NEWARK, Del, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global packaged food market value is likely to jump from US$ 40,79,495 million in 2023 to US$ 62,11,619.50 million by 2033. A CAGR of 4.3% is expected for the market over the next decade.
Packaged food products are gaining prominence in the global landscape as consumers shift toward convenience foods and convenient packaging formats. To beat market competition, key players are arming themselves with analytics and digital tools. Key contenders are catering to the demand volatility in a cost-effective manner by boosting network agility via supply-chain digitization and stronger connectivity.
According to recent research, a large share of flexitarians are seeking ways to lower their meat intake. About 30% of regular meat eaters are actually following this aspiration. These trends are expected to show their impact on the purchase of packaged products. Particularly in Western Europe, a great share of flexitarians is consuming less or no red meat.
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In the marketspace, brand owners are finding convenient opportunities to offer consumers product options that are easy to consume, like single-serve capsules. Companies are designing packaging solutions that support single-use systems. An example of this concept is the stand-up pouch, which is easy to open and lightweight.
An emerging opportunity is the development of single-use systems in an eco-friendly way. Market players are leveling up their innovation game, eradicating concerning materials out of the packaging solutions sans compromising on packaging functionality or changing their equipment.
Key Takeaways from the Packaged Food Market Report:
- In 2022, the global packaged food market size stood at US$ 3,922,591 million.
- The United States is leading the packaged food industry with 18.6% global market share in 2023.
- In 2023, China's packaged food industry closely follows the movement of the United States, holding an 11.6% global market share.
- Germany emerged as a prominent player in the European packaged food industry, capturing a 5.8% global market share in 2023.
- The ready-to-eat meals segment, commanding 34.6% of the global market in 2023, leads the market.
“Market players are facing an innovation challenge- making their product packaging environmentally friendly sans compromising on consumer functionality. With better innovation capabilities, key players can strike the right chord between these demands,” says an FMI analyst.
Recent Developments Detected by FMI in the Packaged Food Market:
- In June 2022, Conagra Brands, Inc. released a wide-ranging line of new products made to solve cravings and mealtime dilemmas. The new foods from Conagra Brands feature on-trend ingredients, contemporary flavors, and convenient prep methods.
- In July 2023, Conagra Brands, Inc., a prominent branded food firm in North America, unleashed more than 50 fresh items across the company’s snacks, grocery, and frozen divisions. Iconic brands from Conagra have developed new recipes to offer contemporary, flavorful, and dynamic food to meet the evolved needs of consumers.
- In March 2021, Nestlé introduced bio-based lids and scoops composed of renewable resources. This range is targeted at infants and children.
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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
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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