According to Stratistics MRC, the “Global Packaged Food Market” is accounted for $2.77 trillion in 2018 and is expected to reach $4.89 trillion by 2027 growing at a CAGR of 6.5% during the forecast period. Some of the key factors propelling the market growth are increasing number of quick service restaurants, rising number of working women, and rapid urbanization. However, stringent regulation with respect to food packaging is the restraining factor for the growth of the market.
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Packaged foods include all ranges of food and beverage products that are ready to consume. These products include frozen, refrigerated, and shelf-stable products. These food products can be packaged in bowls, bags, boxes, bottles, cartons, cans, pouches, packets, tins, and other packaging materials. Various nano materials and nanotechnologies can be utilized to improve or create various packaging characteristics useful for packaged goods. For instance, natural clays are added for packaging to improve characteristics such as barrier properties and quality. Nano applications have been designed to make lightweight materials, incorporate indicators or sensors for consumer information and improved recyclability and biodegradability.
Opportunity: The benefits offered by packaged food would provide ample opportunities for the market growth.
The advantages of packaged food such as easy handling, cooking, and consumption, and free from external tampering. These benefits bode well for urban consumers, who look for convenient, ready-to-eat meals to suit their developing and fast-paced lifestyles. The degree of health awareness among these consumers has also developed in recent years and their demand for healthier alternatives for snacks and food items that contain natural rather than artificial ingredients has additionally increased. Keeping this in mind, food manufacturers have been focused on offering healthier and unique products, which has lent a significant boost to the overall market.
Driver: The increased demand for innovative packing is driving the market growth.
A variety of packaging materials are accessible in the market in the form of paper packets and pouches. Packaging is an essential strategy adopted by the leading manufacturers to guarantee full protection of food items from being contaminated by the presence of external agents such as temperature, humidity, and microorganisms. It also ensures that food products are not damaged due to transportation. The materials, which are utilized for packaging the food, should be uncreative with the food product, and durable, capable of withstanding the impacts of external factors. The organizations are attempting to satisfy the consumer needs which may lead to the market growth.
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Depending on distribution channel, retail stores segment is expected to grow at the significant market share during the forecast period. Growing retail industry in emerging countries is expected to support the growth of the segment over the upcoming years. The retailer is an intermediary in the marketing channel because a retailer is both marketer and customer, who sells to the last man to consume.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. Countries such as China and India play a major role in terms of demand and consumption. In India, a rise in the number of working women has had a significant impact on the demand for ready-to-eat as well as packed foods. In addition to this, rapid urbanization, evolving lifestyles, and rising disposable income has resulted in the greater consumption of packaged foods. The growing availability of packed foods and food products in rural areas has also greatly benefited this market. China’s packaged food market has witnessed impressive growth thanks to the introduction of premium products by manufacturers and rising health awareness among consumers.
Some of the key players in Packaged Food Market include Kraft Foods Group Inc, Nestle S.A, General Mills, Tyson Foods, ConAgra Foods Inc, Maple Leaf Foods Inc, JBS S.A, Kelloggs, Smithfield Foods Inc, and Hormel Foods Corporation.
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Nestle SA: In July 2019, Nestle launched paper packaging for snack bars, a technology to scale up and extend other confectionery products and make all packaging recyclable or reusable. The company rolled out paper packaging for its flavoured milk powder Nesquik. the new snack bar wrapper, composed of paper and a water-based coating to guarantee the same shelf life as plastic, could be used on its existing high-speed lines that can seal up to 500 snack bars per minute.
Hormel Foods Corporation: In August 2017, Hormel Foods Corporation acquired Fontanini Italian Meats and Sausages, a branded food service business. The addition of these products to the companies portfolio will allow them to accelerate growth for both Hormel Foods food service and for Fontanini through expanded distribution and new customers.
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