Packaged Food Market: Global Industry Analysis and Forecast (2023-2029)

Packaged Food Market size was valued at US$ 3.28 Trillion in 2022 and the total revenue is expected to grow at 4.5% through 2023 to 2029, reaching nearly US$ 4.47 Trillion.
Packaged Food Market Overview:
The concept of packaged food came as a result of considerations such as ease of preparation, consumption, handling, and protection against external tampering. The key growth drivers of the packaged food market are changing lifestyles, convenience of consumption, and improved health awareness. The materials used in food packaging should be easy to handle, display, open, and close.

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Packaged Food Market Dynamics:
The consumption of expired food may cause serious health problems. Therefore, the real-time monitoring system helps to detect the freshness of packed food. At the same time, it is safe, hygienic, inexpensive and highly accurate. Consumers can choose the best quality food packaging. This detection is done using a small smart sensor tag composed of three ultra-low power sensors. Freshness is monitored and evaluated by various factors, including temperature, humidity, and gas concentrations of ammonia and hydrogen sulfide.

Currently, two configurations are mainly developed, LED visible light and UV LED light. The product is mainly used in the processing and production of fresh packed food and possibly organic food, especially fruits and vegetables.

Globally, the demand for plant-based foods has increased, owing to an increase in the number of vegans and vegetarians. According to the Vegan Society, the number of vegan consumers in the United Kingdom increased dramatically from 250 thousand in 2018 to 700 thousand in 2020. The intake of animal protein is related to high cholesterol, fat and calorie levels, which can increase the risk of heart disease, high blood sugar and obesity. Therefore, people have shown a tendency towards vegan protein sources.

In addition, due to allergies caused by animal products, the proportion of consumers looking for alternatives has also increased. This creates a good platform for the growth of plant-based products. The production of plant protein is considered to be more environmentally friendly than animal protein. In addition, plant-based products show beneficial properties in terms of weight management, heart health, and bioavailability. Subsequently, the plant-based food and beverage market has huge potential because consumers are increasingly inclined to healthy eating habits.
Segment Analysis:
On the basis of product, the Packaged Food Market is sub-segmented into Dairy product, Confectionery, Beverage, Bakery, Snacks, Meat, Poultry and Seafood, Breakfast Cereals, Ready Meals, Others.

The bakery segment held 34.13% share in 2022. Thanks to easy availability of products, low cost, range of flavours and textural benefits, changing lifestyles, and increased need for fast meals, the bakery market is growing rapidly.

Dairy product is second dominant segment with CAGR of 10.3% during forecasting period 2023-2029. The dairy sector is growing due to increased rivalry for dairy products in nations such as the United States, China, and India. Packed food demand in the United States is increasing at a rapid rate of around 6.8% and it is expected to continue to grow during the forecast period.



On the basis of packaging, the Packaged Food Market is sub-segmented into Plastic Packaging, Tetra Pack, Metal Cans, Others. The plastic packaging segment held large number of share xx % in 2022. Owing to lightweight, easily available, less fuel is consumed, which results in lower emissions and cost benefits for distributors, retailers, and consumers. Plastic packaging can withstand harsh settings and does not disintegrate quickly in hot or cold climates, retaining the freshness of the food or beverage inside. Products are also protected from moisture, oxygen, dust, light, and odours.

On the basis of distribution channel, the Packaged Food Market is sub-segmented into Supermarket/Hypermarket, Convenience Stores, Online retailer and Offline retailer. The online retailer segment held largest share xx% the of global market in 2022, owing to increase internet penetration, changing life style, increased use of smart phones.

The Supermarket or Hypermarket stores second dominated segment in the market. It held share of xx% of the global market in 2022. The products are found at relatively at low price in supermarkets because they purchase larger quantity of goods, sales volume rises high.
Regional Insights:
Asia Pacific held largest share of xx% in 2022. Thanks to rapid urbanization, evolving lifestyles, and rising disposable income has play major role of packaged food market. The health benefits of packaged fermented or fortified foods and beverages have contributed to their appeal. Kombucha drinks, which are high in organic acids and have antimicrobial properties, can be used for a variety of therapeutic purposes, which is expected to drive market growth in the region. The top competitors in the Asian market are concentrating on product innovation to suit the region's desire for nutritious and healthful foods; however, the manufacturers' primary focus is on matching the flavour of the product to the local palate.

The objective of the report is to present a comprehensive analysis of the Packaged Food Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Packaged Food Market dynamics, structure by analyzing the market segments and project the Packaged Food Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Packaged Food Market make the report investor’s guide.
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Global Packaged Food Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.28Tri.


Forecast Period 2023 to 2029 CAGR:
4.5%
Market Size in 2029:
US $ 4.47 Tri.


 Segments Covered:
by Aircraft Type
Light
Mid-Sized
Large
Airline


by Range
Less than 3,000 NM
3,000–5,000 NM
More than 5,000 NM


by End Use
Private
Operator


by Point of Sale
OEM
Aftermarket


by Product Type
Ready Meals
Baked foods
Breakfast cereals
Soups
Baby Food
Potato Chips
Nuts
Instant Noodles
Pasta
Biscuits
Chocolate Confectionary
Cheese
Yogurt
Ice Creams
Sauces, Dressings & Condiments
Non-alcoholic drinks



Packaged Food Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players Are:
1. Kraft Foods Group Inc
2. Nestle S.A.
3. General Mills
4. Tyson Foods
5. ConAgra Foods Inc.
6. Maple Leaf Foods Inc
7. JBS S.A
8. Kellogg's
9. Smithfield Foods Inc.
10. Hormel Foods Corporation
11. Andros Foods
12. Histon Sweets Spreads Limited
13. Gehl Foods, LLC.
14. Tree Top
15. B and G Foods, INC
Frequently Asked Questions:
1. Which region has the largest share in Packaged Food Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Packaged Food Market?
Ans: The Packaged Food Market is growing at a CAGR of 4.5 % during forecasting period 2023-2029.

3. What segments are covered in Packaged Food Market?
Ans: Packaged Food Market is segmented into Product, Packaging, Distribution Channel and Region.

4. Who are the key players in Packaged Food Market?
Ans: The important key players in the Packaged Food Market are - Kraft Foods Group Inc, Nestle S.A., General Mills, Tyson Foods, ConAgra Foods Inc., Maple Leaf Foods Inc, JBS S.A, Kellogg's, Smithfield Foods Inc., Hormel Foods Corporation, Andros Foods, Histon Sweets Spreads Limited, Gehl Foods, LLC., Tree Top, B and G Foods, INC.

5. What is the study period of this market?
Ans: The Packaged Food Market is studied from 2022 to 2029.