Scope for Packaged food Market: Size, Share, Trends, Growth, and Revenue Projections by 2030

Packaged food can be defined as food stuff that has been prepared ahead of time and packaged in a way that increases its shelf life. Most packaged food are considered convenience items and are commercially produced and made available for people to consume. The concept of packaged food arose as a result of considerations such as ease of preparation, consumption, handling, and protection against external tampering. Packaged foods are simple to handle, prepare, and eat. They are gaining popularity in both developed and developing countries since they are extremely convenient for city dwellers.

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Packaged food is included in the category of products that is purchased by consumers frequently. Hence, the demand for such products remains consistent among consumers. The outbreak of the novel coronavirus has significantly affected the growth of the market worldwide. There has been slight decrease in sales of packaged food products due to the disruption of the supply chain and reduction in the out-of-home consumption of food during the COVID-19
pandemic.

The growth of the packaged food market can be attributed to innovations in processing techniques for extending the shelf life of food products. Furthermore, changes in food consumption patterns bought upon by the increasing working population all around the world drives the market growth. Improvement in the retail infrastructure has increased the availability of packaged goods and this growing ease of acquiring food stuff combined with options of free home delivery and different promotional offers has led to the growth of global packaged food market. However, the notion among consumers about the negative effects of packaged products hinders growth and act as the major restraint to the global market. On the contrary, the packaged food sector is being propelled forward by constant market innovation, which is being bolstered by rising consumer demand. Additionally, specific consumer demands, such as organic food, clean label food ingredients, vegan food, dairy-free products, and others, are expected to open avenues for the packaged food market growth.

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Region wise, North America was the most prominent region in the packaged food market in 2020, and is expected to exhibit high growth rate during the forecast period. Europe and North America are expected to witness steady growth rate throughout the forecast period, owing to the presence of a large number of local players.

The players in the packaged food industry have adopted product launch as their key development strategy to increase profitability and improve their stance in the packaged food market share. The key players profiled in the report include Conagra Brands, Inc., General Mills Inc. Hormel Foods Corporation, JBS S.A., Kellogg Company, Maple Leaf Foods Inc., Nestle S.A., The Kraft Heinz Company, Tyson Foods, Inc., WH Group.

Key Benefits For Stakeholders
• The report provides a quantitative analysis of the current packaged food market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing opportunities.
• Porter's five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis and the market size and segmentation assists to determine the prevailing packaged food market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the market.
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.

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