The Packaged Food Market is anticipated to reach a value of US$ 3,100 billion by 2022 and then grow at a CAGR of 5.3% from 2022 to 2032 to reach US$ 5,200 billion. Market growth for packaged foods is being driven by ongoing technical developments. To extend the shelf life and increase the appeal of packaged food, producers are implementing cutting-edge packaging materials.
The Packaged Food Market is experiencing remarkable growth as consumer lifestyles evolve, leading to increased demand for convenient and ready-to-eat food products. Busy schedules, urbanization, and changing dietary preferences drive the popularity of packaged foods. Manufacturers are constantly innovating to meet diverse tastes, contributing to the market’s continuous expansion and diversification.
The demand for food packaging manufactured from sustainable materials including plant-based plastics, bamboo, and vegetable starch is anticipated to rise during the forecast period as consumers choose to support a safe world. Demand for interactive packaging, which allows product use without completely removing the box, is expected to increase between 2022 and 2032.
Businesses who place a strong focus on labelling and are transparent about their production processes are expected to support consumer demand. Product packaging is essential in the packaged food industry. Major companies are creating inventive packets that don’t come into contact with the air to prevent fungal development, extend shelf life, and simplify transportation.
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Further, numerous people are reducing the intake of dairy, and meat products and substituting them with plant-based alternatives. As a result, manufacturers of packaged food products are focusing on developing product lines that are organic.
Consumers are opting for functional foods that offer probiotics that build body immunity. Hence, key players are investing in research and developmental activities to come up with ingredients that offer multiple health benefits to customers.
Key Takeaways from Market Study
- North America packaged food market is estimated to be valued at US$ 744 Bn in 2022 and register a CAGR of 4.9% in the forecast period
- Latin America and Oceania are expected to account for 4.5% and 5.3% of the demand share in the packaged food market, respectively, in 2022.
- Europe processed food market is expected to reach US$ at 682 Bn by the end of 2032
- By product type, the baby and infant’s foot holds the highest market share in the packaged food marker
- The meat and poultry segment is expected to have a high growth rate at a CAGR of 5.5% over the assessment period
“Key players of packaged food products are investing heavily in research and development activities to offer new product lines that are plant-based, dairy free, vegan and fulfil nutritional requirements of consumers.” says a Future Market Insights analyst.
Competitive Landscape
Key manufacturers have invested substantially to get deeper insight into shifts in consumer preferences and adapt their products accordingly to suit their requirements. Mergers and alliances have been a prominent growth strategy practised by companies planning to extend their market presence in the global packaged food market.
- Nestle and Starbucks have unveiled new products in their Starbucks at home range. It includes Cold brew Concentrate, Fresh Brew coffee and lends with essential vitamins and turmeric.
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Preference for Naturally Sourced Food Products to Boost Packaged Food Market
North America is expected to be the leading region in the global packaged food market, opines FMI. Growing inclination towards naturally sourced food products is expected to propel the demand for packaged food in the U.S.
High concentration of manufacturing plants and easy availability of innovative packaged products is positively impacting the sales of packaged products. As per FMI, the U.S. packaged food is expected to reach a value of US$ 632 Bn in 2022 which is approximately 24.3% of the global packaged food.
Why is India Considered a Promising Market for Packaged Food?
Growing Consumption of Pre-Cooked Meals to Fuel Packaged Food Products Sales in India
Asia Pacific is expected to be the most remunerative market for packaged food industry due to increase in demand for convenient and pre-cooked meals. Hence, manufacturers are focusing on offering quality food products suited to local tastes. As per FMI, the India packaged food market is expected to account for US$ 289 Bn in 2022 which is approximately 18% of the global packaged food market.
Market Segments Covered In Packaged Food Market Analysis
By Product Type, Packaged Food is Segmented as:
- Baby and Infant Foods
- Dairy Products
- Confectionary
- Bakery and Snacks
- Meat and Poultry
- Ready-To-Eat Meals
- Alcoholic Beverage
- Non-Alcoholic Beverage
By Packaging, Packaged Food Market is Segmented as:
- Jugs
- Packets
- Bottles
- Bags
- Bowls
- Boxes
- Cans
- Cartons
- Crates
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
To Continue TOC…
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