Market Research Future (MRFR) has published a cooked research report on the "Consumer Packaged Goods Market” that contains the information from 2023 to 2030.
Global Consumer Packaged Goods market
Global consumer packaged goods market is categorized based on product type, end user, distribution channel, and region. Based on product type the market is fragmented into food & beverage, cosmetics & personal care, pharmaceuticals, nutraceuticals, and others. On the basis of end user, residential/retail, & commercial. Based on the distribution channel the market is segmented offline, & online. The main regions considered for the market study includes North America, Asia Pacific, Europe, and Rest of the World.
According to the MRFR analysis, the global consumer packaged goods market size is anticipated to touch USD 6,976.22 billion by 2030 at a CAGR of 3.50%.
The items that are being used by the individuals on a regular basis are consumer packaged goods and they also require regular replacement or replenishment. The customer packaged goods industry is observing a substantial market inundation and less switching costs among consumers, as they simply opt for the substitutes that are available at less expensive prices. These are the factors owing to which consumer packaged goods are facing a steady demand and it is observing very high competition for all industries. Moreover, emerging nations are creating growth prospects for consumer packaged goods, and this is also likely to grow over the forthcoming years.
COVID-19 Impact on Consumer Packaged Goods Market
The incidence of COVID-19 has created a global crisis. The emergence of the virus has negatively impacted several countries globally, it has also obstructed the economic condition of nations around the world and created chaos, that further led to global annulment. In addition, the prevalence of COVID-19 has disruptively hampered the commodity market in several ways. Although, various fightback steps were undertaken by the regulatory bodies as well as governments in several nations worldwide to avoid the nations from the negative impact of the situation.
The emergence of the Novel Coronavirus pandemic had a severe impact on the developed as well as developing environment of economies, it caused a significant interruption in various economic activities. The consumer packed goods faced very higher demand during the incidence of CVID-19, as consumers were looking for properly packed daily essentials whether it is food & beverage, cosmetics & personal care, pharma & dietary products, or pet food products. However, the complete or partial lockdown imposed by the governments of various nations impacted the trade of import and export of finalized goods to its potential markets, and the raw materials to the producers. Moreover, the temporary shutdown of manufacturing or production units of various companies due to increasing incidences of COVID among their employees had majorly impacted the consumer packaged goods industry. Furthermore, various Asian nations such as India, Japan, Malaysia, Singapore, Thailand, and Japan initiated and extended their lockdown periods with stricter guidelines,
Besides that, during that period the consumers faced very higher demand but its supply chain got disrupted owing to the unavailability of raw materials, and lockdowns, production declined by 5%, various companies were running with their 50% workforce, several end-use industries were struggling very hard for the acquisition of the raw materials for the production. Consumer packaged goods manufacturers ensure the quality and shelf-life of the products which is gaining more consumer attraction. The consumer packaged goods industry is likely to observe significant growth during the forthcoming years owing to the incorporation of numerous production units by various corporations to catch up with the latest as well as ongoing market trends associated with the industry.
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The global market for consumer packaged goods is highly profitable, both for the new entrants as well as the existing corporations. The market is facing very high competition with all the key players opposing in their industries to gain more foothold in the market. Intense rivalry, increasing advancements associated with consumer packaged goods technology, use of colors as well as attracting wrappers or packaging materials with sustainable ingredients along with the regulations of the government body towards the environment are the major factors that are further creating the prospects regarding the market growth. According to MRFR analysis, it is revealed that major players operating in the market had implemented different approaches and advanced research and development methods for the expansion of their business footprint and to secure their place in the global consumer packaged goods market. In recent years, the various strategic initiatives undertaken by the key players included approvals and certifications that have been used as a major strategy for penetration in the global market to suppress their rivalry. Nestlé SA, Procter & Gamble, PepsiCo, Unilever, LVMH Moët Hennessy Louis Vuitton, Imperial Brands PLC, Anheuser-Busch InBev, JBS S.A., Nike, Inc., and Tyson Foods are the major players that have been profiled for the analysis of the global consumer packaged goods market.
By Product Type
- Food & Beverage: The food & beverage segment held the leading share of 29.9% of the overall consumer packaged goods market in terms of market value in 2021. The increasing demand for ready-to-cook (RTC), ready-to-eat (RTE), ready-to-drink (RTD), or On-the-Go products among consumers are the major growth factors that are propelling its demand and is also anticipated to observe a noticeable growth during the forthcoming years as it is likely to grow with a CAGR of 31.% till 2030.
- Cosmetics & Personal Care: The cosmetics & personal care segment fixed its place at second position in the global consumer packaged goods market as it held 25.3% share in 2021. The consumer packaged goods cosmtics & personal care industry has observed major distruptions amidst the incidence of COVID-19 as people were using mask and also they were staying at home owng to the increasing infections. However, after the post-pandemic the industry has regained its market positions and is back on the track.
- Pharmaceuticals: Among the segments of the global consumer packaged goods market, the pharmaceuticals segment holds a share of 18.03% in 2023. The segment is further likely to grow with a CAGR of 3.6% during the forthcoming years owing to surging applications in the demand for packaging for medicines and biomedical devices and equipment.
- Nutraceuticals: The nutraceuticals segment includes dietary supplements, health supplements, functional foods, along with health and energy drinks. The manufacturers operating in the associated industry are focusing on preserving the products for longer shelf life, being easy to use, and preventing contamination. These are the major factors associated with nutraceuticals owing to which it is likely to have a major growth prospect for the market, and it registered the second highest CAGR which is 4.6% till 2030.
- Others: Chemicals, and animal feed (pet food) have been considered under the other segment of the global consumer packaged goods market. According to the report of Consumer and Shopper Insights of IRI, in 2021, pet food has become the top-selling product in the categories of consumer packaged goods in the US.
By End User
- Residential/Retail: The residential segment includes daily essential products such as groceries, medicines, beverages, cosmetics & personal care products, and others. These products are designed for regular application and are available in various price ranges. Consumers can buy such products in accordance with their budget. These are the major factors anticipated to have a positive impact on the global consumer packaged goods across the globe.
- Residential/Retail: The commercial segment accounted for the share of 44.4% in 2022, in terms of market value. Commercial consumer packaged goods included those products that are primarily designed for the application of mass production. The segment is facing rising prevalence owing to the surging shift of consumers towards convenience products.
By Distribution Channel
- Offline: The offline distribution channel also termed store-based retailing that includes, hypermarkets/supermarkets, convenience stores, and specialty stores among others. Hypermarket/supermarket is considered the primary distribution channel for the consumer packaged goods market. The offline segment has accounted for more than half of the share of the overall consumer packaged goods market and is likely to observe major growth during the estimated years.
- Online: Online retail is also called the non-store-based mode of distribution channel. The online distribution chain for the consumer packaged goods market consists of several modes of distribution including direct sales of products from the manufacturers to end users or the manufacturers have made tie-ups with third-party online websites for the distribution of their products. Moreover, during the onset of COVID-19, online retailing surged across the board. However, the increase in online retailing has created more growth opportunities for consumer packaged goods, for instance in 2021, 32% of the overall revenue of the cosmetics & personal care industry was generated from online sales.
- North America: North America is one of the developed economies that has a huge consumer base for on-the-go products. The region is also observing a sizable growth in the working population. The well-established distribution network and surge in the demand for RTE or RTC products will aid the growth of the consumer packaged goods market. For the study, the region is categorized into US and Canada.
- Europe: Europe has emerged as a leading player in the global consumer packaged goods market owing to the presence of the global manufacturers of cosmetics & personal care industry, along with food, pharma, and nutraceuticals. Apart from that, the increasing number of working women population is the major growth propeller for the consumer packaged goods market and is anticipated to grow during the forecast years. The market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe.
- Asia-Pacific: Asia Pacific holds its position on the second rank in terms of market share for the global consumer packaged goods market. The region is further segmented into China, Japan India, Australia, and the Rest of Asia Pacific. Asia Pacific has the largest population across the globe, approximately 60% of the global population are the residents of the region. Moreover, Asia Pacific has the largest number of millennial demography, in addition, the region is also having a surging working population that in turn surges the demand for convenience products. Apart from that, increasing Western culture in the region is also driving the demand for consumer packaged goods in the region and is projected to observe tremendous growth during the forthcoming years.
- Rest of the World: The rest of the world market for consumer packaged goods is foreseeing tremendous growth opportunities as the region has growth prospects for new potential markets in the untapped nations of the Middle East & Africa. The shift in the consumers' preferences towards dietary patterns along with the increasing population is the major key enables for the market. South America, the Middle East, and Africa are considered the key countries for the study of the rest of the world's consumer packaged goods market.