A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the “Packaged food Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2020 to 2028.
Packaged food Market Analysis
According to cognizance market research the packaged food market was valued at USD 996.56 billion in 2019 and expected to register a CAGR of 4.1% from 2021 to 2028.
What is packaged food?
Packaged food is food that is commercially prepared (often through processing) to optimize ease of consumption. The idea of packaged food arose as a result of factors such as ease of preparation, consumption, handling, and safety towards external tampering. Modern convenience food saw its beginnings in the United States during the period that began after World War II. Changing lifestyle, the convenience of consumption and increased health awareness are the main factors driving the growth of the packaged food market. Growing demand for packaged food by consumers owing to the quickening pace of life and changing eating habits is expected to have a major impact on the market. The product offers extended and stable shelf-life, high barrier properties, and safety, thereby boosting the market growth. The industry is characterized by the presence of a large number of buyers, which is expected to increase over the forecast period. In addition, buyers seek innovative and customized solutions for their products and exhibit high levels of price sensitivity and often resort to material substitution.
Packaged food Market Outlook
Packaged food has become a part of essentials in one life; like biscuits, bread, etc. The demand for packaged food is increasing at a high pace and the market is growing at a rapid pace. The hygiene factor is the key factor of attraction for consumers.
The fluctuating prices of raw materials used for manufacturing food led to a fluctuation in prices of packaged food leading to inconsistency and the changes in rules and regulations by the government is a major restraint to this industry as it mainly uses plastic for packaging i.e. a non-biodegradable material. And many countries put a ban on the use of plastics.
The pandemic taking place all over the world has made a very high demand for packaged food as it is safer and easier to have. Most of the food is cost-efficient and hence is affordable for the lower middle section of the society too. It gives a large base for the market to expand. And since people are still observing social distancing measures, therefore most of the edible items are purchased online not only in metro cities but also in small cities. This will further see a rise in the packaging sector and will also boost the development of anti-counterfeit solutions in packaging. Another trend which is expected is the development of e-Packaging, in which minimum manhandling is involved and the product reaches the customer with minimum touch.
Organic, fresh, safe, and whole-food goods have seen a surge in popularity among health and environment-conscious consumers who are less price-sensitive in recent years. The increasing popularity of nutritious foods made with natural ingredients that are low-calorie, low-fat, and free of artificial colour, GMOs, and sugar is fuelling the country’s packaged food industry.
Many new technological advancements can be foreseen with the help of R&D in packaged food. The manufacturers are seen to be signing new long-term contracts for the technological advancements in the product and the growing competition within the market is creating healthy growth.
The report offers the revenue of the packaged food market for the period 2018-2028, considering 2018 and 2019 as a historical year, 2020 as the base year and 2021 to 2028 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the packaged food market for the forecast period. The Packaged food market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the packaged food market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the packaged food market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global packaged food market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the global packaged food market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the packaged food market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the packaged food market. The subsequent section of the packaged food report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
The global food packaging market is divided into five regions: North America, Asia-Pacific, Europe, the Middle East, and Africa, and the rest of the world. The North American area has the largest market share in the global market. Due to rising knowledge and acceptance of packaged foods, the Asia-Pacific region is projected to become one of the fastest rising packaged food markets, making it a valuable commodity for investments and expansions. The packaged food market itself is very vast and the rapid industrialization in developing countries is resulting in a shift in preferences towards packaged foods commodities. The baby food market is increasingly gaining attention and momentum in the market especially in the regions where there is a larger share of women who are part of the labour force in the market. Similarly, regions with a higher share of the working-age population are observed to have similar trends. The key feature of feasibility and accessibility is inducing women to consume more of the commodity. Therefore, due to such changes in consumer tastes and preferences the market is expected to grow at an increasing rate in the near future.
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Packaged food Market Competitive Landscape
The “Packaged food Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Amcor Limited, PepsiCo, Tyson Food Co, General Mills Inc., Coveris Holdings S.A., Kellogg Co, Mondi Plc , Bemis Company, Inc. and Nestle among others.
The report explores the competitive scenario of the packaged food market. Major players operating in the packaged food market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the packaged food market report.
Key Questions Answered in Packaged food Market Report
- What are the major players operating in the packaged food market?
- What are trends, drivers, opportunities, and challenges in the packaged food market?
- Which is the leading country in the packaged food market?
- What are the revenue share forecasts of key sections of the packaged food during the estimated timeframe?
- Which segment is expected to lead the packaged food market in terms of revenue by 2030?
- How partnerships & alliances among companies operating in the market are broadening the scope of the packaged food market?
- Who are the top 5 leaders of packaged food market?
- Which unmet needs will remain unaddressed over the projected period?
The Packaged food Market has been segmented as below:
Packaged food Market, by Product type
- Ready Meals
- Baked foods
- Breakfast cereals
- Baby Food
- Potato Chips
- Instant Noodles
- Chocolate Confectionary
- Ice Creams
- Sauces, Dressings & Condiments
- Non-alcoholic drinks
Packaged food Market, by distributional channel
- Offline(Mart, retail stores, Dairy)
Packaged food Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa