Israel: Food Processing Ingredients
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With over 1,800 facilities, the Israeli food processing sector is an important player in the domestic economy. In 2021, Israeli food processors' annual revenue stood at $21.23 billion while the beverage and tobacco industry's annual revenue was $2.67 billion. The sector currently represents over 18 percent of the total manufacturing industry's revenue and employs over 65,000 workers. With limited land and resources and a growing population, demand for ingredients by the Israeli food processing sector represent an excellent opportunity for U.S. exporters of food ingredients. In 2022, Israel imported $4.13 billion in raw food products for the food processing industry. According to Israel’s Central Bank forecast, gross domestic product (GDP) is expected to grow by 2.8 percent in 2023, and by 3.5 percent in 2024. The inflation rate in 2023 is expected to be 3.0 percent and 2.0 percent in 2024.
