New York, USA, April 13, 2023 (GLOBE NEWSWIRE) -- According to Research Dive, the global packaged food products market is estimated to generate a revenue of $34,434.6 million by 2030 and grow at CAGR of 6.03% over the forecast period (2022 to 2030). The comprehensive report provides a summary of the present market scenario comprising key aspects of the market, such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the global market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
The key factor boosting the growth of the global packaged food products market is the rising demand for ready-to-eat healthy food products due to the increasing number of working people across the globe. In addition, the increasing awareness of healthy sources of food among well-informed consumers is further expected to surge the growth of the market during the analysis timeframe. Moreover, the advancements in technology to provide healthy packaged food products with fewer preservatives, rich nutritional value, low fat, and low cholesterol is expected to provide wide growth opportunities for the packaged food products market by 2030. However, there is a risk of packaging materials contaminating the food, which may impede the market growth during the analysis period.
COVID-19 Impact on the Packaged Food Products Market
The COVID-19 pandemic has impacted the packaged food products market in a positive way. The boost in the demand for packaged food products is attributed to the increased consumption of chocolates, chips, snacks and beverages, and frozen food products by people during the lockdown period. People started buying packaged food products in bulk to stock up their kitchen supplies due to the lockdown imposed in many parts of the world. These factors encouraged the companies and manufacturing units to speed-up their production line and thereby meet the increasing demand for packaged food products during pandemic period.
Segments of the Market
The report has divided the packaged food products market into a few segments based on products, packaging type, sales channel, and region.
Cheese Sauce & Dips Sub-segment to Have Highest Revenue
Based on products, The cheese sauce & dips sub-segment is predicted to witness the fastest growth and garner a revenue of $22,056.8 million by 2030. Growing consumption of cheese sauce & dips in European countries and the increasing demand for fast foods like burgers, pizza, tacos, and more are the major factors driving the growth of the sub-segment.
Jars Sub-Segment to Show Fastest Growth
Based on packaging type, the jars sub-segment is anticipated to grow at the fastest rate and generate a revenue of $16,882.1 million during the forecast period. This is chiefly owing to the several benefits of glass jars, such as high physical appeal and non-corrosive nature. Besides, glass jars provide extra protection from the outside environment and thereby increase the shelf life of the food.
Retail Sub-segment to Hold Maximum Revenue
Based on sales channel, the retail sub-segment is expected to grab a foremost position and generate a revenue of $23,156.6 million by 2030. The growth of this sub-segment is primarily owing to the growing trend among consumers to purchase packaged food products from the convenience and retail stores. Besides, the opportunity offered by retail shops to choose products of the customer’s choices is another factor expected to promote the growth of the sub-segment.
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North America Region to be Most Dominant
The North America packaged food products market is anticipated to hold a dominant position and garner a revenue of $10,192.6 million by 2030. This is mainly due to the growing preference of consumers in the region for ready-to-eat food products and their hectic work life. Besides, an increase in the number of innovations in food packaging, bold flavors, organic-based food products, and healthy ingredients is another factor expected to drive the regional market growth in the analysis timeframe.
Prominent Market Players
Some of the top players of the global packaged food products market are
- B and G Foods INC.
- Histon Sweets Spreads Limited
- Andros Foods
- The J.M. Smucker Co.
- Conagra Brands
- Gehl Foods LLC
- Kraft Heinz
- Tree Top
These players are applying various strategies to gain a competitive edge and strong hold 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’.
More about Packaged Food Products Market:
- 4 Splendid Healthy Packaged Food Products You Can Be Proud of Eating
- Global Packaged Food Products Market Growth to Swell with Rising Demand for Packaged Foods among Working Consumers
