In mid-July, food technologists, ingredient companies, start-ups in the food tech space and food science experts convened for the annual Institute for Food Technologists (IFT) meeting in Chicago. This year, a few trends stood out, for both their educational emphasis and their overwhelming presence on the show floor.
The global economy has witnessed a sustained period of resilient growth as it enters the second half of 2024, driven by falling inflation and better-than-expected employment and private consumption. Short-term growth prospects, however, will be undermined by a still-high interest rate environment, while a potential cooling down of the labour market and growing political uncertainty would affect global business and consumer confidence.
In the face of ongoing macroeconomic uncertainties, the latest eyewear data published by Euromonitor International confirms a mixed outlook for the global eyewear market. In the near-term signs of progress are evident. In this article, we have identified five key opportunities as companies rise to the challenge of bouncing back stronger in 2025 and beyond.
First months of 2024 saw a year-on-year easing in many commodity prices, as soft global demand weighed on energy prices and prospects of adequate crop supply capped agrifood price growth. However, geopolitical shocks sparked turbulence in the oil market and drove up gold prices, while rising supply concerns fuelled a rally in copper.
The global economic outlook continues to improve, as easing inflation, improved supply conditions and strong labour markets in advanced economies support real income gains, consumer spending and other economic activities in the first quarter of 2024.
Global inflationary pressures are forecast to moderate further in 2024. Under the baseline scenario, global inflation is forecast to stand at 5.4% in 2024 and trend down further to 3.6% in 2025. Lower energy prices, slower consumption growth and normalisation of manufactured goods prices are contributing to lower inflationary pressures.