A recent report published by Infinium Global Research on the packaged
food market provides an in-depth analysis of segments and sub-segments in the
global as well as a regional packaged food market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional
packaged food market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecasts, and dollar values of the global
packaged food market. According to the report, the global packaged food market
is projected to grow at a healthy CAGR over the forecast period of 2020-2026.
Packaged food markets have witnessed a steady rise due to rising
disposable incomes and shifting consumer preferences in developing markets.
Additionally, the current concern over the spread of coronavirus is also
expected to have a noteworthy impact on the sales of packaged food in the long
term. The high demand for packaged foods due to consumer's stock-piling during
the lockdown period is anticipated to aid market growth. Moreover, consumers
are moving towards packaged foods because of their longer shelf-life and ease
of storage, which is a key factor in promoting its usage during the COVID-19
epidemic. Moreover, consumers are also shifting to packaged and foods amidst
the pandemic due to their low human contact and safety provided by the packaging
materials.
The convenience of consumption, changing lifestyles, and augmented
health awareness are the main factors pouring the growth of the packaged food
market. They are easy to handle, cook, and consume, and are free from external
tampering. Particularly, the ingestion of packaged food is much higher in
metropolitan areas, particularly metros, where life is fast-paced; attracting a
lot more companies to launch innovative types of products and variants. Furthermore,
growing disposable income, along with busy work schedules are some other
driving forces for the packaged food market. The convenient and attractive
packaging materials used for food are also boosting the market growth. The
foremost packaged food consist of bakery and dairy products, canned and frozen
processed food, ready-to-eat meals, diet snacks, processed meat, health
products, and drinks. The increase in the number of supermarkets, malls, and
one-stop grocery stores coming up is also one of the foremost factors
contributing to the sales of frozen and convenience food items. Some of the key
limitations to the market growth are owing to food contamination, government
regulations, and the development of local brands. In addition, severe
government compliances, the risk of food contamination or reaction with
packaging material, and the emergence of numerous local brands pose major
challenges to the growth of this market.
Among the geographies, the North America region is expected to hold
the largest share in the global packaged food market. Further, factors such as
the rise in the population of working professionals and their busier lifestyles
have led to the growing need to cater to the changing consumption patterns of the masses in the region driving the market growth. However, the Asia Pacific
region is expected to witness significant growth over the forecast period owing
to the rapid urbanization, evolving lifestyles, and rising disposable income
has resulted in the greater consumption of packaged foods. The mounting
availability of packed foods and food products in rural areas has also greatly
benefited the packaged food market in the region.
The report on the global packaged food market covers segments such as
product type, and distribution channel. On the basis of product type, the
sub-markets include ready meals, ice creams, cheese, yogurt, nuts, biscuits,
baby food, soups, potato chips, instant noodles, non-alcoholic drinks,
breakfast cereals, and others. On the basis of the distribution channel, the
sub-markets include online, and offline.
The report provides profiles of the companies in the market such
as Nestle S.A., Tyson Foods, Inc., General Mills, Inc., ConAgra, Inc.,
Smithfield Food, Inc., Kellogg’s, JBS Foods S.A., Hormel Foods Corporation, and
Maple Leaf Foods, Inc.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the packaged food
market. Moreover, the study highlights current market trends and provides
forecast from 2020-2026. We also have highlighted future trends in the market
that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.
Please Choose One of them.