The global packaged food market size is expected to reach USD 3,588.3 billion by 2030, according to a new study by Polaris Market Research. The report “Packaged Food Market Share, Size, Trends, Industry Analysis Report, By Product Type (Bakery Products, Dairy Products, Breakfast Products, Meals, Beverages, and Others); By Distribution Channel; By Packaging Type; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Escalating the expansion of e-commerce across the globe, the hectic life and work schedules of consumers, and rapid growth in the demand and need for organic, clean, natural, and whole-food product are major reasons propelling the growth of the global market. In addition, the groundbreaking innovations of various market companies to introduce improved and enhanced food products to the market for gaining consumer traction and consolidating their market position, are also likely to augment the growth of the market over the coming years. For instance, in April 2022, Hormel Foods, introduced Hormel, plant-based chili with beans. The product caters to plant lovers & chili enthusiasts. The product is currently available on Amazon and will come to many other retailers soon.
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The importance of hygienic foods is significantly increasing and shifting in the favor of hygiene and various healthcare products. Packaged foods usually go through various stringent regulations & quality checks in which products are becoming ultimately safe and hygienic to consume. In addition, such foods gaining importance among the urban millennial population, owing to their ready-to-eat, easy transportation, and easy handling advantages, coupled with the rapid change in the standard of living in these areas, which are expected to positively impact the growth of the market.
The outbreak of the COVID-19 pandemic has positively impacted the growth of the packaged food market. During the pandemic, many countries implied lockdowns and strict regulations on movements which have resulted in the panic purchase of packaged food products leading to the rapid growth in demand. However, sales of beverages through various on-trade channels have declined slightly, as a result of the loss of businesses from temporary closures of restaurants, pubs, and bars across the world.
Packaged Food Market Report Highlights
- Beverage segment accounted for substantial global revenue share owing to the availability of a variety of flavors, attractive packaging, and high adoption as a sports and nutritional drink around the world
- Online segment is witnessing the fastest growth rate over the forecast period on account of high growth in the number of mobile phone users and the emergence of various online shopping channels
- Plastic packaging held a significant revenue share in 2021, which is mainly driven by easy availability, lightweight, and ability to easily withstand plastic
- Asia Pacific is expected to grow at a significant CAGR during the projected period due to evolving consumer lifestyles, increased disposable income, and easy availability of these products from both online and offline channels
- The global players include Nestle, Hormel Foods, Tyson Foods, General Mills, and Coca-Cola Company
Polaris Market Research has segmented the packaged food market report based on product type, distribution channel, packaging type, and region:
Packaged Food, Product Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Bakery Products
- Dairy Products
- Breakfast Products
Packaged Food, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
- Convenience Stores
Packaged Food, Packaging Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Tetra Pack
- Metal Cans
Packaged Food, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa