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Market ScopeThe packaged food market will account for a dashing valuation of USD 4.11 trillion by 2028-end, projects MRFR (Market Research Future). The worldwide market would capture a 4.52% CAGR during the evaluation period (between 2021 and 2028).
Major Boosters and Top Impediments
The rapidly blossoming packaged food market is favored by the frequent technological and flavor innovations, in conjunction with the evolving consumer preferences and demand. The onslaught of new firms making their entry into the worldwide market also adds to its attractiveness. Amplified demand for vegan food, plant-based food, gluten-free food, and dairy-free food could be a major trend in the years to come, paving way for attractive opportunities for the active companies.
With the emerging trend of on-the-go healthy snacking, companies are introducing new lines of granola and cereal bars, and meat snacks. As a result, the packaged food industry will benefit majorly from the surge in the healthy snacking segment in the following years. The market share is further enhanced by the rapidly mounting health awareness among people, and this soaring demand for nutritious and healthy packaged food has steered the focus of the manufacturers on developing fortified food items. This could have a remarkable impact on the global industry over the years to come.
In the last decade, the preference for natural, clean, organic, and whole-food items has surged tremendously, especially as the environment and health-conscious consumer population continues to soar. People are increasingly opting for organic food products, regardless of their price. This has resulted in the organic food segment turning into a mainstream category. Additionally, people are now seeking more transparency when it comes to supply chain and the ingredients present in the products being purchased. Consequently, the industry participants are offering extensive information related to the food products right on the labels.
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Market Segmentation
Category, product type, and distribution channel are the major segments highlighted in the MRFR study.
The categories studied in the MRFR analysis include conventional as well as organic.
Product types considered in the study are Ready Meals, Baked Products, Dried Fruits, Grains & Cereals, Sauces, Beverages, Instant Noodles & Pasta, Dairy & Frozen Desserts, Soups, Confectionary, Baby Food & Infant Nutrition, Dressings & Condiments, Sweet & Savory Snacks, and more.
The distribution channels covered in the market report include Store-Based {Convenience Stores, Supermarkets & Hypermarkets, and more} along with Non-Store-Based.
Regional Insight
Soaring knowledge about the advantages of a healthy lifestyle combined with the burgeoning working population has landed Europe at the top of the packaged food industry. The striking pace at which the urban population is expanding in the region, bolsters the sales of packaged food as well. With the continuous improvement in consumers’ disposable income in the region, their preference for packaged food will also continue to mount exponentially in the ensuing years.
North America, particularly the United States, will note booming sales of a variety of packaged foods in the years ahead. Since the outbreak of the COVID-19 pandemic, retail sales of packaged foods have soared considerably. Consumer spending on natural and organic food surged substantially on account of social distancing and quarantine measures. Stockpiling of ready-to-cook and ready-to-eat, products became a common trend in the region, resulting in a dramatic growth of the packaged food market.
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Renowned Players
Major packaged food developers and distributors active in the worldwide market are Smithfield Foods, Inc. (US), Kellogg Co. (US), Nestlé SA (Switzerland), Kraft Foods (US), Mars Incorporated (US), Tyson Foods Inc. (US) PepsiCo, Inc. (US), ConAgra, Inc. (US), General Mills, Inc. (US), JBS USA Holdings, Inc. (US), to name a few.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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