London, April 19, 2024 (GLOBE NEWSWIRE) -- Global branded food staple market is on track to witness robust growth, reaching an estimated market valuation of US$93 Bn by the end of 2030. This surge from an approximate value of US$58.3 Bn in 2022 represents a CAGR of 6.9% over the forecast period, according to industry experts. This growth is fuelled by the popularity of ethnic flavours, health and wellness trends, and innovative packaging solutions. North America, and Asia Pacific poised to lead market growth.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$58.3 Bn | |
| Estimated Market Size in 2030 | US$93.0 Bn | |
| CAGR | 6.9% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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Innovations in production and packaging, such as vacuum sealing and antimicrobial coatings, are enhancing product stability, extending shelf-life, and reducing food waste. Moreover, eco-friendly initiatives are playing a vital role in fortifying the market prospects in the long run. Brands prioritising eco-friendly practices and packaging resonate with environmentally conscious consumers, helping to boost sales.
In line with the growing boom around ready-to-eat solutions, pre-packaged meal kits offering complete meal solutions and portion-controlled packaging are providing consumers with ease and versatility in their meal preparation. This will be a crucial booster to market growth, says the report.
“As the global branded food staple market continues to evolve, brands that embrace emerging trends, and innovative practices will benefit from the growing demand. With the market poised for substantial growth, the industry presents exciting opportunities for forward-thinking companies,” states the company’s analyst.
Rising demand for international flavours and health-conscious options is another important growth driver for the market, driven by the evolving consumer preferences for ethnic and global flavours, including ingredients from Mexican, Indian, Thai, and Mediterranean cuisines. This trend is further complemented by the increasing focus on health and wellness, with consumers seeking organic and non-GMO food essentials.
"Consumers are embracing diverse cuisines, and the demand for international flavours is reshaping the food industry," says a senior analyst, adding further, "Brands that innovate by offering unique, high-quality products are well-positioned to capitalise on these shifting preferences."
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Key Research Insights
- In 2022, the grains category, led by wheat flour and its various products, dominated the market.
- The B2B category, consisting of manufacturers and producers of branded food staples, played a major role in the industry in 2022.
- North America is expected to dominate the branded food staple market during the forecast period.
- Asia Pacific is anticipated to be the fastest-growing market region.
Insights into Segmentation Analysis
Grains Segment Dominates in Sales, Spices Projected for Fastest Growth
The grains segment took the lead in sales in 2022, propelled by the popularity of grain-based products such as oatmeal, granola, and rolled oats.
Pasta, made from wheat semolina, and corn-based items such as tortillas and cornbread are driving the grains market forward.
The spices category, however, is set for the fastest market growth, thanks to a focus on sustainable sourcing and the creation of spice blends that enhance a wide range of cuisines.
As consumers embrace ethnic and international flavours, branded spices are gaining popularity for their consistent quality and uniform packaging.
B2B Channels Lead the Market, B2C to Rise
The B2B segment outperformed others in 2022, with manufacturers supplying branded food products to businesses such as restaurants, hotels, and food service providers.
Advanced inventory management and data analytics are improving efficiency in meeting changing B2B customer demands.
The B2C category is poised for substantial growth, spurred by direct sales from producers or retailers to individual consumers.
Increased focus on health, wellness, and sustainable packaging is driving customer preference for branded food staples.
Key Report Highlights
- Consumers are looking for new things. There is a rise in demand for ethnic flavours, health-conscious options (organic, non-GMO), and even staples that fit into dietary trends like plant-based or gluten-free.
- While grains like flour and pasta are still the biggest sellers, spices are expected to be the fastest-growing segment due to the interest in exploring new flavours.
- Busy lifestyles are driving a demand for convenient and reliable branded staples. This means things like easy-to-cook options or pre-packaged ingredients that save time in the kitchen.
Insights into Regional Analysis
North America Reigns as Prime Revenue Generator
North America is expected to dominate the branded food staple market throughout the forecast period, given its diverse population with varied food preferences.
North American consumers seek convenience, leading to a surge in demand for branded convenience food staples such as ready-to-eat meals and meal kits.
The region's rising popularity of alternative proteins and plant-based diets is driving brands to innovate and cater to these consumer demands.
Brands catering to international flavours have access to a large market segment within the region.
Asia Pacific Set for Explosive Growth
Asia Pacific is anticipated to be the fastest-growing region in the branded food staple market, driven by the region's expanding middle class and rising disposable income.
This demographic often prefers branded goods for perceived quality and safety, boosting the market for food staples.
The region's rich culinary traditions and demand for authentic regional flavours create a thriving market for branded staples.
As consumers in the region, particularly in India, prioritize health and fitness, brands offering healthy options such as low-fat, low-sugar, organic, and gluten-free items are gaining traction.
Brands offering high-quality, safe food staples will find significant opportunities for growth in this region, where the demand for such products is rapidly rising.
Key Players in Global Branded Food Staple Market
- General Mills Inc.
- Nestlé
- Kraft Heinz Company
- Unilever
- The Kellogg Company
- The Coca-Cola Company
- Mars Incorporated
- Mondelez International Inc.
- PepsiCo Inc.
- Conagra Brands
- Archer Daniels Midland Company
- McCormick & Company
- The J.M. Smucker Company
- The Campbell Soup Company
- Hormel Foods Corporation
Global Branded Food Staple Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Product Type Coverage, By Distribution Channel Coverage, By Geographic Coverage and Leading Companies): https://www.fairfieldmarketresearch.com/report/branded-food-staple-market
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