The global packaged food market size was valued at $1,925.7 billion in 2020, and is projected to reach $3,407.2 billion by 2030, registering a CAGR of 5.2% from 2021 to 2030. The meat poultry and seafood segment was the highest contributor to the packaged food market in 2020, and is estimated to grow at a CAGR of 4.8% during the forecast period. North America was the highest revenue contributor, accounting for more than one third of the global market share 2020, and is estimated to grow at a CAGR of 4.9% through the forecast period.
Packaged food can be defined as food stuff that has been prepared ahead of time and packaged in a way that increases its shelf life. Most packaged food are considered convenience items and are commercially produced and made available for people to consume. The concept of packaged food arose as a result of considerations such as ease of preparation, consumption, handling, and protection against external tampering. Packaged foods are simple to handle, prepare, and eat. They are gaining popularity in both developed and developing countries since they are extremely convenient for city dwellers.
Packaged food is included in the category of products that is purchased by consumers frequently. Hence, the demand for such products remains consistent among consumers. The outbreak of the novel coronavirus has significantly affected the growth of the market worldwide. There has been slight decrease in sales of packaged food products due to the disruption of the supply chain and reduction in the out-of-home consumption of food during the COVID-19 pandemic.
The growth of the packaged food market can be attributed to innovations in processing techniques for extending the shelf life of food products. Furthermore, changes in food consumption patterns bought upon by the increasing working population all around the world drives the market growth. Improvement in the retail infrastructure has increased the availability of packaged goods and this growing ease of acquiring food stuff combined with options of free home delivery and different promotional offers has led to the growth of global packaged food market. However, the notion among consumers about the negative effects of packaged products hinders growth and act as the major restraint to the global market. On the contrary, the packaged food sector is being propelled forward by constant market innovation, which is being bolstered by rising consumer demand. Additionally, specific consumer demands, such as organic food, clean label food ingredients, vegan food, dairy-free products, and others, are expected to open avenues for the packaged food market growth.
The packaged food market is segmented on the basis of type, sales channel, and region. On the basis of type, the market is categorized into dairy products, confectionery, packaged products, bakery & snacks, meat, poultry & seafood, ready meals, others (sauces & condiments, baby food, soups, spread & dips). Depending on sales channel, it is fragmented into supermarkets/hypermarkets, specialty stores, grocery stores, online stores, and others (convenience stores & departmental stores). Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India, Indonesia and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
By Type
Ready meals segment was the fastest growing market.
Depending on the global packaged food market analysis by type, the meat poultry and seafood segment accounted for the highest share in 2020. The meat poultry and seafood segment is growing manifold due to growing consumption of protein rich foodstuff owing to it being considered healthy. Furthermore, growing dependence on conveniently packaged meat due to increased affinity of people towards convenience drives the market growth for this segment. However, the ready meals segment was the fastest growing segment throughout the forecast period.
By Sales Channel
Online segment was the fastest growing market.
Depending on the global packaged food market forecast by sales channel, the hypermarkets/supermarkets segment accounted for the highest share in 2020. The growth in the hypermarkets/supermarkets in the packaged food market can be attributed to the fact that these retail format(s) offers a wide variety of products and often come up with different offers that help increase foot fall, thereby, increasing potential sales of goods. However, the online stores segment in the packaged food market was the fastest growing segment throughout the forecast period.
By Region
Asia-Pacific was the fastest growing regional market.
Region wise, North America was the most prominent region in the packaged food market in 2020, and is expected to exhibit high growth rate during the forecast period. Europe and North America are expected to witness steady growth rate throughout the forecast period, owing to the presence of a large number of local players.
The players in the packaged food industry have adopted product launch as their key development strategy to increase profitability and improve their stance in the packaged food market share. The key players profiled in the report include Conagra Brands, Inc., General Mills Inc. Hormel Foods Corporation, JBS S.A., Kellogg Company, Maple Leaf Foods Inc., Nestle S.A., The Kraft Heinz Company, Tyson Foods, Inc., WH Group.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current packaged food market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists to determine the prevailing packaged food market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Packaged Food Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Geography |
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 Key Market Players | General Mills, Kraft Foods Group Inc., Tyson Foods, Hormel Foods Corporation, Kelloggs, Smithfield Foods Inc., Nestle S.A, ConAgra Foods Inc., JBS S.A, Maple Leaf Foods Inc. |
Analyst Review
The packaged food market holds a substantial scope for the global growth. The market, which is in its growth stage, is expected to contribute significantly to the global market in the upcoming years. According to the CXO’s, the rapid urbanization and globalization along with rise in disposable income play a major role in changing the dietary preferences across the globe, which in turn fuel the demand for packaged food industry. Furthermore, improvement in the retail infrastructure has increased the availability of packaged goods and this growing ease of acquiring food stuff combined with options of free home delivery and different promotional offers has led to the growth of global packaged food market. Specific consumer demands, such as organic food, clean label food ingredients, vegan food, dairy-free products, and others, are expected to make way for the growth for the packaged food industry in the coming future.
The global packaged food market size was valued at $1,925.7 billion in 2020, and is projected to reach $3,407.2 billion by 2030.
The global packaged food market is projected to grow at a CAGR of 5.2% from 2021 to 2030.
The sample for the report can be acquired from the official allied market research website.
The key players profiled in the report are include Conagra Brands, Inc., General Mills Inc. Hormel Foods Corporation, JBS S.A., Kellogg Company, Maple Leaf Foods Inc., Nestle S.A., The Kraft Heinz Company, Tyson Foods, Inc., WH Group
The packaged food market is segmented on the basis of type, sales channel, and region.
The base year for the report is 2020.
The packaged food market is estimated to garner significant growth in the coming years owing to growing dependence on convenience food stuff. This trend is expected to open avenues for growth for the global market especially, the emerging markets.
North America was the regional leader in the year 2020.
The outbreak of the novel coronavirus has significantly affected the growth of the market worldwide. There has been slight decrease in sales of packaged food products due to the disruption of the supply chain and reduction in the out-of-home consumption of food during the COVID-19 pandemic.
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