BANGALORE, India, Nov. 9, 2021
BANGALORE, India, Nov. 9, 2021 /PRNewswire/ -- The Packaged Food Market is Segmented By Type (Dairy Products, Confectionery, Packaged Produce, Bakery & Snacks, Meat, Poultry & Seafood, Ready Meals, and Others), Sales Channel (Supermarket/Hypermarket, Specialty Stores, Grocery Stores, Online Stores, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2030. It is published in Valuates Reports under Food & Drink Category.
The global packaged food market size was valued at USD 1,925.7 Billion in 2020 and is projected to reach USD 3,407.2 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.2% from forecast period 2021 to 2030.
Major factors driving the growth of packaged food market are
The expansion of the packaged food market is due to advancements in processing techniques for prolonging the shelf life of food goods. Furthermore, Packaged Food market development is fueled by changes in food consumption patterns brought on by the world's growing working population.
Furthermore, the availability of packaged foods has expanded as retail infrastructure has improved, and this growing ease of obtaining food, combined with choices for free home delivery and other promotional offers, has led to the growth of the worldwide packaged food sector.
Furthermore, particular consumer needs such as organic food, clean-label food ingredients, vegan food, dairy-free products, and others are likely to drive growth in the packaged food industry.
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Trends Influencing The Growth Of Global Packaged Foods Market
With the rise in work-from-home scenarios around the world as a result of the lockdowns, demand for packaged foods has risen to new heights. Consumer preference for convenience food products, which are easier to get and prepare, is driving the growth of the packaged food market. With changing urban routines and evolving dietary patterns, packaged food has been increasingly important in defining consumers' food choices in recent years. Packaged foods are typically made ahead of time and placed into containers before being sold through retail channels.
The advantages of packaged food include ease of handling, preparation, and consumption, as well as the lack of external tampering. In recent years, these customers' health consciousness has increased, as has their demand for healthier snacks and food items made with natural rather than artificial ingredients. Keeping this in mind, food makers have focused on providing healthier and unique products, which has given the packaged food industry a substantial boost.
The global packaged food market's major players are concentrating their efforts on increasing their advertising platforms by launching new items on a variety of social media channels. Furthermore, the firms make their items easily accessible through online platforms. All of these reasons will increase the global packaged food market.
However, strict government regulations, the possibility of food contamination or a reaction with packaging material, and the rise of various local brands, on the other hand, represent barriers to the Packaged Food market's expansion.
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Packaged Foods Market Share Analysis
Based on distribution channels, the hypermarkets/supermarkets segment was the highest contributor to the market, with USD 182.3 Billion in 2020, and is estimated to reach USD 315.3 Billion by 2030, at a CAGR of 4.9% during the forecast period. The fact that these retail formats offer a wide selection of products and frequently come up with different offers that assist enhance foot traffic, hence increasing potential sales of goods, might be credited to the segment's rise. However, during the predicted period, the internet retailers segment grew at the quickest rate.
Based on packaged food market analysis by type, meat, poultry, and seafood was the highest contributor with USD 181.9 Billion in 2020, and is estimated to reach USD 305.7 Billion by 2030, registering a CAGR of 4.6% during the forecast period. This segment's growth can be ascribed to a rising intake of protein-rich foods, which are thought to be healthy. Furthermore, the market for this segment is rising because of a growing reliance on conveniently packaged meat as a result of people's increased preference for convenience. During the predicted period, however, the ready meals category grew at the quickest rate.
Region-wise, North America was the most prominent region in the packaged food market in 2020, and is estimated to grow at a CAGR of 4.9% through the forecast period. . Because of the huge number of local players, Europe and North America are likely to increase at a constant rate during the forecast period.
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Leading Players in the Packaged Food Industry
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- Asia-Pacific Packaged Food Market is expected to garner USD 875.3 Billion by 2020, registering a CAGR of 5.6% during the forecast period 2015-2020
- Organic Packaged Food Market contains segmentation By Type (Grain, Edible oil, Vegetables & Fruits, Other), By Application (Daily Diet, Nutrition) and Regional
- In 2020, the global Ready Meals market size was USD 111020 Million and it is expected to reach USD 149370 Million by the end of 2027, with a CAGR of 4.1% during 2021-2027.
- In 2020, the global Packaged Salad market size was USD 4687.2 Million and it is expected to reach USD 7822.7 Million by the end of 2027, with a CAGR of 7.6% during 2021-2027.
- The global Consumer Packaged Goods (CPG) market size is projected to reach USD 2382260 Million by 2027, from USD 1938120 Million in 2020, at a CAGR of 3.0% during 2021-2027.
- The global Food Traceability market size was $16180 Million in 2020 and is forecast to be $30110 Million in 2027, growing at a Compound Annual Growth Rate (CAGR) of 10.9% during 2021-2027.
- The global Processed Food market size is projected to reach USD 8024.7 Million by 2027, from USD 6139.3 Million in 2020, at a CAGR of 3.9% during 2021-2027.
- In 2020, the global High Pressure Processing (HPP) Food market size was USD 2725 Million and it is expected to reach USD 4822.6 Million by the end of 2027, with a CAGR of 8.5% during 2021-2027.
- In 2020, the global Liquid Packaging Carton market size was USD 16310 Million and it is expected to reach USD 18600 Million by the end of 2027, with a CAGR of 1.9% during 2021-2027.
- The global Food & Beverage Disinfection market size is projected to reach USD 165.1 Million by 2027, from USD 130.2 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 3.0% during the forecast period 2021-2027.
- In 2020, the global Fresh Meat Packaging market size was USD 2450 Million and it is expected to reach USD 4047.4 Million by the end of 2027, with a CAGR of 4.8% during 2021-2027.
- In 2020, the global Food Tray Sealer market size was USD 507 Million and it is expected to reach USD 605.5 Million by the end of 2027, with a CAGR of 2.5% during 2021-2027
- In 2020, the global Food Packaging Barrier Film market size was USD 6457 Million and it is expected to reach USD 9034.2 Million by the end of 2027, with a CAGR of 4.7% during 2021-2027.
- The global Industrial Packaging market size is projected to reach USD 66090 Million by 2026, from USD 49000 Million in 2019, at a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period 2021-2026
- In 2020, the global Molded Fiber Packaging market size was USD 4587 Million and it is expected to reach USD 6393.1 Million by the end of 2027, with a CAGR of 4.9% during 2021-2027.
- In 2020, the global Pet Food Packaging market size was USD 7046 Million and it is expected to reach USD 9506 Million by the end of 2027, with a CAGR of 4.3% during 2021-2027.
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