Asia-Pacific To Dominate Global Packaged Food Market Through 2020 - Nestle S.A., Tyson Foods, Inc., Kraft Foods Group, Inc., General Mills, Inc., ConAgra, Inc., Smithfield Food, Inc., and Kellogg’s
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The companies in this market are actively acquiring customer's insights and preferences to gauge on the potential market requirements. Key players operating in this market are primarily focusing on acquisition and partnerships to strengthen their market presence. Nestle, was among the first companies to establish its R&D center in India. Also, in the processed food division, Tyson Foods acquired The Hillshire Brand Company, and partnered with Godrej Foods India to work on new product launches. Kraft Foods entered into a merger with the global ketchup giant Heinz, with the objective to diversify its business.
Top Impacting Factors
Factors such as nutritious food, and innovative packaging technology affect the growth of the packaged food market positively. The top factors, which have an impact on the packaged food market, have been elaborated as follows in the descending order of their impact:
Nowadays, consumers prefer food products, which have high nutrition value, less preservatives, low cholesterol and low fat. Major players in this industry are coming up with new food products that fulfil these requirements of the customers. There is a marked growth in the adoption of organic food. Some of the food products manufactured by the companies are positioned as 99% lactose and gluten free. Therefore, awareness towards proper nutrition has led to an increased consumer inclination towards packaged food.
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A variety of packaging materials are available in the packaged food market in the form of paper packets, wooden packaging and stand-up pouches. Packaging is an integral method adopted by the leading manufacturers to ensure full protection of food products from being contaminated by the presence of external agents such as temperature, humidity, and microorganisms among others. Packaging also ensures that perishable food products are not damaged due to transportation. The materials, which are used for packaging the food, should be unreactive with the food product, and durable, capable of withstanding the effects of external factors. With companies trying to fulfil the consumer needs, the packaged food market is expected to witness a surge in years to come.
Packaged food market report, published by Allied Market Research, forecasts that the global market is expected to garner $3.03 trillion by 2020, registering a CAGR of 4.5% during the forecast period 2015 - 2020. The segment of non-alcoholic drinks dominated the overall packaged food market due to the large demand of ready to drink (RTD) beverages, globally. Baby food stands out as the fastest growing segment, primarily driven by the growing awareness towards modern care practices in baby health and food hygiene, primarily, in the developing nations. Presently, North America is the highest revenue generating region in the global market and would continue to maintain its dominant position throughout the analysis period. However, in terms of growth, APAC region would be the fastest growing market, expected to grow at a CAGR of 5.4% during 2015 - 2020.
• Nestle S.A.
• Tyson Foods, Inc.
• Kraft Foods Group, Inc.
• General Mills, Inc.
• ConAgra, Inc.
• Smithfield Food, Inc.
• JBS Foods S.A.
• Hormel Foods Corporation
• Maple Leaf Foods, Inc.
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