The global Packaged Food Market size is estimated to clock a valuation of USD 62,11,619.50 million by 2033. Our food and beverage industry researchers observe that packaged food providers can expect a CAGR of 4.3% through 2033, with the present valuation of USD 40,79,495 million in 2023.
Packaged Food Market Trend Analysis
| Attributes | Details |
|---|---|
| Packaged Food Market Size in 2022 | USD 39,22,591 million |
| Packaged Food Market Size in 2023 | USD 40,79,495 million |
| Packaged Food Market Size by 2033 | USD 62,11,619.50 million |
| Value CAGR (2023 to 2033) | 4.3% |
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The period from 2018 to 2022 saw packaged food companies competing in the robust-growing categories and topographical locations. Mergers and acquisitions (M&A) also have been a significant source of growth.
| Attributes | Details |
|---|---|
| Packaged Food Market Size (2018) | USD 33,14,635.63 million |
| Packaged Food Market Size (2022) | USD 39,22,591 million |
| Packaged Food Market (CAGR 2018 to 2022) | 4.3% |
As per the market analysis, companies that enjoyed higher revenue growth were headquartered in emerging markets. In particular, companies that accumulated sales from emerging markets flourished 3X the firms catering to geographically dispersed customer pool.
In the approaching decade, the market players are expected to build up on the market momentum, capturing customers by building their M&A capabilities, zeroing in on high-growth categories, and adopting a pragmatic methodology for execution. For more diversified growth, market contenders can branch out into more subcategories and countries in the time ahead.
Promising emerging market companies are extending both in size and aspiration and are raising the bar for the market giants in the packaged food field. In response to these fresh competitors, chief market players are anticipated to refine their strategies to remain a level ahead.
To begin with, packaged food companies, especially those having significant experience with slower-growth countries and categories, can integrate inorganic growth into their framework.
The ready-to-eat meals segment in the packaged food market accounts for a significant share. The latest market numbers show that the RTE segment captured 34.6% of the market share in 2023.
Since RTE forms a crucial component of the food and beverage packaging market, the massive demand for convenience in the food items is expected to be a vital growth driver. A string of factors that account for market growth include the pace of hectic life, urbanization, and an increase in working professionals.
Along with the offline sales channel, online shopping stores are dishing out a wide variety of ready-to-eat meals and snacks with the benefit of cost-saving offers. Online stores are also working on building consumer reliability by advertising that they have stocked genuine products.
Key players are showing an inclination toward packaging products that promote eco-consciousness. Therefore, products like cartons, boxes, paper bags, etc., are gaining high preference among key manufacturers to attract modern consumers.
Manufacturers are giving consideration to major concerns for conscious consumers. Key prominent factors that determine the packaging of the product include:
Packaging of the food items should be adequately detailed as consumers are becoming conscious about their nutrient intake. Products with precise instructions, labels, and nutrient breakdown are expected to see a relatively high adoption rate for products with unclear information.
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| Countries | Value Share (2023) |
|---|---|
| The United States | 18.6% |
| Germany | 5.8% |
| Japan | 3.7% |
| Australia | 3.1% |
| China | 11.6% |
The United States is a market leader in the packaged food industry, racking up a market value of 18.6% as of 2023. The packaged food industry is impacted by trends related to conscious eating, which gained hyper-significance in the wake of the pandemic.
American customers are currently seeking food items that bring them closer to their varied health and sustainability objectives, with conventional food objectives like losing weight into the bargain.
Younger consumers are highly inspired to stay on track to consume sustainable packaged foods. They appear to be more concerned about their personal impact on the climate change, in relation to other age groups.
Another trend, like the eCommerce boom, has pronounced the growth of the packaged food industry, particularly in the United States. eCommerce has reached a tipping point, and sales of packed goods like groceries have grown substantially in the past few years.
The e-commerce in grocery skyrocketed from 3% to 17% in no time. As eCommerce progresses and proliferates, the trend is expected to rush for a 20% market cut in the next five years.
New market dynamics make it imperative for key players to develop packages that meet the distinctive demands of customers and the supply chain.
At present, general packaging solutions are not intended for direct shipment to consumers. To meet this current gap, manufacturers are concentrating their resources on bringing about a shift in this context.
The German packaged food market has a strong presence in the Europe packaged food market. The market is expected to garner a total of 5.8% in the 2023 end. In Germany, sustainability ranks high as a major deciding factor for the purchase of a food item, as per the customer survey.
However, in reality, only 28% of the surveyed consumers report consuming sustainable products, and not even 30% are ready to pay more for options designed for environmental protection. A major difference between this lag can be reasoned out with the amount of effort required to use those food products.
German consumers are different from other geographical areas in the way that they are motivated to try new things as far they are contented with animal welfare. This indicates a strong movement toward the consumption of plant-based food alternatives.
The general view in Germany is that less than 50% of consumers feel that the principal grocery store supplies products that align with their healthy and sustainable eating requirements.
Consequently, consumers are extremely critical of the shortage of plastic-free products, organic foods, and small and independent brands. This, thus, presents a remarkable opportunity for retailers to elevate their product assortment game.
A key strategy that market players can use as a vital competitive differentiator is the personalization of services and marketing communications. New players embarking on paving their path or leading giants with entrenched regional presence can generate more leads by way of personalization.
The packaged food market has a massive appeal in Japan. Currently, the Japan market has a 3.7% contribution in the global market. Key determinant for market players are the shrinking household size, which has brought a shift in the consumers’ preferred packaging options. So, corresponding with the mentioned trend, consumers are opting for new and smaller formats for packaged food offerings.
A relatively new and startling phenomenon observed in the Japan market scene is the surging adaptation of the older generation to online consumption. By 2030, a greater part of the senior generation is expected to be online.
The pandemic has verily started off the Insta-granny generation, as elders were forced to digitize their lifestyles, spending more time on video platform websites, social media, e-commerce sites, and new apps.
Packaged food players seeking to engage the senior segment may have to strategize and reconsider the mix of their offline and online outreach channels. Moreover, leading players in the market are devising specific strategies to target different Asian markets. Oisix, for instance, is offering a meal kit to prepare dinner speedily to meet the convenience demands of Japanese consumers.
After the United States, China is a next-in-line market that is presenting significant opportunities to packaged food market players in the Asia Pacific food packaging market. FMI analysts estimate that China is going to have an 11.6% stake in the overall market.
Players in the market are sharpening their partnerships’ capabilities to make the most of this market. For instance, AB InBev, which is a Belgium-based MNC centered around drinks, developed a regional and national innovation team in China.
The company partnered with Tmall’s innovation center in 2019 and collected feedback from offline and online consumers to create a craft beer customized for consumers in China.
The period of 2023 to 2033 is expected to see eco-responsibility as a prominent driver in the China market. A prominent share of consumers in China have reported a surge in concern for the environment and are taking prompt action in that regard.
For instance, a radical number of people revealed that they have changed the goods and services they buy, the reason being their concern for climate change. Likewise, similar stats have been revealed for the people willing to pay a premium for eco-friendly food packaging alternatives.
The Australian market has been estimated to register a market value of 3.1% in 2023. Key trend spotted in the Australian packaged food market is the emergence of personalized care packages that incorporate packaged food items.
Consumers have shown positive results for this concept in the latest period. This concept has also taken flight, thanks to social media marketing and promotions on numerous occasions.
The adventurous character of Australian culture is also starkly present in its packaging solutions. The packaging of convenient as well as healthy products is portioned, refined, and easy to discern. Moreover, there is an astounding range of packaging solutions spanning different sizes, shapes, textures, and designs.
It is conjectured that this may be the result of Australia's multicultural society. The cultural mix of the population makes for the debut of new ingredients, fusion of tastes, and new meal preparation processes, resulting in the requirement of packaging.
Key players in the market are deriving significant growth by implementing M&A strategies. Additionally, the market space is being consolidated by the ongoing innovations in the market pertaining to food packaging films.
As consumers focus on value-for-money and sustainability, key players are expected to assume eco-responsibility and drive operational optimization. Key players are also expected to take advantage of online channels to draw more reach and business opportunities.
Key players in the market are expected to implement food packaging technology and equipment to bring innovation to their offerings over the forecast period.
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The packaged food market is valued at USD 40,79,495 million in 2023.
The packaged food market will expand at a 4.3% CAGR through 2033.
Growing eco-responsibility and surging research to drive packaging innovation is helping firms chart new territories.
The ready-to-eat meals segment, with a market share of 34.6%, is the leading product type in the packaged food market.
The United States is leading the global packaged food market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Baby and Infant Foods 5.2. Dairy Products 5.3. Confectionary 5.4. Bakery and Snacks 5.5. Meat and Poultry 5.6. Ready–To-Eat Meals 5.7. Alcoholic Beverage 5.8. Non-Alcoholic Beverage 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Packaging 6.1. Jugs 6.2. Packets 6.3. Bottles 6.4. Bags 6.5. Bowls 6.6. Boxes 6.7. Cans 6.8. Cartons 6.9. Crates 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. General Mills 17.2. Tyson Foods 17.3. ConAgra Foods Inc. 17.4. JBS S.A 17.5. Nestle S.A 17.6. Hormel Foods Corporation 17.7. Maple Leaf Foods Inc. 17.8. Kraft Foods Group Inc. 17.9. Smithfield Foods Inc. 17.10. Kelloggs 18. Assumptions & Acronyms Used 19. Research Methodology
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