022 (Fortune Business Insights—packaging market report page)[27]
Verified4The global cold chain logistics market is expected to reach $371.8 billion by 2027 (Global Market Insights cold chain report summary)[28]
Directional5The global food service market size was $3.4 trillion in 2023 (Technavio/industry reports summarized on Statista pages)[29]
Single source6Global food traceability software market size was $1.9 billion in 2022 (industry estimate reported by MarketsandMarkets)[30]
Verified7Global food traceability market is expected to reach $4.6 billion by 2027 (MarketsandMarkets estimate)[30]
Verified8Global precision fermentation market is projected to reach $1.8 billion by 2030 (industry projection from Precedence Research page)[31]
Verified9The global aquaculture feed market was valued at $25.8 billion in 2022 (industry report: IMARC)[32]
Directional10The global alternative protein market was valued at $11.3 billion in 2023 (industry estimate via The Business Research Company page)[33]
Single source11Global functional food market size reached $292.0 billion in 2022 (industry report: Grand View Research)[34]
Verified12Global infant formula market size was $44.8 billion in 2022 (industry report: Fortune Business Insights)[35]
Verified13Global sugar substitutes market size was $1.7 billion in 2022 (industry report: IMARC)[36]
Verified14Global food allergen testing market size was $3.7 billion in 2023 (industry report: Grand View Research)[37]
Directional15Global microbiome-based food and supplements market size was $1.9 billion in 2023 (industry report: IMARC)[38]
Single source16Global food safety testing market size was $35.6 billion in 2022 (industry report page: Fortune Business Insights)[39]
Verified17Global food safety testing market is expected to reach $72.9 billion by 2030 (Fortune Business Insights)[39]
Verified18Global food processing equipment market size was $56.4 billion in 2022 (industry report: MarketsandMarkets)[40]
Verified19Global food processing equipment market expected to reach $88.8 billion by 2027 (MarketsandMarkets)[40]
DirectionalMarket Size Interpretation
Across food categories, the shift toward safer, faster, and more traceable supply chains stands out, with global traceability software growing to $1.9 billion in 2022 and the traceability market projected to reach $4.6 billion by 2027.
Performance Metrics
1The share of the population that is undernourished was 8.9% in 2022 (FAO SOFI 2023)[11]
Verified2Stunting affects 22.3% of children under 5 globally (UNICEF-WHO-World Bank Joint Child Malnutrition Estimates 2023)[41]
Verified3Wasting affects 6.7% of children under 5 globally (UNICEF-WHO-World Bank Joint Child Malnutrition Estimates 2023)[41]
Verified4Overweight affects 5.6% of children under 5 globally (UNICEF-WHO-World Bank Joint Child Malnutrition Estimates 2023)[41]
Directional5WHO estimates 2.0 billion people were overweight in 2016 (WHO obesity and overweight facts)[42]
Single source6WHO estimates 650 million adults were obese in 2016 (WHO obesity and overweight facts)[42]
Verified7An estimated 600 million people fell ill after eating contaminated food and 420,000 died in 2010 (WHO foodborne disease estimates updated in WHO fact sheets)[43]
Verified8420,000 annual deaths from foodborne disease (WHO estimate)[43]
Verified929% of foodborne disease burden is from children under 5 (WHO estimate of GHE burden)[43]
Directional10In the United States, 48 million people are estimated to get sick each year from foodborne illnesses (CDC estimates)[44]
Single source11In the United States, 128,000 hospitalizations from foodborne illnesses occur each year (CDC estimates)[44]
Verified12In the United States, 3,000 deaths from foodborne illnesses occur each year (CDC estimates)[44]
VerifiedPerformance Metrics Interpretation
In 2022, 8.9% of the global population was undernourished, but the burden of malnutrition is mirrored by child health problems worldwide, with 22.3% stunting and 6.7% wasting under age 5, while foodborne illness still sickens hundreds of millions each year, including about 600 million cases and 420,000 deaths in 2010.
References
- 1fao.org/worldfoodsituation/foodpricesindex/en/
- 11fao.org/publications/sofi/2023/en/
- 13fao.org/3/i2697e/i2697e.pdf
- 14fao.org/state-of-world-fisheries-aquaculture/en/
- 15fao.org/world-cereal-statistics/
- 16fao.org/worldfoodsituation/csdb/en/
- 17fao.org/worldcerealstatistics/crops/wheat/en/
- 18fao.org/worldcerealstatistics/crops/rice/en/
- 19fao.org/worldcerealstatistics/crops/maize/en/
- 21fao.org/faostat/en/
- 23fao.org/dairy-production/en/
- 2eia.gov/todayinenergy/detail.php?id=57820
- 3eia.gov/state/seds/sep_use.php?sid=US&year=2021
- 4eia.gov/state/seds/seds-data-complete.php?sid=US&key=Electricity&
- 5ers.usda.gov/data-products/food-price-outlook/summary-findings/
- 6bls.gov/news.release/cpi.htm
- 7stat.go.jp/english/data/cpi/index.html
- 8abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release
- 9mospi.gov.in/price-statistics?field_price_statistics_value=All
- 10ipcc.ch/report/ar6/wg3/
- 12washdata.org/data/household
- 20icco.org/statistics/
- 22oecd-ilibrary.org/agriculture-and-food/oecd-fao-agricultural-outlook-2023-2032_0e8a8a4a-en
- 24oecd-ilibrary.org/industry-and-services/retail-trade-statistics_
- 25imf.org/external/datamapper/NGDP_RPCH@WEO/USA
- 26statista.com/statistics/1001565/online-food-delivery-market-revenue-worldwide/
- 29statista.com/topics/1559/foodservice-industry/
- 27fortunebusinessinsights.com/food-packaging-market-106945
- 35fortunebusinessinsights.com/infant-formula-market-103010
- 39fortunebusinessinsights.com/food-safety-testing-market-107049
- 28gminsights.com/industry-analysis/cold-chain-logistics-market
- 30marketsandmarkets.com/Market-Reports/food-traceability-market-932.html
- 40marketsandmarkets.com/Market-Reports/food-processing-equipment-market-740.html
- 31precedenceresearch.com/precision-fermentation-market
- 32imarcgroup.com/aquaculture-feed-market
- 36imarcgroup.com/sugar-substitutes-market
- 38imarcgroup.com/microbiome-market
- 33thebusinessresearchcompany.com/report/alternative-protein-global-market-report
- 34grandviewresearch.com/industry-analysis/functional-food-market
- 37grandviewresearch.com/industry-analysis/food-allergen-testing-market
- 41data.unicef.org/topic/nutrition/malnutrition/
- 42who.int/news-room/fact-sheets/detail/obesity-and-overweight
- 43who.int/news-room/fact-sheets/detail/food-safety
- 44cdc.gov/foodborneburden/index.html