5 food business ventures poised for growth in 2024

Walk the streets of your city, and you’ll find numerous restaurants and shops selling food. These stores do their best to pay attention to what you like and what they need to do to get you in the door. So, what food business ventures will see growth this year? 

While trends change by the year, Americans gravitate toward speed and convenience in their purchases. As time passes, you’re also seeing healthy food take center stage as people want better nutrition from their meals.

Here’s your guide featuring food trends for 2024 and what to expect from industry entrepreneurs.

What food business ventures will grow in 2024?

2024 will be critical for food and beverage as it continues to use advanced technology. Here are five trends in food business ventures you should watch this year.

Food trucks

Food trucks have received a significant boost in the past few years as people enjoy their convenience on street corners and taking food on the go.

Food trucks are one of the best food business ventures for entrepreneurs due to their low cost of entry and no need for a physical location. You only need a city with nice weather and a customer base ready to eat. Research shows the food truck industry will grow at around 6.4% annually until 2030, demonstrating steady growth through the decade.

Coffee shops

Coffee shops have existed for a long time, but this entrepreneurial opportunity continues to rise in the food trends for 2024. Consumers want coffee shops for social gatherings and business purposes, as many companies use them for meetings. Also, think about how many people use coffee shops to work remotely, considering the shift to telework in the last few years.

Coffee shops have transformed with various projects — such as coffee bars — to serve different audiences. Industry experts project 3.5% annual growth until 2029 for coffee shops and a $261 billion value by the decade’s end.

Non-alcoholic beverages

Younger people drink less alcohol than in past generations, with Millennials and Gen Z demonstrating more health-conscious preferences. A 2023 Gallup poll shows America as a whole has decreased its alcohol consumption, so the beverage industry has pivoted toward low and non-alcoholic beverages.

Market research shows a solid 7% annual growth rate for no and low-alcohol beverages, with no-alcohol occupying much of the surge. These drinks give you the taste of beer and wine without alcohol content if that’s your preference. The growth shows more young people are sober-curious and want to avoid the adverse effects of alcohol.

Artificial intelligence

The artificial intelligence (AI) revolution in the food industry is already here, and the next decade will be pivotal for its staying power. Restaurants have started using AI to take online reservations and orders and reduce the need for human labor in the building. You can also see management using it for inventory, market research, staffing and other critical decisions behind the scenes.

AI in the food and beverage industry will grow strongly, with researchers projecting a 38.3% annual growth rate until 2029. By the decade’s end, the market will have a $49 billion value, with North America being a prime spot for growth.

Cloud kitchens

Industry conditions in the past few years have been conducive to growth for cloud kitchens. This business model does not have seating for indoor dining because it only prepares food for delivery and takeout. The minimized overhead makes this idea one of the best food business ventures if you don’t have enough capital for a traditional restaurant.

Cloud kitchens will continue as one of the leading food trends for 2024 and the rest of the decade. Experts say its market value will increase 10-fold to $365 billion as industry leaders see it as a sustainable business model.

What food trends for 2024 will reign supreme?

The future of food is bright, with new products and innovations arriving annually to satisfy your taste buds. Here are three food trends for 2024 you should expect to see.

Healthier eating

Eating healthier has evolved from a trend to a lifestyle for many. You see more nutritious products across the store, with brands boasting more protein and fiber with fewer calories. Despite the health craze, Americans can’t help themselves with sweet foods. Research shows 34% of consumers indulge in treats a few times weekly.

The healthier food trend has led many to find alternatives for their desserts and beverages. For example, zero-sugar sodas are popular for a pop without the calories. However, you should be aware of their artificial sweeteners because excessive amounts can negatively affect your health.

Unrefined salt

One of the unique food trends for 2024 is the rise of unrefined salt. Consumers have shown an interest in international flavors instead of generic table salt because of their origins.

For instance, you’ll see more black Hawaiian sea salt as fans laud its unique crunch and deep flavors. You may even get health benefits from black salt, as health experts say it can reduce heartburn and bloating and aid digestion. Another trendy product in 2024 will be Persian blue salt because of its rarity, nutrition and high-quality flavor. 

Sustainable options

Along with personal health, you’ll also see environmental health increase its role in the food and beverage industry with more sustainable options.

Consumers want their food to be environmentally friendly in its production and packaging, so you’ll see more plant-based items on the shelves this year. For instance, plant-based protein powder contains no whey or animal ingredients and contributes anti-inflammatory and antioxidant properties.

Monitoring the top food business ventures in 2024

This year will be crucial for the food and beverage industry as business leaders will see how consumers enjoy AI, sustainability and healthier options. Companies will continue focusing on health and cutting overhead costs when developing their food trends for 2024.