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The packaged food market has experienced consistent growth over the past few years, driven by an increasing global population, urbanization, and a surge in consumer demand for convenient, ready-to-eat meals. As of 2022, the market was valued at USD 3.9 trillion, reflecting a strong performance despite global economic uncertainties. The projected increase to USD 6.2 trillion by 2033 highlights the market’s resilience and adaptability to changing consumer preferences.
Strengthened consumer commitment to health and wellness is a key driver of this growth. With an increasing number of consumers prioritizing food products enriched with healthful ingredients, leading food and beverage companies are focusing on delivering packaged food products that meet these demands. This trend is particularly evident in the ready-to-eat (RTE) meals segment, which captured 34.6% of the market share in 2023. The demand for convenience, coupled with hectic lifestyles and the rise in working professionals, has made RTE meals a cornerstone of the packaged food market.
Key Growth Factors Driving the Market
- Health and Wellness Trends: The global packaged food industry is increasingly driven by consumers’ heightened awareness of health and wellness. As more individuals seek to maintain a healthy diet, the demand for products that offer nutritional benefits without compromising on convenience is on the rise. This shift is prompting manufacturers to innovate and introduce food products that cater to the health-conscious segment, including organic, low-calorie, and fortified food items.
- Sustainability and Eco-Responsibility: A significant trend shaping the packaged food market is the growing consumer preference for sustainable packaging solutions. Consumers are willing to pay a premium for food products that come in environmentally friendly packaging, such as cartons, paper bags, and recyclable materials. This has led to a surge in demand for sustainable packaging, with manufacturers prioritizing eco-efficient practices to attract modern consumers.
- E-commerce Expansion: The e-commerce boom, particularly in the United States, has played a pivotal role in driving the growth of the packaged food market. The convenience of online shopping, coupled with cost-saving offers, has led to a substantial increase in the sale of packaged food items through digital platforms. This trend is expected to continue, with e-commerce anticipated to account for 20% of the market by the next five years.
Regional Market Insights:
- United States: The U.S. holds the largest share of the global packaged food market, contributing 18.6% of the market value in 2023. The country’s focus on health-conscious eating and the rapid adoption of e-commerce are key factors driving market growth.
- China: China is emerging as a significant player in the packaged food market, with a market share of 11.6% in 2023. The country’s focus on eco-friendly packaging and consumer concern for climate change are expected to drive growth in the coming years.
- Germany: With a market share of 5.8%, Germany’s packaged food market is characterized by a strong focus on sustainability. However, there is a notable gap between consumer intentions and actual purchasing behavior, presenting opportunities for market players to align their offerings with consumer expectations.
- Japan: Japan’s packaged food market, with a 3.7% share, is witnessing a shift towards smaller packaging formats, driven by the shrinking household sizes. Additionally, the adaptation of older generations to online shopping is opening new avenues for market players.
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Key News Intensifying the Competitive Scene in the Market
- In April 2023, Tyson Foods and Amcor teamed up to launch a sustainable packaging solution that offers a 70% reduction in the carbon footprint. These efforts are aimed at lowering the overall packaging pollution generated by the company.
- In June 2021, Tyson Foods introduced new plant-based products under the brand of First Pride™ catering to Asia’s expanding market. Post the launch. This line has been available on eCommerce channels and select retail markets across Asia Pacific.
- In May 2023, Reliance Consumer Products Ltd reportedly entered the western snacking category with the debut of General Mills’ Alan’s Bugles brand of chips in the India market. This move is set to give tight competition to ITC and PepsiCo.
- In August 2023, General Mills announced that it would release and test its newest brand, Yumble, a DTC delivery service that intends to give a stress-free spin to lunch and snack time for parents by offering customizable lunch kits.
Packaged Food Market Segmentation
By Product Type:
- Baby and Infant Foods
- Dairy Products
- Confectionary
- Bakery and Snacks
- Meat and Poultry
- Ready-To-Eat Meals
- Alcoholic Beverage
- Non-Alcoholic Beverage
By Packaging:
- Jugs
- Packets
- Bottles
- Bags
- Bowls
- Boxes
- Cans
- Cartons
- Crates
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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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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