Packaged food refers to foods that have had its complete surface wrapped to avoid direct interaction with the atmosphere, either through transparent or impenetrable wrapping. It helps to keep food longer and fresher.
The main types of packaged food are dairy products, confectionery, packaged products, bakery and snacks, meat, poultry and seafood, ready meals, and others. Dairy products are products made from milk, which has traditionally been a key nutrient source for individuals. The various materials include glass, metal, paper, plastics, and others with various packaging such as jugs, packets, bottles, bags, bowls, boxes, cans, cartons, and crates. These are sold through various sales channels such as supermarkets or hypermarkets, specialty stores, grocery stores, online stores, and others.
The global packaged food market is segmented -
1) By Type: Dairy Products, Confectionery, Packaged Products, Bakery And Snack, Meat, Poultry And Seafood, Ready Meals, Other Types
2) By Material: Glass, Metal, Paper, Plastics, Other Materials
3) By Packaging: Jugs, Packets, Bottles, Bags, Bowls, Boxes, Cans, Cartons, Crates
4) By Sales Channel: Supermarkets Or Hypermarkets, Specialty Stores, Grocery Stores, Online Stores, Other Sales Channels
The global packaged food market size is expected to grow from $2,768.30 billion in 2022 to $2,939.88 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global packaged food market size is expected to reach $3,699.75 billion in 2027 at a CAGR of 5.9%.
The rise in popularity of snacks and a quick lifestyle is expected to propel the growth of the packaged food market in the coming future. A snack is a smaller food serving that is often eaten between meals and is lighter than a meal. Snacks that are available in different packaging attract consumers and also enable easier transportation while promoting food safety and shelf life, as a result, the rising popularity of snacks and a quick lifestyle increases the demand for the packaged food market. For instance, in November 2022, according to the National Confectioners Association, a US-based trade association that emphasizes the special contribution that chocolate, candies, gum, and mints make to a contented and balanced existence, overall snack revenues climbed by 11.4% in IRI's multi-outlet plus convenience outlet universe in the first nine months of 2022. The revenues totalled $44.9 billion, increasing 26% over the pre-pandemic level in 2019. Therefore, the rise in popularity of snacks and a quick lifestyle is driving the packaged food market.
Major players in the packaged food market are General Mills Inc., Tyson Foods Inc., Conagra Brands Inc., JBS S.A., Nestle S.A, Hormel Foods Corporation, Maple Leaf Foods Inc., The Kraft Heinz Company, Smithfield Foods Inc., Kellogg Company, PepsiCo Inc., Mars Incorporated, WH Group Limited, The Hershey Company, Andros Group, and Histon Sweets Spreads Ltd.
Rising innovative sustainable packaging for packaged food is the key trend gaining popularity in the packaged food market. Major companies operating in the packaged food market are focused on developing sustainable packaging technologies to strengthen their position in the market. For instance, in December 2022, Koehler Paper, a Germany-based packaging company that creates and manufactures papers for packing with a disruptive barrier function, launched Koehler NexPure OGR. This new sustainable paper packaging can withstand grease and oil and is excellent for packaging food products, which are fluorochemical-free and hence a sustainable, ecologically beneficial replacement to the wrapping material presently utilized by the fast-food industry. The novel paper has a grammage of 38 gsm and employs natural raw materials for the barrier function.
In December 2021, The Hershey Company, a US-based company that manufactures chocolate, cookies, cakes, and milkshakes acquired Dot's Pretzels and Pretzels Inc. for approximately $1.2 billion. Through the acquisition, Hershey expands its snacking portfolio to create significant snacking inventions. Dot's Pretzels is a US-based company that manufactures seasoned pretzels. Pretzels Inc is a US-based company that manufactures and distributes packaged snacks.
North America was the largest region in the packaged food market in 2022. The regions covered in the packaged food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the packaged food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The packaged food market consists of sales of foods that are packaged like bread, frozen vegetables, pasta, energy bars, canned vegetables, frozen fruits, breakfast cereals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The packaged food market research report is one of a series of new reports from The Business Research Company that provides packaged food market statistics, including packaged food industry global market size, regional shares, competitors with a packaged food market share, detailed packaged food market segments, market trends and opportunities, and any further data you may need to thrive in the packaged food industry. This packaged food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.