The packaged food products market is expected to grow by 2030 due to advancements in food processing techniques. Retail sub-segment is expected to be highly beneficial. Market in the North America region is expected to flourish immensely.
NEW YORK, July 13, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Packaged Food Products Market by Product (Cheese Sauces & Dips, Jams & Jellies, and Apple Compote), Packaging Type (Cans, Jars, Cups, and Flexibles), Sales Channel (Retails and Food Services), and Regional Analysis (North America, Europe, Asia-Pacific and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
According to the report, the global packaged food products market is predicted to register a revenue of $34,434.6 million by 2030, growing at a CAGR of 6.03% during the forecast period 2022-2030.
Dynamics of the Packaged Food Products Market
Drivers: Rising advancements in food processing techniques for extending their shelf life and increasing population of working individuals who prefer ready-to-eat food items are some factors projected to drive the growth of the global packaged food products market during the analysis timeframe. Additionally, improvements in the retail infrastructure has increased the availability of packaged foods, thus further boosting the market growth by 2030.
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Opportunities: Growing customer demands for ready-to-eat organic food items, dairy-free goods, and vegan cuisine is one of the many factors estimated to create ample growth opportunities for the global packaged food products market during the forecast period. Moreover, significant initiatives taken by many beverage industries to manufacture non-alcoholic and organic juices is also anticipated to offer abundant market growth opportunities by 2030.
Restraints: High risk of food contamination due to packaging materials is the prime factor expected to hamper the market growth.
Covid-19 Impact on the Packaged Food Products Market
The global packaged food products market witnessed an unexpected boost during the covid-19 pandemic chaos due to strict government-imposed lockdowns that led people to consume beverages and snacks like chips, chocolates, etc. Moreover, due to stringent travel restrictions, people across the world started buying packaged food items to stock up their kitchen supplies. These factors motivated the manufacturing companies to boost their production line and maintain packaged food supply chains.
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Segments of the Packaged Food Products Market
The report has segmented the packaged food products market into multiple segments based on product, packaging type, sales channel, and regional analysis.
- By product, the cheese sauce and dips sub-segment is predicted to hold a dominant market share and garner a revenue of $22,056.8 million during the forecast period due to rising consumption of cheese sauce and various dips in the European countries along with the growing demand for fast foods like burgers, fries, pizzas, etc. Moreover, the massive expansion of such fast food outlets and the confectionary and bakery market is also projected to bolster the sub-segment's growth by 2030.
- By packaging type, the jars sub-segment of the global packaged food products market is estimated to have a noteworthy market share and surpass $16,882.1 million by 2030 due to their high physical appeal and non-corrosive nature. Also, since thee jars are made of glass material, food items stay fresh and uncontaminated for longer durations. These factors are anticipated to propel the sub-segment's growth by 2030.
- By sales channel, the retail sub-segment of the packaged food products market is expected to generate a revenue of $23,156.6 million during the analysis years due to the increasing trend of buying packaged food items from convenience and retail stores across the world. Moreover, retail stores allow the customers to hand pick the products they want without comprising and settling for a different product. These factors are predicted to augment the sub-segment's growth by 2030.
- By region, the packaged food products market in the North America region is projected to witness better growth opportunities and grow at a 5.48% CAGR during the analysis timeframe due to people's hectic work life and their growing preference for convenient ready-to-eat food products. Additionally, increasing technological innovations in food packaging, food flavors, organic based food items, etc. is also expected to uplift the market growth in the North America region by 2030.
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Key Packaged Food Products Market Players
Some key packaged food products market players are
- Tree Top
- Kraft Heinz
- Gehl Foods, LLC.
- Andros Foods
- The J.M. Smucker Co.
- Conagra Brands
- B and G Foods, INC.
- Histon Sweets Spreads Limited, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. - Inquire here to get access for key manufacturers Development Strategic Report
For example, in April 2021, Just in Time, JOI, a UK-based company, launched its first zero waste plant milk product that is made with only one ingredient which is a sustainable and organic source. The company also launched its brand-new gluten-free oats packaged in compostable pouches.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Packaged Food Products Market:
- Global Packaged Food Products Market Growth to Swell with Rising Demand for Packaged Foods among Working Consumers
- 4 Splendid Healthy Packaged Food Products You Can Be Proud of Eating
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