According to FMI, North America is predicted to dominate the global market for packaged foods. The demand for packaged food in the United States is anticipated to increase due to a rising trend toward foods made from naturally sourced ingredients.
NEWARK, DE / ACCESSWIRE / October 13, 2022 / The Packaged Food Market is anticipated to reach a value of US$ 3,100 billion by 2022 and then grow at a CAGR of 5.3% from 2022 to 2032 to reach US$ 5,200 billion. Market growth for packaged foods is being driven by ongoing technical developments. To extend the shelf life and increase the appeal of the packaged food, producers are implementing cutting-edge packaging materials.
Packaging of food using sustainable materials, such as plant-based plastics, bamboo, and vegetable starch, is anticipated to see a surge in demand throughout the projection period as customers consciously choose to support a safe world. The market is anticipated to grow between 2022 and 2032 as a result of an increase in demand for interactive packaging, which enables product use without completely removing the package off the product.
Organizations that are transparent about the production processes and emphasize labelling are expected to aid the demand in the market. Packaging of products plays a crucial role in packaged food market. Key players are innovating packages that eliminate contact with air to avoid fungal growth and improve shelf life, ease of transport.
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Further, numerous people are reducing the intake of dairy, meat products and substituting them with plant-based alternatives. As a result, manufacturers of packaged food products are focusing on developing product lines that are organic.
Consumers are opting for functional foods that offer probiotics that build body immunity. Hence, key players are investing in research and developmental activities to come up with ingredients that offer multiple health benefits to customers.
Key Takeaways from Market Study
- North America packaged food market is estimated to be valued at US$ 744 Bn in 2022 and register a CAGR of 4.9% in the forecast period
- Latin America and Oceania are expected to account for 4.5% and 5.3% of demand share in packaged food market, respectively, in 2022.
- Europe processed food market is expected to reach US$ at 682 Bn by the end of 2032
- By product type, the baby and infant's foot holds the highest market share in the packaged food marker
- The meat and poultry segment is expected to have a high growth rate at a CAGR of 5.5% over the assessment period
"Key players of packaged food products are investing heavily in research and development activities to offer new product lines that are plant-based, dairy free, vegan and fulfil nutritional requirements of consumers." says a Future Market Insights analyst.
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Competitive Landscape
Key manufacturers have invested substantially to get deeper insight into shifts in consumer preferences and adapt their products accordingly to suit their requirements. Mergers and alliances have been a prominent growth strategy practised by companies planning to extend their market presence in the global packaged food market.
- Nestle and Starbucks have unveiled new products in their Starbucks at home range. It includes Cold brew Concentrate, Fresh Brew coffee and lends with essential vitamins and turmeric.
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Preference for Naturally Sourced Food Products to Boost Packaged Food Market
North America is expected to be the leading region in the global packaged food market, opines FMI. Growing inclination towards naturally sourced food products is expected to propel the demand for packaged food in the U.S.
High concentration of manufacturing plants and easy availability of innovative packaged products is positively impacting the sales of packaged products. As per FMI, the U.S. packaged food is expected to reach a value of US$ 632 Bn in 2022 which is approximately 24.3% of the global packaged food.
Why is India Considered a Promising Market for Packaged Food?
Growing Consumption of Pre-Cooked Meals to Fuel Packaged Food Products Sales in India
Asia Pacific is expected to be the most remunerative market for packaged food industry due to increase in demand for convenient and pre-cooked meals. Hence, manufacturers are focusing on offering quality food products suited to local tastes. As per FMI, the India packaged food market is expected to account for US$ 289 Bn in 2022 which is approximately 18% of the global packaged food market.
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Market Segments Covered In Packaged Food Market Analysis
By Product Type, Packaged Food is Segmented as:
- Baby and Infant Foods
- Dairy Products
- Confectionary
- Bakery and Snacks
- Meat and Poultry
- Ready-To-Eat Meals
- Alcoholic Beverage
- Non-Alcoholic Beverage
By Packaging, Packaged Food Market is Segmented as:
- Jugs
- Packets
- Bottles
- Bags
- Bowls
- Boxes
- Cans
- Cartons
- Crates
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
To Continue TOC…
Explore FMI's Extensive Coverage on Food and Beverage Domain:
UTI Cat Food Market Analysis : The overall demand for different cat food products has increased, as the global pet food industry has been growing at a rapid pace.
Diabetic Food Market trends : The diabetic food market has grown significantly over the past few years. Increasing incidences of diabetes are primarily fuelling the demand for diabetic food products globally.
Sports Food Market size : The sports food market was valued at US$ 40.0 billion in 2021, and it is predicted to rise at a CAGR of 8.8%. Maximum performance necessitates proper nutrition and diet.
Frozen Food Market Demand : The global frozen food market is anticipated to be valued at US$ 314,285 Million in 2022, forecast to grow at a CAGR of 6.7% to be valued at US$ 602,257 Million from 2022 to 2032.
Pre-Packaged Medical Supplies Market Opportunity : Pre-packaged medical supplies offer sterile and medical consumables which are pre-packaged for use by clinics, hospitals or medical institutions.
GCC Functional Food Market Damand : GCC Functional Food Market: The revenue generated from the sales of functional foods in GCC countries is estimated to be around US$ 4,895 Mn in 2014, and is projected to expand at a CAGR of 10.9% during the forecast period 2015-2020.
Natural Food Colours Market outlook : The natural food colours market is anticipated to grow at an impressive CAGR during the forecast period. A significant rise in demand for natural food colours has been coming from industries to enhance the appeal of products.
Convenience Food Market Value : The global demand for convenience food is anticipated to rise at a CAGR of 7%. The market revenue is likely to be valued at US$ 552.8 Million in 2022, and exhibit a revenue growth of US$ 1,086.425 Million by 2032.
Food Grade Lubricants Market Growth Rate : The food grade lubricants market is likely to secure a CAGR of 6% through 2032. The market is likely to be valued at US$ 462.81 Mn by 2032, up from its current valuation of US$ 258.43 Mn in 2022.
Food Preservatives Market Share : The global food preservatives market is estimated to have a value of USD 2,600 Mn in the year 2021 and is expected to have a steep growth to reach USD 5,019.8 Mn with a CAGR (compounded annual growth rate) of 6.8%.
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