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packaged food market

Packaged Food Market Share, Size, Trends, Industry Analysis Report, By Product Type (Bakery Products, Diary Products, Breakfast Products, Meals, Beverages, and Others); By Distribution Channel; By Packaging Type; By Region; Segment Forecast, 2022-2030

  • Published Date: Nov 2022
  • Pages: 118
  • Format: PDF
  • Report ID: PM2861
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The global packaged food market was valued at USD 2,030.69 billion in 2021 and is expected to grow at a CAGR of 6.6% during the forecast period.

The hectic work and busy lifestyles of consumers worldwide, rising preferences for convenience products, and rapid expansion of various e-commerce platforms such as Amazon, Flipkart, and eBay across the globe are major factors projected to boost the growth of the global market during the forecast period. In addition, growing innovations in food packaging, healthy ingredients, bold flavors, and plant-based products by several large market companies have contributed significantly to the growth of the market.

Packaged Food Market Size
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For instance, in November 2022, Fresh Cravings announced the expansion of its dips collection at Publix stores. The company has introduced Jalapeno Popper and French Onion Plant-Based Dips into its existing dips collection. The new product comes with gluten and preservative-free products, which join the cravings family of hummus, refrigerated salsas, and Queso Plant-Based Dip.

Several types of packaged food products including pasta, noodles, snacks, and canned food have significantly extended their shelf lives, which has paved the way for consumers to stockpile these items, which is driving the sales and further likely to have a positive impact on the market growth over the coming years.

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Industry Dynamics

Growth Drivers
Extensive growth in the demand for plant-based food products owing to a rapid rise in the number of vegans and vegetarians across the globe along with the growing health concerns from food products including preservatives and gluten is a major key factor expected to drive the growth and adoption of packaged food market over the projected period. For instance, according to a done by Vegetarian Times, nearly 9.7 million Americans are vegetarians or follow a vegetarian diet, and about 1 million of those are vegan. Moreover, sales of plant-based food grew by 27% with a market value of USD 7 billion.

Furthermore, increasing efforts by key market players such as Nestle, The Coca-Cola Company, and Tyson Foods on the improvement of quality, better packaging, and lowering costs coupled with the availability of high technological advancements, especially in developed countries like US, Canada, France, and Germany are further likely to fuel the growth of the global market at a healthy rate in the coming years.

Report Segmentation

The market is primarily segmented based on product type, distribution channel, packaging type, and region.

By Product Type

By Distribution Channel

By Packaging Type

By Region

  • Bakery Products
  • Dairy Products
  • Breakfast Products
  • Meals
  • Beverages
  • Others
  • Supermarket/Hypermarket
  • Convenience Stores
  • Online
  • Others
  • Plastic
  • Tetra Pack
  • Metal Cans
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Beverages segment accounted for the largest market share in 2021

The beverages segment accounted for a substantial market share and is expected to grow significantly over the anticipated period. The growth of the segment market can be attributed to the availability of a wide range of flavors, attractive packaging, and high expenditure on the promotion of these products to gain consumer traction through various companies. In addition, an extensive rise in the demand for sports drinks and functional drinks among health-conscious consumers and sports athletes to keep their bodies fit and fresh is also driving the growth of the segment market.

Moreover, the ready-to-eat meals segment is expected to grow at the fastest CAGR over the study period. Consumers from various developed and even developing nations are extremely shifting towards ready meals owing to their busy life schedules and adopting them as a convenient alternative for dual-earning households.

Online segment is expected to witness the fastest growth

The online distribution channel segment is projected to register the fastest growth at a significant CAGR due to the rising penetration of the internet and rapid growth in the number of mobile phone users across the globe. In addition, the emergence of various online shopping platforms and the benefits they are offering to their consumers such as a wide range of products in one place, don’t need to bargain, the availability of almost every brand, and free home delivery services are attracting consumers to buy their products through these online channels, which is a key factor fostering the growth of the segment.

However, the supermarket/hypermarket segment dominated the market in 2021 and is projected to maintain its dominance throughout the forecast period. A large number of global consumers prefer to buy groceries from supermarkets because the shopping experience offered by these stores and the option for verifying a product physically along with expert assistance, contribute significantly to the growth of the segment market.

Plastic packaging segment held the largest market revenue share in 2021

The growth of the segment is majorly driven by several benefits offered to distributors, retailers, and consumers such as lightweight, easy availability, and lower emissions with cost-effectiveness. Moreover, plastic packaging can easily withstand harsh settings and does not disintegrate rapidly and quickly in both cold and cold climates, and retain the freshness of beverages and food products inside, which has resulted in higher adoption of these packaging materials at a high rate in recent years worldwide. For instance, in May 2022, Amcor PLC announced the development of its latest technology, PowerPostTM, which is projected to deliver a bottle up to 30% lighter and made from 100% recyclable material. This is mainly developed for hot-fill beverages and to avoid spills from overflow.

The demand in Asia Pacific is expected to witness significant growth

The Asia Pacific region is likely to grow significantly during the forecast period on account of easy access to packaged food products, evolving consumer lifestyles, and increasing disposable income of people in the region. Moreover, an extensive rise in the urban population and the rising prevalence of various online shopping platforms in countries like India, China, and Indonesia are further expected to fuel the growth and demand for packaged food market over the coming years. For instance, in 2021, India’s urban population was 493,169,259 with a significant increase of 2.32% from 2020. By 2030, the total Indian population living in urban areas is likely to reach over 600 million nearly 40% of the country’s population. 

Furthermore, North America dominated the packaged food market in 2021 and is likely to maintain its dominance throughout the projected period. The growth of the regional market can be attributed to the rising penetration of hectic lifestyles, high consumer spending power, and the introduction of various new and attractive food products by key market companies, especially in developed countries such as the United States and Canada. In addition, packaged foods provide lots of choices for consumers to choose from, which eliminates the risk of food tampering, reduces spoilages of foods, and provides many other advantages that have paved the way for higher adoption of these products in the region for the near future.

Competitive Insight

Key players in the market include Nestle, Kraft Foods, General Mills, ConAgra Foods, Hormel Foods, Andros Foods, Histon Sweets, Gehl Foods, B & G Foods, Smithfield Foods, PepsiCo, Coca-Cola Company, and Mondelez.

Recent Developments

In November 2021, The Coca-Cola Company announced that the company has acquired complete ownership of BODYARMOR, a sports performance, and hydrational beverages line. With this acquisition, the company will expand its beverage portfolio and is expected to have long-term growth.

In July 2022, Tyson Foods, a U.S.-based leading food company announced its new strategic partnership with Tanmiah, a provider of fresh and value-added poultry and meat products. With this agreement, Tyson Foods Inc. will acquire 15% of the Tanmaih subsidiary and a 60% stake in Supreme Foods Processing Company.

Packaged Food Market Report Scope

Report Attributes

Details

Market size value in 2022

USD 2,157.61 billion

Revenue forecast in 2030

USD 3,588.3 billion

CAGR

6.6% from 2022 – 2030

Base year

2021

Historical data

2018 – 2020

Forecast period

2022 – 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Product Type, By Distribution Channel, By Packaging Type, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

Nestle S.A., Kraft Foods Group Inc., General Mills, Tyson Foods, ConAgra Foods Inc., Hormel Foods Corporation, Andros Foods, Histon Sweets Spreads Ltd., Gehl Foods LLC., B, and G Foods Inc., Maple Leaf Foods Inc., Smithfield Foods Inc., JBS S.A., PepsiCo Inc., The Coca-Cola Company, and Mondelez Global LLC.

Key Take-Away
Polaris Market Research
Packaged Food Market Size, Share Global Analysis Report, 2022-2030