New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global packaged food products market is expected to generate a revenue of $49,685.2 million by 2027, growing at a CAGR of 6.3% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Significant increase in the number of working individual and urbanization around the globe is expected to drive the growth of the market during the forecast period. Furthermore, availability of a wide variety of packaged foods are expected to further bolster the growth of the market during the forecast period.
Restraint: Rising risk of contamination of food products because of packaging materials is expected to impede the growth of the market during the forecast period.
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Opportunities: Increasing inclination towards low fat, low sugar, and highly nutritive organic food among health-conscious people is expected to create vital opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on product, packaging, sales channel, and region.
Product: Cheese Sauce and Dips Sub-segment to Have the Highest Market Share
The cheese sauce and dips sub-segment is expected to generate a revenue of $31,739.2 million during the forecast period. Increasing use of cheese sauce and dips in fast foods like burgers, tacos, fries, nuggets, pizzas, and so on is expected to drive the growth of the sub-segment during the forecast period.
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Packaging: Jars Sub-segment to be Most Profitable
The jars sub-segment is expected to generate a revenue of $24,643.2 million during the forecast period. Glass jars make the food products look more presentable and premium. On top of that, it provides a great deal of protection while maintaining the aroma of the food. These factors are expected to accelerate the growth of the market during the forecast period.
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Sales Channel: Retail Sub-segment Predicted to be Most Lucrative
The retail sub-segment is expected to generate a revenue of $32,287.2 million during the forecast period. A wide variety of selections, great discounts, and ease in customer shopping in retail outlets are factors that are expected to drive the growth of the sub-segment during the forecast period.
Region: North America Anticipated to Dominate the Market
The North America packaged food products market is estimated to generate a revenue of $13,663.4 million during the forecast period. There is a growing need for ready-to-eat foods for working individuals in this region. Moreover, introduction of healthier packaged food products in this region is further expected to bolster the growth of the market during the forecast period.
Impact of COVID-19 on the Market
The novel virus affected millions of people around the globe, and hence, people started consuming ready-to eat, less time-consuming healthy foods during their quarantine in order to get better from the repercussions of the virus.
Key Players of the Market
• 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
For instance, in July 2021, Flagship Food Group, a US-based diversified food company proclaimed its acquisition of La Tortilla Factory, a California-based manufacturer of tortillas and Hispanic food products in order to fortify its presence in the Hispanic food sector.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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