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 are leading increasingly busy lifestyles with limited time to prepare meals. This has led to a growing preference for packaged foods that offer quick and convenient meal solutions. With the rise of busy workers and increased outdoor activities, consumers are looking for portable, ready-to-eat (RTE) options. Packaged foods such as energy bars and snack packs fill this need. Dual-income families are attracted to packaged foods as they reduce the time and effort required for cooking, which is driving the market growth.
- Health and Wellness Trends:
As public awareness grows about the importance of a healthy lifestyle, consumers are encouraged to find packaged food options that meet their dietary and nutritional goals. Consumers tend to look closely at food labels and look for products that are low in salt, sugar, and fat. Brands that provide clear nutritional information are preferred. Demand for packaged foods containing functional ingredients such as antioxidants, probiotics, and vitamins is increasing. Consumers perceive these products to have health benefits.
- Thriving E-Commerce Industry:
E-commerce platforms offer consumers the convenience of shopping for packaged foods from the comfort of their homes without having to visit a physical store. Online retail allows packaged food brands to increase market accessibility by reaching a broader consumer base, including remote or underserved areas. E-commerce platforms can showcase a variety of packaged foods, including niche and specialty products, to suit different consumer preferences.
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 offered a variety of affordable and convenient options to suit different consumer preferences.
By Distribution Channel:
- Supermarket/Hypermarket
- Specialty Stores
- Convenience Stores
- Online Retail Stores
- Others
Supermarkets/hypermarts held the largest market share due to their one-stop shopping experience offering a wide range of packaged foods.
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 enjoys a leading position in the packaged foods market due to its large and diverse population, increasing urbanization, and changing consumer preference for packaged and convenience foods.
Global Packaged Food Market Trends:
Consumers around the world are increasingly seeking packaged foods that meet 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 packaged foods, including meat alternatives, dairy alternatives, and plant-based snacks.
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