IMARC Group’s report titled “Packaged Food Market Report by Product Type (Bakery Products, Dairy Products, Beverages, Breakfast Products, Meals, and Others), Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Convenience Stores, Online Retail Stores, and Others), and Region 2024-2032“. The global packaged food market size reached US$ 2,441.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,581.6 Billion by 2032, exhibiting a growth rate (CAGR) of 7% during 2024-2032.
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Factors Affecting the Growth of the Packaged Food Industry:
- Changing Consumer Preferences:
Modern consumers have increasingly busy lifestyles and limited time to prepare meals. This has led to increased interest in packaged foods that provide quick and convenient meal solutions. With the rise of busy professionals and increased outdoor activities, consumers are seeking portable, ready-to-eat (RTE) options. Packaged foods such as energy bars and snack packs meet this need. Packaged foods are attractive to households with both parents working because they require less preparation, and the market is growing.
- Health and Wellness Trends:
Increasing public awareness about the importance of a healthy lifestyle has led consumers to seek packaged food options that meet their dietary and nutritional goals. Consumers are increasingly scrutinizing food labels and looking for products that are low in salt, sugar, and fat. Preference is given to brands that provide clear nutritional information. There is a growing demand for packaged foods containing functional ingredients such as antioxidants, probiotics, and vitamins. Consumers perceive these products to have health benefits.
- Thriving E-Commerce Industry:
E-commerce platforms offer consumers the convenience of purchasing packaged food from the comfort of their home, eliminating the need to visit a brick-and-mortar store. Online retail allows packaged food brands to reach a broader consumer base, including those in remote and underserved areas, increasing market access. E-commerce platforms can present a wide variety of packaged foods, including niche and specialty products, according to the diverse tastes of consumers.
Leading Companies Operating in the Global Packaged Food Industry:
- Conagra Brands Inc.
- Danone S.A.
- General Mills Inc.
- Hormel Foods Corporation
- JBS S.A.
- Kellogg Company
- Maple Leaf Foods Inc
- Nestlé S.A
- PepsiCo Inc.
- The Coca-Cola Company
- The Kraft Heinz Company
- Tyson Foods Inc.
- WH Group Limited
Packaged Food Market Report Segmentation:
By Product Type:
- Bakery Products
- Dairy Products
- Beverages
- Breakfast Products
- Meals
- Others
Bakery products accounted for the largest segment as they offer a wide range of affordable and convenient options that cater to the diverse tastes of consumers.
By Distribution Channel:
- Supermarket/Hypermarket
- Specialty Stores
- Convenience Stores
- Online Retail Stores
- Others
Supermarkets/hypermarkets accounted for the largest market share due to their one-stop shopping experience offering comprehensive packaged food products.
Regional Insights:
- 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
Asia Pacific holds a leading position in the packaged food market due to its large and diverse population, increasing urbanization, and changing consumer preferences for packaged and ready-to-eat foods. I am.
Global Packaged Food Market Trends:
Consumers around the world are increasingly seeking packaged foods that align with their health and wellness goals, driving demand for products with clean labels, natural ingredients, and functional benefits.
The rise of plant-based diets and flexitarianism is driving demand for plant-based processed foods, including meat substitutes, dairy alternatives, and plant-based snacks.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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