The global packaged food market is expected to witness strong growth during the forecast period between 2021 and 2031.
Packaged food products are becoming popular, particularly among the urban population owing to factors such as ease of availability and transport and the ready-to-eat nature of these products. The hygienic nature of packaged foods has also made them grow in popularity, in the last few years.
The COVID-19 pandemic adversely affected the growth of the packaged food market. With governments imposing lockdowns and strict social distancing regulations, manufacturing facilities were forced to shut down, temporarily or permanently. This affected the demand for packaged food products and negatively impacted the overall market.
However, with the availability of vaccines and reduction in cases, it is anticipated that product demand will rise again and help fuel the growth in the packaged food market.
Some of the commonly purchased packaged food products include sauce and condiments and dips.
Rising awareness about the importance of hygienic food among consumers is the key growth driver for the global packaged food market.
In addition to this, technological innovations to processing methods in a bid to increase the shelf life of any product are expected to fuel the growth in the packaged food market.
Packaged food products are convenient to use and carry a reduced risk of tampering and adulteration. These factors could help fuel product demand and bolster the overall packaged food market.
The bakery and snacks type of packaged food products are expected to make the largest contribution to the overall packaged food market owing to the increasing product demand among children.
The supermarket sales channel is expected to contribute the most to the packaged food market as mass merchandisers have emerged as a primary destination to purchase packaged food products, globally.
The global packaged food market is highly competitive with the presence of several well-established players. Many of these players are expected to account for a large share in the overall market, in the coming years.
Prominent players are expected to make huge investments in research and development undertakings in a bid to produce improved quality of products that would meet the customer requirements and increase the consumer base.
R&D undertakings could be a key growth strategy for the leading players in the packaged food market, in the coming years.
Leading players in the packaged food market may also collaborate with the smaller players in a bid to expand their market presence and increase their revenue share.
Some of the leading players in the global packaged food market include Kellogg Company, General Mills Inc., Hormel Foods Corporation, Maple Leaf Foods Inc., and Tyson Foods.
The global packaged food market is classified into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Asia Pacific is expected to be the dominant region in the packaged food market in the coming years owing to the presence of leading players in countries such as India and China.
North America is expected to provide lucrative growth opportunities for the global packaged food market owing to increased consumption of packaged food products among different population sections in countries such as the U.S and Canada.
Europe is anticipated to witness substantial growth in the packaged food market due to extensive research and development undertakings to produce improved quality of products in countries such as UK and Germany.
Well-established market players could look to establish R&D centers in these countries, in the upcoming years.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the packaged food market.