1. Influencer Marketing Industry to Reach $16.4B in 2022

The market grew from $1.7 billion in 2016 to $9.7 billion in 2021. In 2022, it soared to $13.8 billion, indicating a steady growth. This year, the market is projected to expand to a whopping $16.4 billion industry.
This growth is attributed to the increasing popularity of short video formats on platforms like TikTok, Facebook, and YouTube, the effect of the global pandemic on consumers, which catalyzed social media consumption, and the optimization of data collection, which marketers used for social media ads.

2. Instagram is the Preferred Social Media Channel for Brands Who Engage in Influencer Marketing

Although Instagram saw a slight decrease in use in 2021, its popularity increased in 2022, with the majority of brands choosing Instagram as their preferred channel for their influencer marketing campaigns, despite it having less monthly active users (1.3 billion) than Facebook, which is one of the most popular channels with (2.89 billion) monthly active users.

3. Video Ads are One of the Top performing Ad Formats on Facebook.

Compared to images, video ads drive more engagement on Facebook. They trigger more ad clicks and conversions because they encourage users to stop and pay attention to the content, compared to images, which can be passively viewed or quickly digested. Click-through rates are higher for video ads, particularly vertical video and mobile video formats.

4. Instagram is Still a Viable Avenue for Users to Find New Products and Services.

With 79% of marketers considering Instagram as an integral part of their campaigns, this versatile platform already has a wide global reach, and 83% of its users turn to it to find something new. After seeing posts with product information on the platform, 87% took a specific action, like following a brand or making a purchase.

5. Micro-Influencers are Poised to Make a Big Impact in 2023

In 2023, micro-influencers are expected to play a bigger role. While they may have fewer followers compared to mega and macro-influencers, their audiences tend to be more engaged and are more likely to act.

6. Influencer-Generated Content Performs Better Compared to Branded Posts.

Consumers prefer influencer-generated over brand-produced content. 60% of marketers shared that influencer-generated content performs better and drives more engagement compared to branded posts.

The Future of Influencer Marketing Is Here To Stay!

Influencer marketing is a formidable marketing tactic. Food brands that leverage influencer marketing are more likely to succeed, especially if they’re able to establish a healthy and long-term partnership with their consumers.