The global packaged food market size is estimated to clock a valuation of US$ 62,11,619.50 million by 2033. Our food and beverage industry researchers observe that packaged food providers can expect a CAGR of 4.3% through 2033, with the present valuation of US$ 40,79,495 million in 2023.
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.
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 Billion in 2022 which is approximately 18% of the global packaged food market.
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
