Asia-Pacific Packaged Food Market On Target to Reach $875.3 billion by 2020
However, baby food and yogurt would prove to be the most promising products with respect to the growing concerns of baby health across different countries in the region. China dominates the Asia-Pacific packaged food market, constituting over 30% of the market revenue. However, India would witness the fastest CAGR during the forecast period.
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The product segment of baked goods was the second largest revenue generating segment in 2014 and is expected to grow at a CAGR of 6.1% during the forecast period. Demand for these products would be primarily augmented by increasing demand for baked foods like cakes, pastries and breads. Baby food would be the product segment growing at the fastest pace, followed by yogurt and cheese. Increasing concerns towards the health of babies is the key driver of baby food market.
Moreover, the overall market of yogurt is growing pertaining to the rising demand for yogurt drinks. On the basis of geography, China dominates the Asia-Pacific packaged food market, followed by Japan. The key factors that propel the overall packaged food market in the Asia-Pacific are consumer's point of preference towards convenience food, growing rate of urbanization and growth in organized retailing.
Key players that operate in this market primarily adopt acquisition as one of the key strategies for strengthening their market presence. Danone has recently acquired Wockhardt Nutrition India, in an effort to fortify its position in Asia. In addition, the Tyson Foods has adopted collaboration strategy to strengthen its market presence in India and also in other emerging markets of the Asia Pacific.
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Top Key Players: Nestle S.A, Kraft Foods Group, General Mills, ConAgra Foods Inc., Tyson Foods, Kelloggs Company, Smithfield Foods Inc., Hormel Foods Corporation, Maple Leaf Foods Inc. and ITC Limited.
Key Findings of Asia-Pacific Packaged Food Market:
o The growing demand from Asian countries like India and China have largely propelled the market of packaged food in the Asia-Pacific region
o Baby food and yogurt segments would witness relatively faster growth compared to other packaged food categories
o Within APAC region, India would register the highest CAGR of 8.2% during the forecast period
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