Packaged Food Market was estimated at $1,925.7 billion in 2020, and is expected to hit $3,407.2 billion by 2030, registering a CAGR of 5.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in affinity of consumers toward convenience, expansion of the F&B industry, and rise of the retail market drive the growth of the global packaged food market. On the other hand, stringent government regulations and rise in health awareness regarding preservatives and chemicals restrain the growth to some extent. However, innovation in high-end technologies is projected to pave the way for lucrative opportunities in the industry.
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The global packaged food market is analyzed across product type, sales type, and geography. Based on type, the meat poultry and seafood segment held the major share in 2020, garnering more than one-fourth of the total market. However, the ready meals segment would cite the fastest CAGR of 5.7% during the forecast period.
By sales channel, the supermarket/hypermarket segment accounted for nearly one-third of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The online stores segment, on the other hand, would grow at the fastest CAGR of 6.8% from 2021 to 2030.
Based on region, the market across North America contributed to the highest share in 2020, holding more than one-third of the global market. The Asia-Pacific region, however, would grow at the fastest CAGR by 6.4% from 2021 to 2030.
Huge disruption of the supply chain and reduction in the out-of-home consumption of food during the COVID-19 pandemic led to a steep decline in the sales of packaged food, thereby impacting the market negatively, especially during the initial phase. However, the global situation is being ameliorated and the market is expected to recoup soon.
The key market players analyzed in the global packaged food market report include Inc., General Mills Inc. Hormel Foods Corporation, JBS S.A., Kellogg Company, WH Group, Maple Leaf Foods Inc., Nestle S.A., The Kraft Heinz Company, Conagra Brands, and Tyson Foods, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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