Packaged Food Market: Overview
Not so long ago, the packaged foods market witnessed a paradigm shift in focus from developed regions to developing ones. Noting the likelihood of static markets in developed countries, players turned to emerging economies where rising disposable income and changing consumer preferences were the favorable factors at play. However, now players have realized that emerging markets are no longer the sole growth drivers in the packaged foods market and are therefore turning to developed regions once again for sustained growth in the future.
The report studies the overall packaged foods market based on product type and geography. The key product types of packaged foods include baked goods, soups, potato chips, instant noodles, biscuits, cheese, ice creams, non-alcoholic beverages, ready-to-eat meals, breakfast cereals, baby food, nuts, pasta, chocolate and confectionery, yogurt, and sauces, condiments, and dressings. From a geographical point of view, the market is segmented into Asia Pacific, North America, Europe, and Rest of the World.
Packaged Food Market: Trends and Opportunities
The benefits of packaged food are many, including easy handling, cooking, and consumption, and free from external tampering. These advantages bode well for urban consumers, who seek convenient, ready-to-eat meals to suit their evolving and fast-paced lifestyles. The level of health awareness among these consumers has also grown in recent years and their demand for healthier alternatives for snacks and food items that contain natural rather than artificial ingredients has also risen. Keeping this in mind, food manufacturers have been focused on offering healthier and unique products, which has lent a significant boost to the overall packaged food market. In contrast, strict government compliances, the risk of food contamination or reaction with packaging material, and the emergence of several local brands pose major challenges to the growth of this market.
Packaged Food Market: Regional Outlook
North America accounts for a significant share in the global packaged foods market, powered by the massive markets in the U.S. and Canada. Immensely pressed for time owing to busy schedules, consumers in these countries have been frequently purchasing packaged ready-to-eat food items instead of conventional meals. Staple food products have, as a result, witnessed a diminished demand in the face of the high popularity of packaged foods. Another factor benefiting the market in North America is food manufacturers revising their product lines to include snack food categories as well as healthier packaged foods. The growing demand for fewer artificial ingredients in packaged foods is a key trend observed in this regional market.
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One of the most promising markets for packaged foods is Asia Pacific, where countries such as China and India play a major role in terms of demand and consumption. In India, a rise in the number of working women has had a significant impact on the demand for ready-to-eat as well as packed foods. In addition to this, rapid urbanization, evolving lifestyles, and rising disposable income has resulted in the greater consumption of packaged foods. The growing availability of packed foods and food products in rural areas has also greatly benefited this market. China’s packaged food market has witnessed impressive growth thanks to the introduction of premium products by manufacturers and rising health awareness among consumers.
Packaged Food Market: Competitive Landscape
JBS Food, Frito-Lay, Nestlé, General Mills, Smithfield Food, Inc., Kraft Food, Inc., Kellogg’s, Mars, Inc., Tyson Foods, and ConAgra foods, Inc. are some of the prominent players in the global packaged food market. Considering the high degree of competition in this market, players have been focused on product differentiation as well as strong promotional activities to gain a competitive edge. Companies have also been investing heavily in understanding the evolving demands and preferences of the consumers and altering their product development and marketing strategies accordingly. In addition to this, mergers and partnerships have become a common growth strategy, which allows smaller companies to expand their prospects in the global packaged food market.