ECONOMY FOCUS By Hernando Ramírez-Santos C ircana’s latest Food and Beverage Out- look projects steady but modest growth for 2026, as value, health, and shifting demographics sha- pe consumer behavior. In its Circana Compass insights, the frm confrms 2025 global retail food and beverage performance alig- ns with earlier forecasts. U.S. dollar sales are on track to rise 3.2% this year, fue- led by a 3% price/mix in- crease and modest volume gains of 0.2%. shift from trading down to trading up in the year’s se- cond half as economic con- ditions improve, especially in Australia. 2026 U.S. OUTLOOK: PRICES UP, VOLUMES TIGHT Circana notes that com- pounded infation has pus- hed average U.S. food and beverage prices up 34% over the past fve years. For 2026, the frm forecasts price/mix growth of 3% to 5%, supported by ongoing cost pressures, competitive pricing strategies, and tar- geted promotions. Volume growth, however, is expected to remain na- rrow, between -1% and 1%. Consumers are embracing more value-driven and mul- tifunctional eating habits, which could hold back unit growth despite overall sales increases. As a result, U.S. dollar sales are projected to rise 3% to 5% in 2026, demons- trating continued sector resilience even as shoppers remain cautious. WHAT LIES AHEAD FOR THE FOOD AND BEVERAGE INDUSTRY IN 2026 ACCORDING TO CIRCANA 24�NOVEMBER / DECEMBER 2025 ABASTO.COM Rising cocoa and cofee costs have pushed up cer- tain retail prices, but overall food price growth remains moderate. Retail volumes continue to inch upward, though more slowly than in 2024. In the EMEA region, food and beverage sales are ex- pected to climb 4% in value for the year. Private-label brands now account for 41% of sales, even with fewer promotions. APAC’s market has grown 3.7% in value through mid- year, with unit gains of 1.4%. Circana expects a Continues on page 26