Packaged Food Market to Benefit from Rising Inclination towards Plant-based Products, Surpassing US$ 5,200 Bn by 2032

The packaged food market is expected to witness growth at a CAGR of 5.3% and reach a valuation of US$ 5,200 Bn by 2032, as per Future Market Insights (FMI). Growing preference for brands that follow sustainable practices such as recyclable packaging, low carbon footprint, non-GMO certification is boosting the market.

Organizations that are transparent about the production processes and emphasize labelling are expected to aid the demand in the market. Packaging of products plays a crucial role in packaged food market. Key players are innovating packages that eliminate contact with air to avoid fungal growth and improve shelf life, ease of transport.

Further, numerous people are reducing the intake of dairy, meat products and substituting them with plant-based alternatives. As a result, manufacturers of packaged food products are focusing on developing product lines that are organic.

Consumers are opting for functional foods that offer probiotics that build body immunity. Hence, key players are investing in research and developmental activities to come up with ingredients that offer multiple health benefits to customers.

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Key Takeaways from Market Study

North America packaged food market is estimated to be valued at US$ 744 Bn in 2022 and register a CAGR of 4.9% in the forecast period

Latin America and Oceania are expected to account for 4.5% and 5.3% of demand share in packaged food market, respectively, in 2022.

Europe processed food market is expected to reach US$ at 682 Bn by the end of 2032

By product type, the baby and infant's foot holds the highest market share in the packaged food market

The meat and poultry segment is expected to have a high growth rate at a CAGR of 5.5% over the assessment period

"Key players of packaged food products are investing heavily in research and development activities to offer new product lines that are plant-based, dairy free, vegan and fulfil nutritional requirements of consumers." says a Future Market Insights analyst.

Competitive Landscape

Key manufacturers have invested substantially to get deeper insight into shifts in consumer preferences and adapt their products accordingly to suit their requirements. Mergers and alliances have been a prominent growth strategy practised by companies planning to extend their market presence in the global packaged food market.

Nestle and Starbucks have unveiled new products in their Starbucks at home range. It includes Cold brew Concentrate, Fresh Brew coffee and lends with essential vitamins and turmeric.

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Packaged Food Market by Category

By Product Type, Packaged Food is Segmented as:

Baby and Infant Foods
Dairy Products
Confectionary
Bakery and Snacks
Meat and Poultry
Ready-To-Eat Meals
Alcoholic Beverage
Non-Alcoholic Beverage

By Packaging, Packaged Food Market is Segmented as:

Jugs
Packets
Bottles
Bags
Bowls
Boxes
Cans
Cartons
Crates

By Region, Packaged Food Market is Segmented as:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.