Mr. Rubino to join from Edelman Financial Engines to lead the firm's retirement business

Brant Wong appointed as Head of Retirement Platform across product, service and sales

NEW YORK, Aug. 22, 2022 /PRNewswire/ -- J.P. Morgan Asset Management today announced the appointment of Steve Rubino as Head of Retirement and Chair of the firm's Defined Contribution Operating Committee (DCOC), commencing September 14.

Mr. Rubino brings nearly 30 years of experience in financial services and fintech, having spent the last two decades driving growth & transformation at the helm of workplace retirement & innovation at Edelman Financial Engines.

As Head of Retirement and DCOC Chair, Mr. Rubino will lead J.P. Morgan Asset Management's $255B workplace retirement business, developing and executing the firm's retirement strategy, managing the group's distribution teams, and working closely with investment teams on new product development, including retirement income solutions and next generation target date funds. He will report to Andrea Lisher, Head of Americas, Client, J.P. Morgan Asset Management.

"Retirement is at heart of all we do, and we're firmly committed to driving stronger retirement outcomes for all Americans," saidGeorge Gatch, Chief Executive Officer, J.P. Morgan Asset Management. "We are uniquely positioned to leverage the scale and reach of JPMorgan Chase to help individuals cross the retirement finish line, and we are thrilled to have someone of Steve's caliber head up our retirement efforts."

"Steve's deep passion for workplace retirement, his proven distribution leadership and his differentiated fintech experience are highly complementary to our existing strengths and aligned with changing industry dynamics" said Andrea Lisher, Head of Americas, Client at J.P. Morgan Asset Management. "We have exceptional people, solutions and insights dedicated to helping Americans retire with dignity, and I am thrilled to welcome Steve to lead our next leg of growth."

The firm also announced that Brant Wong will expand his role to lead J.P. Morgan Asset Management's retirement platform businesses, Everyday 401k and Retirement Link, across product, service and sales as Head of Retirement Platform. Mr. Wong will continue to head the firm's Retirement National Accounts efforts, reporting to Steve Rubino and will join the Americas Client Leadership Team. Mr. Wong has been a key member of J.P. Morgan Asset Management's workplace retirement efforts since its inception and responsible for building many foundational aspects of the business.

The appointment of Mr. Rubino and expansion of Mr. Wong's role follows on from the recent appointment of Investment Specialist Daniel Yem to support business & product strategy across the firm's Defined Contribution business, including product innovation across J.P. Morgan's target date and retirement income strategies.

Biography Steve Rubino, Head of Retirement, J.P. Morgan Asset Management

Steve will join J.P. Morgan Asset Management from Edelman Financial Engines (EFE) where his time spans nearly 20 years, most recently as Head of Workplace Distribution and Innovation, responsible for leading direct sales and distribution partnerships, relationship management, consultant and advisor relations, and innovation efforts. In this role, Steve became a key member of the executive leadership team that grew EFE from a start-up to the largest independent Registered Investment Advisor (RIA) in America with over $240 billion in AUM.

Prior to this, he was Head of Distribution and Institutional Services at EFE, leading the overall institutional business. While at EFE, Steve founded the Edelman Financial Engines Client Advisory Council, a board of senior executives representing the largest companies in the U.S. Steve also helped bring to market retirement income solutions deployed by hundreds of leading employers.

Before his time at EFE, Steve held roles in relationship management at Thomson Financial (now Thomson Reuters) and as an analyst at State Street Corporation. Steve has an M.B.A. from Suffolk University and a B.A. in Economics from Denison University. He is a member of the American Benefits Council's Retirement Income Task Force and Defined Contribution Institutional Investment Association.

About J.P. Morgan Asset Management

J.P. Morgan Asset Management, with assets under management of$2.5 trillion(as of 6/30/2022), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $3.8 trillion in assets and $286.1 billion in stockholders' equity as of June 30, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available atwww.jpmorganchase.com.

SOURCE J.P. Morgan Asset Management

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J.P. Morgan Asset Management Hires Steve Rubino as Head of Retirement - PR Newswire

HOLLAND The leader of the Ottawa County Department of Public Health is planning to retire in the spring.

Lisa Stefanovsky, who has been the OCDPH health officer since 2006, has submitted a plan to retire to the county board, effective March 31, 2023.

The news comes just weeks after a successful primary election for members of Ottawa Impact, a far-right group that organized in response to county health orders.

Stefanovskys retirement agreement was approved by the finance and administrative committee of the Ottawa County Board of Commissioners on Aug. 16. It will go before the full board at its Aug. 23 meeting.

A reason for her retirement was not stated during the meeting.

I have been planning to work until next April and am announcing my retirement now to allow time to recruit and hire a new health officer and to ensure a smooth transition and continuity of public health operations, Stefanovsky said in the statement.

Signs are held protesting a local K-6 mask mandate during the Ottawa County Board of Commissioners meeting on Aug. 24, 2021, in West Olive.

Part of Ottawa Impacts campaign platform was fighting against COVID-19 orders from the health department, the last of which expired in February.

According to several officials who spoke to The Holland Sentinel earlier this year, the groups agenda includes, among other things, eliminating the countys DEI office, firing the countys public health officer, drastically reducing the health departments budget and having more oversight over the county clerks office specifically how elections are conducted.

Eight candidates endorsed by the group won their primary election for the board of commissioners, which oversees the health department and its funding. Due to a lack of primary challengers, at least six will win a spot on the board, enough for a majority on the 11-member commission.

County Administrator John Shay told the board hiring a health officer can be a lengthy process. Any hire must be approved by the state.

The county will look to post the position immediately upon official approval, Shay said. If a new health officer is hired prior to Stefanovskys retirement, she would remain on staff in an administrative role through March 31.

If the board were to fire Stefanovsky prior to March 31, she would receive a severance of three months salary. By the time Ottawa Impact candidates are on the board, there will be less than three months left of Stefanovskys employment with the county.

Ottawa Impact has been linked to lawsuits against the county regarding the mask mandate, most notably one seeking an injunction to suspend Stefanovskys August 2021 mask mandate for pre-K-6 classrooms and challenging the board of commissioners position that it didnt have the authority to undo the mandate.

The case was dismissed in December 2021, and is currently pending appeal.

Read the original here:
County health officer announces retirement weeks after primary - Grand Haven Tribune

Image source: Getty Images

You shouldn't just take the money and run.

One of the biggest benefits of working for a company (as opposed to being a freelancer) is getting access to a workplace retirement plan, like a 401(k). Many employers offer workers free matching dollars for those plans, making it easier to build wealth for retirement.

Meanwhile, a lot of people are leaving their jobs these days to seek out better opportunities elsewhere. For some, it's a matter of boosting their earnings. For others, it's a matter of wanting to do more meaningful work, or enjoy more flexibility, like the option to work remotely.

If you're joining in the Great Resignation, you may be eager to pursue a job at a new company. And given the number of available jobs these days, it's a good time to look.

But if you're going to leave a job behind, be very careful in how you treat your 401(k) dollars. If you cash out that account, you could end up facing some pretty costly consequences.

Financial expert Suze Orman knows that workers are resigning in droves these days. But if you're leaving your job and taking a 401(k) with you, Orman insists that cashing it out is a big mistake, as she recently discussed on Twitter.

The money you have in a 401(k) gets to enjoy tax-advantaged treatment. As such, there are strict rules involved.

If you cash out a 401(k) before age 59 1/2 (or age 55, in some cases), you could face a 10% early withdrawal penalty on the sum you remove. So if your 401(k) balance is $20,000 at the time you leave your job, and you cash it out, you could lose $2,000 of that off the bat.

Plus, assuming your money is in a traditional 401(k), cashing out will also mean having to pay taxes on that money. Now your exact tax hit there will hinge on the tax rate you're subject to. But you could easily end up losing 20% of your money or more to the IRS.

Not only that, but if you cash out your 401(k), you could end up short on retirement savings down the line. And that's not a good thing.

If you're leaving a job that sponsored your 401(k), you may have the option to keep your money where it is. And if you have another job lined up that has a 401(k), you may be able to just roll your money from your old plan into a new one.

If not, a good bet is to roll the funds from your 401(k) into an IRA. The beauty of IRAs is that they're not dependent on an employer. If you're self-employed, or if you'll be working for a company that does not offer a retirement plan, you can open an IRA on your own and save for your senior years in that account.

Plus, if you roll your 401(k) funds directly into an IRA, you won't have to worry about facing penalties. You also won't be charged taxes, since you're not taking any money out -- you're just housing it in a different place.

The idea of moving to a new job may be tempting these days, especially if you're less than satisfied with your current employer. But don't make the mistake of cashing out your 401(k). Doing so could backfire on you -- and cause you a world of regret.

We pored over the data and user reviews to find the select rare picks that landed a spot on our list of the best stock brokers. Some of these best-in-class picks pack in valuable perks, including $0 stock and ETF commissions. Get started and review The Ascent's best stock brokers for 2022.

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Leaving a Job? Here's Why Cashing Out Your Retirement Savings Is Bad, According to Suze Orman - The Motley Fool

You hear time and time again that its important to stay active after you retire. Were so used to schedules, meetings, and calendars, it can be easy to get out of a routine and out of good health once we stop the 9-to-5.

We wanted to find out what it takes to stay healthy in retirement. What better person to start asking questions than a 97-year-old who seems to be the picture of good health?

Wilbur G. Hudson has maintained an active lifestyle. His daughter-in-law says hes one of the most interesting humans you will ever meet. He grew up on a farm and served in the Army during WWII, Vietnam, and Korea. When he retired, he became an engineer and has multiple patents to his name. He is part of the greatest generation of our time with so much wisdom to share. And we decided to pick his brain.

Wilbur served in the Army during WWII, Vietnam, and Korea.

Wilbur suffered a massive heart attack in 1989 and had a quadruple bypass. Since then, he had one stint put in. His discipline has helped him outlive a surgery that back then was only supposed to be good for 20 years. Immediately, he started walking with two soup cans in his hand around a nearby neighborhood. He was mowing the lawn when he could have been fishing or playing golf. Needless to say, he leads a very active life.

For Wilbur, its also about more than just physical health. Emotional health keeps him strong, too. He constantly sacrifices for his family by spoiling his wife, helping his children, guiding his grandchildren, and taking care of his 97-year-old mother until she passed away.

He never really treated himself to the luxuries of life, except for one thing: chocolate candy. He makes it himself and perfected his own recipe. His family says that once youve tasted his chocolates, youll never be satisfied with another!

Wilbur turns 98 years old in November. So we wanted to know the five things he does in retirement to stay healthy. He took us for a walk in his shoes.

Wilbur makes sure to maintain a schedule that starts in the morning. He wakes up early. By early, he says 6 a.m., but most days hes already up at 5. This allows him to get a head start on his day. By doing this, he says it puts you in control and youll feel like you are ahead instead of behind. He then makes sure hes in bed by 8 or 8:30 p.m.

While staying active and exercising is important, Wilbur says you have to have physical courage to move beyond the pain. To him, that means working through the pain or as he likes to say, just grin and bear it. Hes been bone-on-bone in both knees since he was in his 60s. Since knee surgery wasnt as refined 40 years ago as it is now, he and his doctor made the decision to deal with the pain. Wilbur likes Vicks VapoRub for achy joints and gets an injection twice a year which acts like a lubricant in his knees.

He uses a Nustep to do 2 miles a day before he has breakfast and then another before lunch. If youre not familiar, a Nustep provides low-impact exercise that simulates walking and supports deconditioned users. He also uses an exercise ball for about 30 minutes to keep his core strong.

As an engineer, Wilburs quite the creature of habit.

Wilbur starts his day with two mugs of coffee with fat-free creamer. While it may seem a little tedious, he likes to actually look at total calories on everything packaged he eats. He eats a 60-calorie Activia yogurt and one turkey sausage link every morning after logging his first mile.

For lunch, its anything from spaghetti and meatballs to turkey and dressing, just not pork or fried food.

For an afternoon snack, hell have three to four small squares of 85-percent dark chocolate.

Dinner is similar, usually soup and/or a salad and salmon regularly. His favorite is a good old-fashioned, grilled all-beef hotdog on a bun with ketchup, mustard, and relish.

Hes learned a few dieting tricks along the way. He was told in the army that he needed protein every 4 hours to keep from getting low on sugar and passing out. So, he heavies up on protein. Growing up on a farm, he noticed how pigs get rheumatoid arthritis, so he stays away from pork. The exception is ham on Easter and Thanksgiving. Hell have soup if his blood pressure is low because prepared soup is high in salt.

This is something were told to do our entire lives, and Wilbur swears by it. He drinks close to 64 ounces of water a day. Hes cold all the time, so he keeps his apartment temperature up to anywhere from 7780 degrees and wears a light cashmere sweater. That, plus being an open-mouth breather when he sleeps and getting 2 miles a day of exercise, accounts for a lot of water loss. He wants to stay hydrated to stay healthy.

He allows himself some exceptions. Hell have lemonade or iced tea when he goes out. His special treat? A rootbeer float from Arbys!

Wilbur during Christmastime

Do you know your numbers? Knowing your numbers means to learn your cholesterol, blood pressure, blood sugar, weight, and body mass index (BMI). This can help increase detection of cardiovascular disease and diabetes, encouraging healthier lifestyle choices. This has been important for Wilbur since he suffered a heart attack. Wilbur measures his blood pressure daily using a wrist cuff and checks his weight on the scale. Because he knows his numbers so well, he knows when he is not well and makes adjustments to his diet immediately if he gains even 1 pound.

Faith is also an important part of Wilburs life. He says, after all, the Holy Spirit has kept him safe through three wars. He prays for other people at every meal and lives by the word so that its easier for the Holy Spirit to do its job for everyone else and not worry about him. If the Holy Spirit is with you, you will be fine, says Wilbur.

As an engineer, hes quite the creature of habit. When he finds a formula, he sticks to it. Thats certainly served him well these last 97 trips around the sun.

Learn more about healthy lifestyles after retirement:

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5 Things This 97-Year-Old Says To Do Everyday In Retirement To Stay Healthy - TravelAwaits

FOXBOROUGH, MA - OCTOBER 04: Julian Edelman #11 of the New England Patriots looks on before the game against the Indianapolis Colts at Gillette Stadium on October 4, 2018 in Foxborough, Massachusetts. (Photo by Maddie Meyer/Getty Images)

Could Julian Edelman really return to the New England Patriots?

The longtime Patriots star has been retired for a couple of years now, but might the veteran wide receiver be open to a return to New England?

On Monday, Bill Belichick was asked about the possibility. He didn't say no...

Belichick said that he talks with Edelman regularly. However, when it comes to a return, he deflected the question to the wide receiver.

Patriots fans would love it, though they don't think it's going to happen.

"While having Edelman would make Mac Jones a much better quarterback, this is a pipe dream," one fan tweeted.

"Lets Do It," another fan added.

"He's missing a knee," one fan said.

Edelman retired after a lengthy, physical career. While he's surely still in good shape, would he want to put his body through another NFL season?

It seems unlikely, but clearly it's something that is at least a possibility.

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NFL World Reacts To The Julian Edelman Retirement Speculation - The Spun

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FBAR Requirements For US Retirement (IRA) and Foreign Retirement

With theUS governmentstill moving full steam ahead on enforcing matters involvingforeign bank and financial account reporting(FBAR), it is important for taxpayers who may have an FBAR filing requirement to have a basic understanding of what types of foreign financial assets are reportable onFinCEN Form 114(FBAR). One common type of foreign account is a foreign pension/retirement account. For example, a taxpayer may have anAustralian Superannuation, aSingaporean CPFor aHong Kong MPF. Since oftentimes the value of these pension/retirement accounts may be substantial, it is important to understand whether or not these types of retirement accounts are reportable as well as whether US-based retirement accounts such as IRAs (that contain foreign assets) are reportable as well. Lets go through the basics of FBAR reporting for US retirement and foreign retirement accounts.

Foreign Retirement Accounts Are Reportable

The FBAR instructions and the updatedIRS Publication 5569are straightforward when it comes to reporting foreign pension accounts. When a person has a foreign pension account (such as the type of accounts indicated above), then those types of retirement accounts are considered financial accounts that are required to be disclosed on the annual FBAR.

As provided by the IRS:

Canadian Registered Retirement Savings Plan (RRSP), Canadian Tax-Free Savings Account (TFSA), Mexican individual retirement accounts (Fondos para el Retiro) and Mexican Administradoras de Fondos para el Retiro (AFORE) are foreign financial accounts reportable on the FBAR.

US Retirement Accounts With Foreign Accounts

This is where it can get a bit complicated, due to some of the terminology used in this area of tax law. In general, a qualified retirement account such as an IRA is not reportable for FBAR purposes. This is true, even if the IRA contains foreign financial account as a pooled fund. It is also important to note that a financial account is not limited to bank accounts and can include pooled funds such as ETFs or mutual funds. Thus, if a person owns a foreign mutual fund outside of the US pension plan, then that type of account is reportable, but if the pooled fund is held within a qualified US retirement plan such as an IRA, then it is not reportable. In other words, as long as the foreign account or fund is held within a qualified retirement plan, then the specific foreign asset contained in the qualified plan does not need to be segregated and reported on the FBAR.

As provided by the IRS:

The following persons are excepted from the FBAR filing requirement:

Missed Reporting Retirement Plan on FBAR?

If you missed reporting a foreign retirement plan on the annual FBAR, there are very safe methods for getting into compliance depending on your specific facts and circumstances. This type of reporting of late disclosure is referred to asOffshore Amnestyand you should speak with aBoard-Certified Tax Law Specialistwho specializesexclusivelyin this area of tax law to get an understanding of what your options are.

Originally posted here:
Are US and Foreign Retirement Accounts FBAR Reportable? - Lexology

After being eliminated from the Cincinnati tournament by Croatian player Borna Coric, Rafael Nadal expressed his sadness triggered by having to leave so soon but also left a hopeful message for next year. Thank you Cincinnati for everything.

Sad to leave soon. Hope to see you all next year! Rafael Nadal wrote on Instagram.

The fact that Nadal looks forward to the next years Cincinnati tournament shows that he looks forward to still being competitive in the ATP tour.

This motivation can help him surpass one of Roger Federers age-related records. Related: Rafael Nadal likely to surpass Federer age-related record if he wins US Open Federer is the oldest number one in ATP Tour history because he held the position when he was 36 years and 10 months old.

Yet, if he wins at US Open, Rafael Nadal can increase his chances of stealing this record from Federer. Nevertheless, to achieve the feat, Rafael Nadal needs to be number one beginning with May 2023 because only then the Spaniard will be 36 years and 11 months old.

With him being kicked out of Cincinnati in the first round, its unsure whether Nadal will be in the best shape to win a Grand Slam. The Spaniard experienced an early Cincinnati loss after returning from an abdominal injury, leaving Ohio with no points.

Rafa experienced a 7-6, 4-6, 6-3 loss to Borna Coric in two hours and 51 minutes for his second consecutive defeat at this event following the 2017 quarter-final. Nadal, however, knew that he was going to have a hard time at Cincinnati.

"At the beginning it will be complicated, but it is normal, we have to accept the difficulties. At these levels if you come back after a rather long period of time and an injury it is not always easy to find the rhythm. The level is very high and I hope to be ready for Wednesday," said Nadal.

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Rafael Nadal sends hopeful message on retirement ahead of US Open - Tennis World USA

WASHINGTON, Aug. 22, 2022 --- Agriculture Secretary Tom Vilsack announced details of the U.S. Department of Agricultures (USDA) $300 million investment, including with American Rescue Plan funds, in a new Organic Transition Initiative that will help build new and better markets and streams of income for farmers and producers. Organic production allows producers to hold a unique position in the marketplace and thus take home a greater share of the food dollar.

According to the USDA National Agricultural Statistics Service, the number of non-certified organic farms actively transitioning to organic production dropped by nearly 71 percent since 2008. Through the comprehensive support provided by this initiative USDA hopes to reverse this trend, opening opportunities for new and beginning farmers and expanding direct consumer access to organic foods through increased production.

The initiative will deliver wrap-around technical assistance, including farmer-to-farmer mentoring; provide direct support through conservation financial assistance and additional crop insurance assistance, and support market development projects in targeted markets.

Farmers face challenging technical, cultural, and market shifts while transitioning to organic production, and even during the first years after successful organic certification, said Vilsack. Through this multi-phased, multi-agency initiative, we are expanding USDAs support of organic farmers to help them with every step of their transition as they work to become certified and secure markets for their products.

USDAs Agricultural Marketing Service (AMS), Risk Management Agency (RMA) and Natural Resources Conservation Service (NRCS) are the primary agencies supporting the Initiative, which will focus on three areas.

Transition to Organic Partnership Program

Through this initiative, USDA aims to ensure that farmers transitioning to organic have the support they need to navigate that transition, including a full supply chain to American consumers who demand organic choices in their supermarkets daily. AMS will build partnership networks in six regions across the United States with trusted local organizations serving direct farmer training, education, and outreach activities. The organizations will connect transitioning farmers with mentors, building paid mentoring networks to share practical insights and advice. Each regional team will also provide community building, including train-the-mentor support; as well as technical assistance, workshops, and field days covering topics including organic production practices, certification, conservation planning, business development (including navigating the supply chain), regulations, and marketing to help transitioning and recently transitioned producers overcome technical, cultural, and financial shifts during and immediately following certification. USDA will provide up to $100 million for this program.

Direct Farmer Assistance

NRCS will develop a new Organic Management conservation practice standard and offer financial and technical assistance to producers who implement the practice. Payments will be modeled on those already available to producers meeting the existing nutrient and pest management conservation practice standards. USDA will provide $75 million for this effort. This will include an increase in organic expertise throughout its regions, creating organic experts at each of its regional technology support centers. These experts will train staff who provide direct services to USDA customers. These services include hosting hands-on organic training for state and field NRCS staff and fielding organic-related staff questions.

USDA will provide $25 million to RMA for the new Transitional and Organic Grower Assistance Program (TOGA) which will support transitioning and certain certified organic producers participation in crop insurance, including coverage of a portion of their insurance premium.

Organic Pinpointed Market Development Support

Stakeholders have shared that specific organic markets have market development risks due to inadequate organic processing capacity and infrastructure, a lack of certainty about market access, and insufficient supply of certain organic ingredients. This AMS initiative will focus on key organic markets where the need for domestic supply is high, or where additional processing and distribution capacity is needed for more robust organic supply chains. Examples of markets seeking support include organic grain and feed; legumes and other edible rotational crops; and livestock and dairy. USDA will invest up to $100 million to help improve organic supply chains in pinpointed markets. The Department will seek stakeholder input on these pinpointed initiatives beginning in September, resulting in an announcement of specific policy initiatives later this year.

Other USDA Organic Assistance

This USDA initiative complements existing assistance for organic producers, including FSAs Organic Certification Cost Share Program (OCCSP) and Organic and Transitional Education and Certification Program (OTECP). OCCSP helps producers obtain or renew their organic certification, and OTECP provides additional funding to certified and transitioning producers during the pandemic.

NRCS offers conservation programs, such as the Environmental Quality Incentives Program (EQIP) and the Conservation Stewardship Program (CSP), which can provide assistance to help with managing weeds and pests, and establishing high tunnels, improving soil health, and implementing other practices key to organic operations. RMA also administers federal crop insurance options available to organic producers, including Whole Farm Revenue Protection and Micro Farm.

The National Organic Program (NOP) is a federal regulatory program, administered by AMS, that develops and enforces consistent national standards for organically produced agricultural products sold in the United States.

USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris Administration, USDA is transforming Americas food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy, and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit usda.gov.

#

USDA is an equal opportunity provider, employer, and lender.

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USDA to Invest up to $300 million in New Organic Transition Initiative - USDA.gov

DUBLIN--(BUSINESS WIRE)--The "Food And Beverges Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.

The global food and beverages market reached a value of nearly $5,818.25 billion in 2021, having grown at a compound annual growth rate (CAGR) of 3.5% since 2016. The market is expected to grow from $5,818.25 billion in 2021 to $8,010.98 billion in 2026 at a rate of 6.6%. The market is then expected to grow at a CAGR of 5.4% from 2026 and reach $10,406.81 billion in 2031.

Growth in the historic period resulted from an increase in clean-label, organic, and non-GMO (genetically codified organism) products, a rise in alcohol consumption, increased pet ownership by Gen Z and Gen Y adults, strong economic growth in emerging markets, influence of digital media marketing and social media, low interest rates and growing number of health-conscious consumers.

Going forward, the increasing organic food consumption, growing demand for immunity boosting foods and beverages, rising penetration of organized retail, rapid growth in ecommerce, increasing demand for premium and organic pet food, faster economic growth and food security initiatives will drive the growth. Factors that could hinder the growth of the food and beverages market in the future include complexity of acceptance and purchase intentions of consumers, climate change and global warming, a shift towards vegan eating and the Russian-Ukrainian war.

Asia Pacific was the largest region in the food and beverages market, accounting for 41.9% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the food and beverages market will be Africa, and, Middle East where growth will be at CAGRs of 13.7% and 10.6% respectively. These will be followed by Eastern Europe, and, South America where the markets are expected to grow at CAGRs of 7.0% and 6.8% respectively.

The top opportunities in the food and beverages market segmented by nature will arise in the conventional market segment, which will gain $1,888.6 billion of global annual sales by 2026. The top opportunities in the food and beverages market segmented by distribution channel will arise in the supermarkets/hypermarkets market segment, which will gain $895.4 billion of global annual sales by 2026. The food and beverages market size will gain the most in China at $295.3 billion.

Major Market Trends

Scope

Markets Covered:

1) By Type: Alcoholic Beverages; Non-Alcoholic Beverages; Grain Products; Bakery And Confectionery; Frozen, Canned And Dried Food; Dairy Food; Meat, Poultry And Seafood; Syrup, Seasoning, Oils, And General Food; Animal And Pet Food; Tobacco Products; Other Foods Products

a) By Alcoholic Beverages: Beer (Breweries); Wine And Brandy (Wineries); Spirits (Distilleries)

b) By Non-Alcoholic Beverages: Coffee And Tea; Soft Drink And Ice

c) By Grain Products: Flour; Rice And Malt; Other Grain Products

d) By Bakery And Confectionery: Sugar And Confectionery Products; Cookie, Cracker, Pasta,And Tortilla; Bread And Bakery Products; Breakfast Cereal

e) By Frozen, Canned And Dried Food: Frozen Food; Canned And Ambient Food

f) By Dairy Food Market: Milk And Butter; Cheese, Dry, Condensed, And Evaporated Dairy Products; Ice Cream And Frozen Dessert

g) By Meat, Poultry And Seafood Market: Meat Products; Poultry; Seafood

h) By Syrup, Seasoning, Oils And General Food Market: Fats And Oils; Seasoning And Dressing; Flavoring Syrup And Concentrate

i) By Animal And Pet Food Market: Animal Food; Pet Food

j) By Tobacco Products Market: Cigarettes, Cigars And Cigarillos; Smoking And Other Tobacco Products

k) By Other Foods Market: Perishable Prepared Food; Snack Food; All Other Miscellaneous Food

2) By Distribution Channel: Supermarkets/Hypermarkets; Convenience Stores; E-Commerce; Other Channels

3) By Nature: Organic; Conventional Food And Beverages

Key Topics Covered:

1. Food and Beverages Market Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction and Market Characteristics

7. Product/Service Analysis -Product/Service Examples

8. Supply Chain Analysis

9. Customer Information

10. Major Market Trends

11. Impact Of COVID-19 On The Market

12. Global Market Size And Growth

13. Food and Beverages Market, Regional Analysis

14. Global Food and Beverages Market Segmentation

15. Food And Beverages Market Segments

16. Global Food and Beverages Market Comparison with Macro Economic Factors

17. Asia-Pacific Market

18. Western Europe Market

19. Eastern Europe Market

20. North America Market

21. South America Market

22. Middle East Market

23. Africa Market

24. Competitive Landscape And Company Profiles

25. Key Mergers and Acquisitions In The Market

26. Global Food and Beverages Market Opportunities And Strategies

27. Food And Beverages Market, Conclusions And Recommendations

28. Appendix

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/l9fobr

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Food And Beverges Global Market Report 2022: Increasing Organic Food Consumption, Growing Demand for Immunity Boosting Foods and Beverages &...

GRAND RAPIDS, MI Whole Foods Market, a natural and organic foods grocery store chain, opened its first West Michigan store last week at 2897 Radcliff Ave. SE. in Kentwood.

I will be here probably every week, maybe a little more often now that I see theres a whole kitchen, said Michelle Taveras, of Grand Rapids, who attended the Aug. 17 grand opening with her husband, Ruben.

Related: Shoppers really excited as West Michigans first Whole Foods Market opens near Grand Rapids

The 45,400-square-foot store has more than 200 products from Michigan, Indiana and Wisconsin, plus full-service meat and seafood counters, artisan cheeses, fresh-baked bread, food and salad bars, and a full-service coffee bar.

Taveras picked up salads, pastas, empanadas and veggies from the hot bar.

The new store, open from 8 a.m. to 10 p.m. daily, is located just off 28th Street SE near Woodland Mall, was packed on Wednesday. The Austin, Texas-based chain is owned by Amazon and the Kentwood location is the eighth Whole Foods Market in Michigan. Other locations are in East Lansing, Ann Arbor, and metro Detroit.

I think a lot of people, especially in Grand Rapids, are realizing the importance of locally-sourced and better quality food, said Sydnee Ruger, of Wayland, who was at the store with her husband and two sons.

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Whole Foods Market opens in West Michigan

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I will probably be here every week, says Whole Foods Market shopper at grand opening - MLive.com