Pune, India, April 2022, MRFR Press Release/Market Research Future has published a Report on the Global Packaged Food Market.
The global packaged food market size is projected to be valued at USD 4236.5 billion by 2032 at a CAGR of 4.52% between 2023 and 2032. Packaged food is food item that are prepared in advance and packed by manufacturers to make it shelf stable. Also, organically certified packaged food is manufactured with organic methods that are free from genetically modified organisms (GMO) and artificial ingredients. Long working hours, traveling time, increasing hectic lifestyle, and changing eating habits of consumers are some of the factors that are responsible for the increasing demand for packaged food. Packaged food brands realized the importance of packaged food & beverages in emerging economies. So, manufacturers are focusing on introducing smaller pack sizes at low prices to attract middle class population in emerging economies of Asia-Pacific region. They are also concentrating on attractive packaging with vibrant colors and varieties to attract new consumers and capture the major packaged food market share.
Innovations in product flavors
Growth Opportunities in the Market
Demand for organic products: Consumer awareness regarding the environmental and health impact of chemicals in food items. Due to the increasing awareness regarding the negative impact that chemicals can have on human health, consumers increasingly prefer organically cultivated and processed products. Thus, the global demand for organically produced products is growing rapidly. Along with North America and Europe, the adoption of organic food products is increasing in Asia-Pacific and the Middle East & Africa. Consumers in these regions are becoming aware of the benefits of organic packaged food products, which creates a lucrative opportunity for the producers of packaged food.
Growth of the organized retail sector in emerging economies: Economic growth, rising middle class, and high migration rates from rural to urban areas have led to the influx of international retailers in emerging economies. This has encouraged the expansion of existing retail outlets in countries such as India, China, Malaysia, and South Africa, driving the growth of packaged food in the market. In South-East Asia, Singapore is a hotspot for retailers with a preference for one-stop shopping, which is driving the growth of the packaged food & beverages market.