Selbyville, Delaware , Sept. 26, 2023 (GLOBE NEWSWIRE) -- Packaged Food Market is anticipated to be worth more than USD 5.2 trillion in revenue by 2032, as per a recent study by Global Market Insights Inc.
The growing instances of tech-driven innovations to match the burgeoning end-user requirements for packaged food will drive the market growth. The rising cruciality of technology in the development of the packaged food industry can be ascribed to the increasing preference for online ordering and delivery apps for food tracking and traceability. The surging amalgamation of new technologies and the growing prominence of sustainable packaging solutions will also significantly contribute to the market expansion.
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Dairy products segment to record considerable revenue
With respect to product type, the packaged food market share from dairy products is slated to observe appreciable CAGR from 2023-2032. The growth can be attributed to the surging need for ensuring safety, preserving product quality, and enhancing consumer convenience. The escalating concerns of the environmental impacts and the increasing demand for eco-friendly materials and packaging designs to reduce waste has prompted the adoption of sustainable packaging solutions in the dairy industry, adding to the industry development. For instance, Mondelēz International, in August 2021, announced the usage of recyclable packaging for its Philadelphia and Dairylea brands across the U.K. and Ireland.
Increasing usage of pouches
Packaged food market size from the pouches application segment will reach substantial value by the end of 2032 owing to their lower carbon footprint in comparison to heavier packaging options. On account of their ease of carrying, lightweight, and resealing, pouches are increasingly convenient for on-the-go consumers and are often employed for single-serving and portable food items, such as baby food, snacks, and condiments. The rising advancements in recycling technology along with the growing need for recycling flexible packaging materials will add to the segment growth. For instance, in March 2023, Nescafé launched the first-ever instant coffee refill pouch for its Nescafé Gold Blend and Nescafé Original products to offer recycling in stores to save money as well as limit packaging.
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APAC to emerge as a profitable revenue hub
Asia Pacific packaged food market is expected to record significant momentum between 2023 and 2032 due to growing intake of frozen foods, microwaveable meals, and pre-packaged snacks. The booming trend of e-commerce as well as online grocery shopping in densely populated countries, such as China and India has surged the popularity of mobile apps and platforms, enabling consumers to access wide range of packaged food products. According to Invest India, the Indian e-commerce industry is estimated to account for an annual gross merchandise value of $350 billion by 2030. The rising rate of urbanization and the emergence of busy lifestyles will also contribute to the regional market growth.
Packaged Food Market Participants
Some of the well-known packaged food firms include Nestlé S.A., PepsiCo Inc., Campbell Soup Company, The Kraft Heinz Company, Unilever, General Mills Inc., Mondelez International Inc., Mars, Incorporated, Tyson Foods, Inc., The Coca-Cola Company, Conagra Brands, Inc., Hormel Foods Corporation, Danone S.A., and the Hershey Company among others. These industry players are emphasizing investment and collaboration initiatives to widen their customer base. For instance, in September 2023, Tyson Foods’ Tyson Ventures raised $10 million for supporting the development of robotic technology deployed for food picking and packing.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
