New York ,US, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Packaged Food Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Packaged Food Market Information by Product Type, Category, Distribution Channel, And Region - Forecast till 2028"; the market will reach USD 4.11 Trillion by 2028, at 4.52% CAGR.
Market Synopsis
Food planned and packaged to extend its shelf life is called packaged food. Most packaged foods are considered convenient and manufactured commercially before being distributed for consumer consumption. Packaged food came from simple handling, preparation, and protection from outside meddling. Foods in packages are easy to handle, serve, and consume. Due to characteristics including accessibility, portability, and ready-to-eat status, packaged food products are growing in popularity, especially among urban residents. The market is concurrently experiencing increased consumption of dairy goods and confections.
Food goods, like milk and bread, are protected against U.V. radiation by revolutionary packaging materials, including a layer of metal with a specific coating or packaged material stamped with black ink. In recent years, packaged foods have become more and more popular due to their hygienic qualities. They are becoming more and more popular since urban inhabitants find them to be so useful in both developed and underdeveloped countries. Certain packages, for instance, use oxygen absorbers to eliminate or significantly reduce the amount of oxygen in food goods. Removing oxygen helps stop the food product from oxidizing and developing a brown color. In addition to technical advancements, the industry has seen a sharp increase in the demand for convenience meals globally.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 4.11 trillion |
| CAGR | 4.52% |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Trillion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Category, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for convenience food |
| increase in the demand for fortified foods |
Market Competitive Landscape:
The stellar contenders in the packaged food market are:
- JBS USA Holdings, Inc. (U.S.)
- Mars, Incorporated (U.S.)
- PepsiCo, Inc. (U.S.)
- Smithfield Foods, Inc. (U.S.)
- ConAgra, Inc. (U.S.)
- Tyson Foods, Inc. (U.S.)
- Kellog Co. (U.S.)
- General Mills, Inc. (U.S.)
- Kraft Foods (U.S.)
- Nestle SA (Switzerland)
Market U.S.P. Covered:
Market Drivers:
Developing processing methods to increase the storage period is responsible for expanding the packaged food sector. Additionally, the global rise in the working population and changes in food consumption behavior fuel market expansion. The availability of packaged foods has expanded as a result of improvements in retail infrastructure, and this rising ease of obtaining food products, combined with choices for free home delivery and various promotional offers, has contributed to the expansion of the worldwide packaged food market. The primary development engine for the worldwide packaged food market is customers' growing awareness of the value of sanitary food.
The possibility for industry players has increased due to the increasing demand for plant-based goods brought on by the country's expanding vegan population. Demand for organic, healthy, clean, and whole-food goods has increased recently among environmentally and health-conscious individuals who are less price-sensitive. The organic product category is evolving into a commonplace food category as the organic tendency in the food and beverage sector continues to rise. Additionally, consumers want more visibility in the product's supply chain and place of origin. Because packaged foods like rice, pasta, noodles, snacks, and canned food enjoy long shelf life, consumers prefer to hoard them, which boosts their sales.
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Market Restraints:
However, the widespread belief among consumers that packaged goods have negative impacts stunts development and serve as a significant market barrier.
COVID 19 Analysis
The COVID-19 pandemic impaired the market expansion for packaged foods. Government-imposed lockdowns and stringent social distance laws caused manufacturing facilities to close permanently or temporarily. This had a detrimental influence on the market and the demand for packaged food goods. However, it is projected that product demand will increase again and support the expansion in the packaged food sector due to the introduction of vaccines and a decrease in instances. There is currently a food shortage as a result of over hoarding of packaged foods, which is regarded as a serious issue. However, after the COVID-19 pandemic, this rise in packaged food demand will decline. Certain food manufacturing firms are adding workers to keep up with demand.
Market Segmentation
By category, the market includes conventional and organic. By product type, the market includes ready meals, instant noodles & pasta, baked products, confectionery, grains & cereals, sweet & savory snacks, dried fruits, baby food & infant nutrition, soups, sauces, dairy & frozen desserts, dressings & condiments, beverages. By distribution channel, the market includes store-based and non-store-based.
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Regional Insights
Due to major players in nations like China and India, the Asia-Pacific area is anticipated to overtake all others as the market leader for packaged foods in the upcoming years. Due to many local players, Europe and North America are predicted to experience consistent growth over the projected period. Additionally, it is projected that market growth for packaged foods will be stimulated by technological developments in processing methods designed to increase the shelf life of every product. Food products in packages are simple to use and less likely to be tampered with or adulterated. These factors may boost product demand and support the packaged food industry.
Due to rising packaged food consumption among various demographic segments in nations like the U.S. and Canada, North America is predicted to offer lucrative growth possibilities for the global packaged food market. Due to strong research and development efforts to make better-quality products in nations like the U.K. and Germany, Europe is predicted to experience significant growth in the packaged food market. On the other hand, the packaged food business is being propelled forward by continued business expansion, backed by rising consumer demand. Furthermore, it is projected that the packaged food business will grow due to specific consumer demands for organic produce, clean-label foods, vegan fare, dairy-free goods, and others.
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