Packaged Food Market Expected to Achieve Staggering Valuation of US$ 5,200 Billion by 2032 | Future Market Insights

The Packaged Food Market is set for robust growth, with a projected size of US$ 5,200 billion by 2032, reflecting a significant increase from the expected value of US$ 3,100 billion in 2022. The top three countries are expected to command a substantial 37% market share. The convenience and changing lifestyles of consumers drive the rising demand for packaged food products worldwide.

Companies who are open about their production methods and prioritise labelling are more likely to support market demand. In the packaged food industry, product packaging is essential. To prevent the growth of fungus, prolong shelf life, and improve transportability, significant players are developing packaging that prevents contact with air.

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In addition, an increasing number of people are choosing to consume fewer dairy and animal products in favour of plant-based alternatives. As a result, manufacturers of packaged foods are deliberately focusing on developing product lines that highlight organic options.

Customers are choosing functional meals that provide probiotics for immune system development. As a result, major firms are spending money on research and development to create ingredients that provide consumers with a variety of health benefits.

-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 the demand share in the 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 marker
-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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Preference for Naturally Sourced Food Products to Boost Packaged Food Market

North America is expected to be the leading region in the global packaged food market, opines FMI. Growing inclination towards naturally sourced food products is expected to propel the demand for packaged food in the U.S.

High concentration of manufacturing plants and easy availability of innovative packaged products is positively impacting the sales of packaged products. As per FMI, the U.S. packaged food is expected to reach a value of US$ 632 Bn in 2022 which is approximately 24.3% of the global packaged food.

Why is India Considered a Promising Market for Packaged Food?

Growing Consumption of Pre-Cooked Meals to Fuel Packaged Food Products Sales in India

The most remunerative market for the packaged food industry is anticipated to be Asia Pacific, driven by the escalating demand for convenient and pre-cooked meals. Hence, manufacturers are focusing on offering quality food products suited to local tastes. As per FMI, the India packaged food market is expected to account for US$ 289 Bn in 2022 which is approximately 18% of the global packaged food market.

-Market Segments Covered In Packaged Food Market Analysis

-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

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient 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.