The global packaged food market size is projected to reach a valuation of US$ 62.11 trillion by 2033, with an anticipated compound annual growth rate (CAGR) of 4.3% through the same period, starting from its 2023 valuation of US$ 40.79 trillion.
Transparency in manufacturing processes and prioritization of labeling are becoming essential for packaged food providers to meet evolving market demands. In this industry, packaging plays a pivotal role. Major firms are focusing on designing packaging solutions that minimize fungus growth, extend shelf life, and enhance transportability by minimizing air contact.
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Additionally, an increasing number of individuals are choosing to reduce their intake of dairy and meat products, opting instead for plant-based alternatives. Consequently, manufacturers of packaged food items are strategically focusing on developing product lines that highlight organic options.
Consumers are gravitating towards functional foods that provide probiotics to bolster immunity. Therefore, major players are investing in research and development activities to create ingredients that offer numerous 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.
Growing Consumption of Pre-Cooked Meals to Fuel Packaged Food Products Sales in India
The most remunerative market for the packaged food industry is anticipated to be Asia Pacific, driven by the escalating 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 Billion 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