Global Packaged Food Market Report and Forecast 2024-2032

Global Packaged Food Market Outlook

The global packaged food market size reached approximately USD 2.43 trillion in 2023. The market is projected to grow at a CAGR of 5.2% between 2024 and 2032, reaching a value of around USD 3.85 trillion by 2032.

Key Trends in the Market

Packaged food is a term for food items that have undergone processing, preparation, and packaging before reaching consumers. These food products are typically sold in sealed containers, boxes, cans, pouches, or other forms of packaging designed to preserve their quality, safety, and shelf-life. These are convenience foods that are typically ready-to-eat or require minimal preparation.

• The global packaged food market growth is significantly influenced by the increasing health consciousness. This trend is being driven by the rising demand for packaged foods that are nutritious, organic, and free from artificial additives, preservatives, and excessive sugar or salt. Consumers are shifting towards such products owing to the growing awareness of the link between diet and health, as well as concerns about obesity and related health issues.

• The consumption of packaged foods is expected to be high during the forecast period due to the increasingly busy lifestyle of people. The global packaged food market demand can be positively influenced by consumers seeking products that require minimal preparation time without compromising on taste and nutritional value.

• One of the major global packaged food market trends is the rapid expansion of e-commerce platforms. The sales of packaged foods from such platforms are likely to be high during the forecast period owing to the ease of ordering online and the availability of a wide range of products. Furthermore, reviews about the products also allow consumers to make better decisions when shopping, which further drives this trend.

Market Analysis

Based on product type, the market can be segmented into breakfast cereals, dairy products, confectionery, meat, poultry and seafood, ready meals, bakery, snacks, and beverage, among others. The global packaged food market segmentation, based on distribution channel, includes supermarket/hypermarket, specialty stores, convenience stores, and online retail stores, among others. The major regional markets for packaged foods are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global packaged food market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Nestle S.A. 

• Unilever Plc 

• Mars, Incorporated 

• Kellogg Company 

• General Mills Inc. 

• Dr. August Oetker Nahrungsmittel KG 

• Tyson Foods, Inc. 

• Conagra Brands, Inc. 

• Hormel Foods, LLC 

• McCain Foods Ltd.

• Others

Market Share by Product Type

According to the global packaged food market analysis, breakfast cereals are likely to experience significant growth in the coming years. The growth of this segment can be attributed to several factors, including convenience, variety, and health benefits associated with many cereal options. Consumers appreciate breakfast cereals due to the quick preparation process, making them a popular choice for busy individuals and families.

Market Share by Region

The rising demand for packaged foods in developed nations, especially North America, is expected to expand the global packaged food market share in the coming years. North America is likely to experience a significant surge in the popularity and consumption of packaged food attributed to its numerous advantages, including the functional convenience it offers in terms of usage and preparation. Packaged foods provide consumers with a wide array of choices. Moreover, they mitigate the risk of food tampering, minimise food spoilage, and reduce the likelihood of product damage, among other benefits.

Competitive Landscape

Nestle S.A. is one of the largest food and beverage manufacturing companies in the world, providing a wide range of products, such as coffee and beverages, dairy, confectionery, and healthcare nutrition, among others. Founded in 1866 and headquartered in Switzerland, the company operates in over 180 countries and employs hundreds of thousands of people worldwide.

Unilever Plc is a British-Dutch multinational company with dual headquarters in London, United Kingdom. It is one of the largest and most diversified consumer goods companies in the world. Unilever's history dates back to the late 19th century, and it has since evolved into a global powerhouse in the fast-moving consumer goods (FMCG) sector.

Mars, Incorporated is one of the largest family-owned companies manufacturing a wide variety of everyday products. It started operations back in 1911, and its main office is located in Virginia, USA. Mars is known all over the world for being one of the biggest companies that manufactures a wide range of food, pet care products, and confectionery.

Other global packaged food market players include Kellogg Company, General Mills Inc., Dr. August Oetker Nahrungsmittel KG, Tyson Foods, Inc., Conagra Brands, Inc., Hormel Foods, LLC, and McCain Foods Ltd., among others.

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