New York, USA, June 01, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global packaged food products market is estimated to generate a revenue of $49,685.2 million by 2027, and grow at significant CAGR of 6.3% over the forecast period (2020 to 2027). As per our analysts, the growing demand for ready-to-eat healthy food products coupled with increase in number of working individuals and their hectic schedule are the major factors expected to foster the growth of the global packaged food products market in the coming years. Moreover, technological innovations and advancements in packaged food products is predicted to create massive growth opportunities for the global market by 2027. On the contrary, the high risk of food contamination due to packaging material is estimated to hinder the market growth in projected timeframe.
Download FREE Sample Report of the Global Packaged Food Products Market: https://www.researchdive.com/download-sample/8397
Impact of COVID-19 on the Industry
The COVID-19 pandemic has impacted the global packaged food products market in a progressive way. The unexpected boost in the demand for packaged food products during the pandemic is attributed to the increased consumption of snacks and beverages, chocolates, chips, and frozen food products during lockdown period. Due to the lockdown imposed in many parts of the world, people started buying packaged food products in bulk to stock-up their kitchen supplies. This has encouraged the manufacturing units and companies to speed-up their production line and meet the rising demand for the packaged food during pandemic period.
Check out How COVID-19 impacts the Global Packaged Food Products Market. Click here to Connect with our Analyst to get more Market Insight: https://www.researchdive.com/connect-to-analyst/8397
Cheese Sauce and Dips Sub-segment to be Most Dominant
By product, the cheese sauce & dips sub-segment is estimated to subjugate in the global industry throughout the forecast period and generate $31,739.2 million by 2027. The dominance of this sub-segment can be attributed to rising demand and consumption of cheese sauce and sips from the European countries.
Check out all Food and Beverages Industry Reports: https://www.researchdive.com/food-and-beverages
Jars Sub-segment to Witness Highest Growth
By packaging type, the jars sub-segment is projected to register highest growth and generate $24,643.2 million during the forecast period, majorly due to numerous benefits of glass jars such as its high physical appeal and non-corrosive nature.
Food Services Sub-segment to be Observe Fastest Growth
By sales channel, the food services sub-segment is estimated to grow at the fastest CAGR and surpass $17,381 million by 2027. This growth is majorly due to increase in number of food outlets across the globe such as Pizza hut, Dominos, and others.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
North America Region to Hold Dominant Share
By region, the North America market for packaged food products accounted for $9,834.8 million in 2019 and is projected to attain a leading position in the global industry by 2027. This is mainly due to the hectic work life of consumers in the region coupled with their growing preference for ready-to-eat food products.
Prominent Market Players
• B and G Foods, INC.
• Andros Foods
• Histon Sweets Spreads Limited
• The J.M. Smucker Co.
• Gehl Foods, LLC.
• Conagra Brands
• Tree Top
• Kraft Heinz
These players are adopting numerous strategies to gain a competitive edge in the global industry. For instance, in June 2020, AGI glaspac, a global leader in manufacturing of integrated container-glass, launched its pioneering innovation product, antibacterial range of food storage glass jars & bottles. The antibacterial water bottles and jars are infused with ‘Germ Guard Technology’.
Further, the report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS
Seaweed Protein Market https://www.researchdive.com/8391/seaweed-protein-market
Pet Food Packaging Market https://www.researchdive.com/298/pet-food-packaging-market
Aquafeed Market https://www.researchdive.com/395/aquafeed-market
Nut-Free Cookies Market https://www.researchdive.com/396/global-nut-free-cookies-market
Confectionery Market https://www.researchdive.com/8344/confectionery-market