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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.