The global packaged food market size is a goldmine brimming with opportunity. Estimated at US$40.79 billion in 2023, the market is projected to surge to a staggering USD 62.12 trillion by 2033, boasting a compelling CAGR of 4.3%. Fueled by rising consumer demand for convenience, healthy options, and eco-friendly packaging, the packaged food market presents a lucrative landscape for investors seeking long-term growth.
The packaged food market caters to the B2B industry, encompassing the production, processing, and distribution of a vast array of convenient and shelf-stable food items. From ready-to-eat meals to frozen foods and snacks, packaged food offers a solution for busy lifestyles and changing consumer preferences. While traditionally dominated by brick-and-mortar retailers, the online segment is experiencing significant growth due to the rise of e-commerce platforms and evolving buying habits.
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Demand on the Rise: Consumers Seek Convenience and Health
- Convenience Reigns Supreme: In today’s fast-paced world, consumers crave convenience. Packaged food offers a perfect solution, providing ready-to-eat or easy-to-prepare options that cater to busy schedules.
- Health Takes Center Stage: Consumers are increasingly prioritizing health and wellness, seeking packaged food options that are fortified with vitamins, minerals, and whole grains. Manufacturers are responding with innovative products that cater to dietary needs and promote healthy eating habits.
- Sustainability Gains Traction: Environmental consciousness is influencing consumer choices. The demand for eco-friendly packaging solutions is rising, prompting manufacturers to adopt sustainable materials and practices.
Key Takeaways from Market Study
- North America packaged food market is estimated to be valued at USD 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 USD at 682 Bn by the end of 2033
- 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.
The packaged food market is experiencing significant growth due to several key factors:
- Product Innovation: Manufacturers are constantly innovating and developing new packaged food products. This includes creating healthy meal options, portion-controlled snacks, and ethnic cuisine-inspired offerings to cater to diverse consumer preferences.
- The Rise of E-commerce: The growing popularity of online shopping platforms is providing greater access to packaged food for consumers. This allows for easier product discovery, comparison, and purchase, particularly for niche and specialty items.
- Focus on Sustainability: As environmental concerns escalate, manufacturers are prioritizing eco-friendly packaging solutions. This includes using biodegradable materials, reducing plastic waste, and minimizing packaging footprints.
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.
Key Takeaways for Investors:
- M&A Strategies: Key players in the packaged food market are deriving significant growth by implementing mergers and acquisitions (M&A) strategies. Investors can capitalize on this trend by identifying potential acquisition targets and strategic partners to expand their market presence and drive growth.
- Focus on Sustainability: As consumers prioritize sustainability in food packaging, investors can explore opportunities in companies that are leading the charge in eco-responsible packaging solutions. Investing in companies that are innovating in sustainable packaging materials and technologies can yield long-term returns and position investors for success in the evolving market landscape.
- Online Channels: With the rise of e-commerce, online channels present significant opportunities for investors to draw more reach and business opportunities. By investing in companies that are leveraging online channels to reach consumers directly, investors can tap into the growing trend of online grocery shopping and drive market growth.
- Innovation and Technology: Key players in the packaged food market are expected to implement food packaging technology and equipment to bring innovation to their offerings. Investors can explore opportunities in companies that are investing in food packaging technology and equipment to drive efficiency, reduce costs, and enhance product quality.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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