Packaged Food Products Market Expected to Reach $34.4 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Packaged Food Products Market," The packaged food products market size was $20.5 billion in 2021, and is estimated to reach $34.4 billion by 2030, growing at a CAGR of 6.03% from 2022 to 2030.

In the forecast period, the packaged food products industry is expected to be driven by increased demand for ready-to-eat healthy food products. Urbanization and the number of working people are rapidly increasing, and as a result, fast-food consumption is increasing. People prefer packaged food products that can be prepared with few ingredients and in a short amount of time. High demand for ready-to-eat food products is expected to drive the market over the forecast period. Aside from that, consumer preference for healthy foods and beverages will accelerate market growth. Organic food products with natural ingredients and fewer preservatives are in high demand among consumers.

The youth's preference for healthy food alternatives is expected to open up new opportunities for food manufacturing companies. Many companies have begun launching their new brand of foods designated for healthy and organic food products, as people are opting for organic and highly nutritious food options that are high in nutritional content and low in preservatives and fat. Furthermore, innovations in packaging materials and the shift from plastic to paper packaging are expected to boost market revenue in the forecast time frame.

The global packaged food products market segmentation is based on product, packaging type, sales channel, and region. By product, the market is classified into cheese sauce & dips, jams & jellies, and apple compotes. By packaging type, the analysis has been divided into cans, jars, cups, and flexibles. By sales channel, the analysis has been divided into retail and food services. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include B and G Foods, INC., Andros Foods, Histon Sweets Spreads Limited, The J.M. Smucker Co., Gehl Foods, LLC. Conagra Brands, Tree Top and Kraft Heinz.

The report focuses on the global packaged food products market analysis, packaged food products market share, packaged food products market trends, and packaged food products market forecast for each products & applications, where packaged food products are utilized. It further highlights numerous factors that influence packaged food products market opportunities, trends, drivers, restraints, and roles of different key players that shape the market. The report focuses on the overall demand for packaged food products in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

IMPACT OF COVID-19 ON THE GLOBAL PACKAGED FOOD PRODUCTS MARKET

• During COVID-19 pandemic in the world, the market has experienced an exponential rise. Packaged food products market growth can be owed to the increase in the consumption of packaged food items like snacks and beverages, biscuits, cookies, chips, chocolates and frozen food products like vegetables, dairy products, fruits, snacks.
• During lockdown and amid work from home facility for the employees, the consumption of snacks and chips have 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 and demand chain.

Key Findings of the Study

• On the basis of product, the cheese sauce and dips sub-segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of packaging type, the jars sub-segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of sales channel, the retail sub-segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period. 
• On the basis of region, Asia-Pacific is projected to have the fastest growing market during the forecast period.