IMARC Group, a leading market research company, has recently releases report titled “Packaged Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global packaged food market analysis, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Packaged Food Market
Packaged food refers to food products meticulously designed for convenience and distribution, tailored for easy consumption. These products come in a diverse array of forms, encompassing boxes, plastic containers, tin cans, and more, adapting to their distinct attributes and consistencies. Packaged food boasts a multitude of benefits, ranging from safeguarding against barriers and contamination to facilitating portion control, preserving shape and quality, and deterring spillage and tampering. Vital information, such as expiration dates, nutritional details, pricing, and product origin, is conveyed through packaging, aiding consumers in informed choices. Widely accessible, packaged food is found in various retail outlets like supermarkets, hypermarkets, online platforms, and local stores, driving significant demand across the global market.
How Big Is the Packaged Food Market?
The global packaged food market size reached US$ 2,259 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,696 Billion by 2028, exhibiting a growth rate (CAGR) of 8.05% during 2023-2028.
Global Industry Trends and Drivers:
The growth of the packaged food market is primarily propelled by the expanding food retail sector and the increasing consumption of convenient ready-to-eat food products worldwide. Additionally, factors such as urbanization, evolving consumer dietary preferences, and a growing population of working women are contributing positively to the global market’s momentum. Furthermore, regulatory initiatives, exemplified by bodies like the U.S. Food and Drug Administration (FDA), advocating for clean-label packaged food products free from harmful chemical additives, are further encouraging market growth. The surging popularity of health-conscious on-the-go snacks, encompassing items like meat snacks, cereals, and granola bars, is another significant driving force. Moreover, key players’ augmented investments in research and development activities aimed at extending product shelf-life and introducing antimicrobial packaging materials, coupled with the emphasis on developing lightweight packaging solutions to reduce transportation costs and carbon emissions, are noticeable trends. Additionally, the introduction of environmentally friendly packaging options like biodegradable materials, nanofabrication, and flexible packaging is anticipated to invigorate the packaged food market in the forthcoming years.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Product Type:
- Bakery Products
- Dairy Products
- Beverages
- Breakfast Products
- Meals
- Others
Breakup by Distribution Channel:
- Supermarket/Hypermarket
- Specialty Stores
- Convenience Stores
- Online Retail Stores
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
Conagra Brands Inc., Danone S.A., General Mills Inc., Hormel Foods Corporation, JBS S.A., Kellogg Company, Maple Leaf Foods Inc, Nestle S.A, PepsiCo Inc., The Coca-Cola Company, The Kraft Heinz Company, Tyson Foods Inc. and WH Group Limited.