Packaged Food Market Forecast 2024-2033: Anticipated Size and Growth Trends
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2024-2033 Packaged Food Market: What Growth Rate is Predicted?
The size of the packaged food market has seen significant expansion in the past few years. It is projected to increase from $2939.88 billion in 2023 to $3119.12 billion in 2024, witnessing a compound annual growth rate (CAGR) of 6.1%. The growth observed during the historic period is credited to factors like changing consumer preferences, globalization, health and wellness trends, extensive marketing and advertising efforts, and economic dynamics.
In the coming years, the packaged food market is predicted to experience significant expansion, with an anticipated value of $3972.73 billion by 2028. This represents a compound annual growth rate (CAGR) of 6.2%. The anticipated growth during this forecast period is linked to many factors including sustainable packaging, e-commerce and online retailing, personalization and customization, a health-conscious consumer population, and worldwide population growth. Key trends expected during this forecast period involve a concentration on health and wellness, implementation of sustainable and eco-friendly packaging, the convenience of on-the-go options, a shift towards plant-based and alternative proteins, and an increasing use of digitalization and e-commerce.
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What Aspects Are Driving the Expansion of the packaged food Market?
The growth of the packaged food market is projected to surge due to the increasing consumption of snacks and the rise of a faster-paced lifestyle. Snacks, typically smaller servings of food eaten between meals, are lighter than a regular meal. The variety of packaging options for snacks not only appeals to consumers, but ensures ease of transport, food safety, and extended shelf life. Consequently, the growing preference for snacks and a fast lifestyle is driving demand in the packaged food market. For example, data from the National Confectioners Association, a trade association focusing on the significant role that chocolate, candies, gum, and mints play in facilitating a pleasurable and balanced life, reported in November 2022 that total snack revenues soared by 11.4% in IRI’s multi-outlet plus convenience outlet universe during the first nine months of 2022. Revenue reached $44.9 billion, marking a 26% rise from pre-pandemic levels in 2019. Thus, it’s clear that the increasing popularity of snacks and a fast-paced lifestyle are fuelling the packaged food market.
What Are the Significant Segments of the Packaged Food Market?
1) By Type: Dairy Products, Confectionery, Packaged Products, Bakery And Snack, Meat, Poultry And Seafood, Ready Meals, Other Types
2) By Material: Glass, Metal, Paper, Plastics, Other Materials
3) By Packaging: Jugs, Packets, Bottles, Bags, Bowls, Boxes, Cans, Cartons, Crates
4) By Sales Channel: Supermarkets Or Hypermarkets, Specialty Stores, Grocery Stores, Online Stores, Other Sales Channels
What Trends Are Influencing the Evolution of the Packaged Food Market?
The surge in innovative and eco-friendly packaging for processed food is a central trend emerging in the processed food industry. Many prominent companies within the industry are concentrating on producing sustainable packaging solutions to augment their market stand. For instance, in December 2022, Koehler Paper, a firm based in Germany specializing in the production of packaging papers with a unique barrier function, unveiled Koehler NexPure OGR. This innovative eco-friendly paper packaging is resistant to grease and oil, making it an excellent option for packing food items. It is entirely free from fluorochemicals, making it a green, environmentally-friendly alternative to the current wrapping materials used by the fast-food sector. The groundbreaking paper weighs in at 38 gsm and uses natural resources in its barrier function.
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Which Geographic Areas Are Influencing the Growth of the Packaged Food Market?
North America was the largest region in the packaged food market in 2023. The regions covered in the packaged food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Packaged Food Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the packaged food market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Packaged Food Market Include
1. Packaged Food Market Executive Summary
2. Packaged Food Market Segments
3. Packaged Food Market Size And Template Market Growth Rate
4. Key Packaged Food Market Trends
5. Major Packaged Food Market Drivers
……
25. Key Mergers And Acquisitions In The Packaged Food Market
26. Top Packaged Food Companies
27. Packaged Food Market Opportunities And Strategies
28. Packaged Food Market, Conclusions And Recommendations
29. Appendix
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