Packaged Food Market Research Report—Global Forecast till 2028

Global Packaged Food Market Research Report: Information by Product Type (Grains & Cereals, Ready Meals, Baked Products, Confectionary, Sweet & Savory Snacks, Dried Fruits, Instant Noodles & Pasta, Baby Food & Infant Nutrition, Dairy & Frozen Desserts, Soups, Sauces, Dressings & CondimentsBeverages, Others), Category (Conventional, Organic), Distribution Channel (Store-Based {Supermarkets & Hypermarkets, Convenience Stores, and Others} and Non-Store-Based), and Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2028

ID: MRFR/F-B & N/9059-HCR | April 2021 | Region: Global | 90 pages

Market Scenario


The global packaged food market size is projected to reach approximately USD4.11 trillion by 2028, at a CAGR of 4.52% from 2021 to 2028. The demand for packaged foodis increasing owing to consumer inclination towardconvenience food products.With changing lifestyles and evolving dietary patterns, convenience food plays a crucial role in defining the consumers’ food choices in the modern world. Packaged food is made in advance and packed in cardboard or containers that are sold through retail channels. Looking at the economic development at the global level and specifically for BRIC countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant. The increasing consumption of packaged food is driven by consumers' desire to create more leisure time and spend more time doing the things they value.


The outbreak of COVID-19 has created immense pressure across supermarkets and hypermarkets, convenience stores, and food suppliers globally. This has led to an increased sale of packaged food, as the consumers are stockpiling shelf stable foods. The stockpiling practice has led to a sudden hike in the market value of the global packaged food market in 2020, which will normalize post the stabilization from this outbreak. However, the lack of availability of packaged food stocks in retail stores is currently one of the biggest concerns across the world. Some of the packaged food manufacturers are hiring personnel to keep up with the demand for the products as consumers are stockpiling convenient foods to get them through the pandemic. For instance, Ebro Foods has to scale up the production of rice and pasta by 15 to 25% in Italy, France, the US, Germany, the UK, and Spain to meet the increasing stockpiling of convenience food products. However, the biggest concern that remains is logistics. With the increasing number of COVID-19 infections globally, restrictions on vehicular movement are increasing. This creates a demand and supply gap, thereby resulting in empty shelves in various retail outlets in many American and European countries.


Market Synopsis


The global packaged food market has witnessed moderate growth in recent years. In recent year, consumers have shifted from traditional three course meal per day and shifted into increased snacking or multiple small meals throughout the day. Rising number of convenience stores, increasing brand visibility along with changing breakfast habits among consumers has escalated the demand for packaged food. To cater to the trending consumer needs, market players are focusing on the launch of innovative products with organic claims. Moreover, manufactures have adopted innovative and unique packaging solutions which help to preserve the freshness and shelf life of the product.


Market USP


Innovations in product flavors


Market Drivers



  • Consumer demand for fortified food: Fortification of food is done to ensure that the most vulnerable groups of the population benefit from food fortification. Here the fortified food must be consumed on a regular basis and in regular amounts throughout the year. Additionally, it should be centrally manufactured by a smaller number of plants so that micronutrients can be added in controlled conditions and monitored effectively. In the case of pasta, a non-staple food, a micronutrient fortification level of 10–30% of the RDA per serving (usually, about one package of 55 grams) can complement any existing fortification of staple foods.

  • Increasing demand for convenience food

  • Ready product availability and easy production

  • Increasing health consciousness

  • Growing availability of packed food products


Market Restraints



  • Strict regulatory framework


Segmentation


By Product Type



  • Grains & Cereals: This segment accounted for the largest market share in 2020 and is projected to grow at a moderate pace during the forecast period. The wide availability of product among various manufacturers is anticipated to drive the demand for grains & cereals among consumers.

  • Ready Meals

  • Baked Products

  • Confectionary

  • Sweet & Savory Snacks

  • Dried Fruits

  • Instant Noodles & Pasta

  • Baby Food & Infant Nutrition

  • Dairy & Frozen Desserts

  • Soups

  • Sauces, Dressings & Condiments

  • Beverages

  • Others


By Category



  • Organic: This segment accounted for the lower market share in 2020 and is projected to grow at thehighest growth rate during the forecast period. The growth of the organic segment can be attributed to the increasing consumer trend towardnatural food products.

  • Conventional


By Distribution Channel



  • Store-Based: The store-based segment has been further divided into supermarkets and hypermarkets, convenience stores, and others. The supermarkets and hypermarkets sub-segment are expected to be the largest as these channels account for the maximum sales of packaged food. Convenience stores also play a significant role in the distribution of packaged food.

  • Non-Store-Based


By Region



  • North America

  • Europe: Europe dominated the global packaged food market in 2020 and is also expected to dominate the market during the forecast period. The consumer inclination toward intermediate snacking is anticipated to boost the demand for the packaged food market. Moreover, expanding food industry and wide variety of products by various manufacturers is further propelling the growth of packaged food market. Furthermore, manufacturers are focusing on expanding their product portfolio to capture the regional market. For instance, in July 2020, Nestlé SA, launched YES!vegetable protein bars made from dried fruit and peasin France.

  • Asia-Pacific

  • Rest of the World


Key Players



  • Nestlé SA (Switzerland)

  • Kraft Foods (US)

  • Tyson Foods, Inc. (US)

  • General Mills, Inc. (US)

  • ConAgra, Inc. (US)

  • Kellogg Co. (US)

  • Smithfield Foods, Inc. (US)

  • Mars, Incorporated (US)

  • PepsiCo, Inc. (US)

  • JBS USA Holdings, Inc. (US)



Report Scope:
Report Attribute/Metric Details
  Market Size   USD4.11 trillion
  CAGR   4.52%
  Base Year   2021
  Forecast Period   2028
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Channel
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors    Nestlé SA (Switzerland) Kraft Foods (US) Tyson Foods, Inc. (US) General Mills, Inc. (US) ConAgra, Inc. (US) Kellogg Co. (US) Smithfield Foods, Inc. (US) Mars, Incorporated (US) PepsiCo, Inc. (US) JBS USA Holdings, Inc. (US)
  Key Market Opportunities   Innovations in product flavors
  Key Market Drivers   Increasing demand for convenience food