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Packaged Food Products market set to reach $34,434.6 mn by 2030
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Thursday, 27 April, 2023, 14 : 00 PM [IST]
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Our Bureau, Mumbai
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The global packaged food products market is estimated to be valued at $34,434.6 million by 2030, surging from $20,545.4 million in 2021, at a noteworthy CAGR of 6.03%.
Impact Analysis of Covid-19 on the Packaged Food Products Market
During Covid-19 pandemic in the world, the packaged food products market has experienced an exponential rise. This growth owes to the increase in the consumption of packaged food items like snacks & beverages, biscuits, cookies, chips, chocolates, and frozen food products like vegetables, dairy products, and fruits.
During lockdown and work from home facility for the employees, the consumption of snacks and chips increased. During complete lockdown, people were restricted from going to supermarkets and hypermarkets due to which their shopping behavior changed as they started bulk purchasing of food products.
This has motivated many companies and food manufacturing units to boost their production line and increase the packaged food supply & demand chain. Furthermore, the corona virus pandemic has affected the health conditions of the people as they experience many health ailments post corona virus infections. In such cases, consumers are opting for ready-to-eat and less time-consuming healthy food product alternatives.
These food products will enhance their health and immunity as they contain less preservatives, cholesterol, fat, and high nutritional content. Hence, this factor has driven the companies to manufacture healthy food products.
Global Packaged Food Products Market Analysis
Increased demand for ready-to-eat healthy food products is expected to drive the packaged food products market in the forecast time period. As the urban population and number of working individuals are increasing tremendously, the consumption of fast-food products is also gaining pace.
Private sectors have a hectic time schedule, and it is tiring for employees to spend long hours for cooking food. Hence, they prefer packaged food products which can be prepared with very less ingredients and consume less time. This factor is likely to drive the packaged food products market in the predicted time duration owing to the high demand for ready-to-eat food products such as frozen food products, snacks, and more.
Apart from this, consumer’s inclination towards healthy food and beverages will accelerate the market growth. Consumers demand for organic based food products made up of natural components and contain less preservatives. To ensure this, the packaged food companies have started focusing on the production of healthy organic based food products which are high in nutrition content.
For instance, a UK based company, Just in Time, JOI, in April 2021, introduced its first zero waste plant milk product which is manufactured with only one ingredient which is sustainable source, organic, and gluten free oats packed in a compostable pouch.
However, increasing risk of food contamination due to plastic packaging material is the main restraining factor in the growth of the packaged food products market. Plastic is widely used as a packaging material in the food industry because it is light in weight and can be easily transported anywhere during travel.
However, it is made of chemicals that can easily react with preservatives and antioxidants in food, contaminating it. According to an article published in the South Wale Arugs, a tabloid newspaper, on May 2, 2021, supermarkets in the United Kingdom issued health risk warnings to customers about consuming items purchased from stores such as Tesco, Morrisons, Asda, Sainsbury's, and Aldi.
The packaged food products at the stores like chocolates, dates and other were contaminated with a bacterial species, salmonella, which is responsible for causing food allergies and food poisoning.
Adoption of healthy packaged food alternatives among the consumers has provided many opportunities for companies of the packaged food products market to expand their market. Consumers prefer to choose healthy food products which offer rich nutritional value, low cholesterol, preservatives, and fat.
Owing to the high demand for the healthy food, many beverage industries have started manufacturing organic and non-alcoholic juices to target health conscious customers. This factor will contribute to the growth of the market in the forecast time.
Global Packaged Food Products Market, Segmentation
The packaged food products market is segmented based on product, packaging type, sales channel, and region.
Product: The packaged food products market is mainly classified into sub-segments like cheese sauce & dips, jams & jellies, and apple compote. Among these, the cheese sauce & dips sub-segment is anticipated to have the fastest growth and surpass $22,056.8 million by 2030, with an increase from $11,738.0 million in 2021.
This growth can be attributed to factors such as increased consumption of cheese sauce and dips in European countries. Furthermore, rising demand for fast foods such as pizzas, burgers, tacos, and others will drive market growth, cheese sauce is used a dressing in these foods. Prevailing trend of Mexican food along with Mexican dips is likely to increase the market revenue in the forecast time frame.
Packaging Type: Based on packaging type, the packaged food products market is segmented into cans, jars, cups, and flexibles. The jars sub-segment of the packaged food products market is projected to have the highest share and surpass $16,882.1 million by 2030, during the analysis timeframe.
Glass jars extend the shelf life of food by protecting it from the outside environment, preserving the texture & aroma of the food, providing visual delight to consumers, and preventing food from getting contaminated. This factor will contribute to the growth of the market in the coming years.
Sales Channel:
Based on sales channel, the packaged food products market is segmented into retail and food services. The retail sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $23,156.6 million during the analysis timeframe. The sub-segment growth is attributed to increasing trend of purchasing packaged food products from the retail and convenience stores among the consumers as the retail stores provide many brand choices at a single place.
According to geographical analysis, the packaged food products market in North America accounted for $6,369.1 million in 2021 and is estimated to reach $10,192.6 million by 2030, with a CAGR of 5.48%, because of the region's consumers' hectic work lives and their growing preference for ready-to-eat food and convenience.
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