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
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
“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 Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
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.
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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:
By Packaging, Packaged Food Market is Segmented as:
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 16, 2024
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