The global packaged food market value is likely to jump from US$ 40,79,495 million in 2023 to US$ 62,11,619.50 million by 2033. This estimated growth is expected to be driven by a steady CAGR of 4.3% in global packaged food sales over the next decade.
Packaged food products are gaining prominence in the global landscape as consumers shift toward convenience foods and convenient packaging formats. To beat the market competition, key players in the market are arming themselves with analytics and digital tools. Additionally, key contenders are catering to the demand volatility in a cost-effective manner by boosting network agility via supply-chain digitization and stronger connectivity.
According to recent research, a large share of flexitarians is seeking ways to lower their meat intake. However, about 30% of regular meat eaters are actually following this aspiration. These trends are expected to show their impact on the purchase of packaged products. Particularly in Western Europe, a great share of flexitarians is consuming less or no red meat.
In the marketspace, brand owners are finding convenience opportunity to offer consumers product options that are easy to consume, like single-serve capsules. Companies are coming up with packaging solutions that support single-use systems. An example of this concept is the stand-up pouch, which is easy to open and lightweight.
A key emerging opportunity in this arena is the development of single-use systems in an eco-friendly way. Consequently, market players are working on leveling up their innovation game by eradicating concerning materials out of the packaging solutions sans compromising on packaging functionality or changing their equipment.
“Market players are presented with an innovation challenge to make their product packaging causing lower environmental impact sans compromising on consumer functionality. With better innovation capabilities, key players can strike the right chord between these demands,” says an FMI analyst.
Key Takeaways from the Packaged Food Market Report:
- In 2022, the global packaged food market size stood at US$ 39,22,591 million.
- The United States is leading the packaged food industry with 18.6% global market share in 2023.
- In 2023, China’s packaged food industry closely follows the movement of the United States, holding an 11.6% global market share.
- Germany emerged as a prominent player in the European packaged food industry, capturing a 5.8% global market share in 2023.
- The market is led by the ready-to-eat meals segment, commanding 34.6% of the global market in 2023.
Recent Developments Detected by FMI in the Packaged Food Market:
- In June 2022, Conagra Brands, Inc. released a wide-ranging line of new products made to solve cravings and mealtime dilemmas. The new foods from Conagra Brands feature on-trend ingredients, contemporary flavors, and convenient prep methods.
- In July 2023, Conagra Brands, Inc., a prominent branded food firm in North America, unleashed more than 50 fresh items across the company’s snacks, grocery, and frozen divisions. Iconic brands from Conagra have developed new recipes to offer contemporary, flavorful, and dynamic food to meet the evolved needs of consumers.
- In March 2021, Nestlé introduced bio-based lids and scoops composed of renewable resources. This range is targeted at infants and children.
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Packaged Food Market Segmentation
By Product Type:
- Baby and Infant Foods
- Dairy Products
- Confectionary
- Bakery and Snacks
- Meat and Poultry
- Ready-To-Eat Meals
- Alcoholic Beverage
- Non-Alcoholic Beverage
By Packaging:
- Jugs
- Packets
- Bottles
- Bags
- Bowls
- Boxes
- Cans
- Cartons
- Crates
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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