ID: MRFR/F-B & N/9059-HCR | April 2021 | Region: Global | 90 pages
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.
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.
Innovations in product flavors
By Product Type
By Distribution Channel
|Market Size||USD4.11 trillion|
|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|