Packaged Food Market Size to Surpass US$ 4,581.6 Billion by 2028 | Industry CAGR of 7%

IMARC Group's report titled "Packaged Food Market Report by Product Type (Bakery Products, Dairy Products, Beverages, Breakfast Products, Meals, and Others), Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Convenience Stores, Online Retail Stores, and Others), and Region 2024-2032". The global packaged food market size reached US$ 2,441.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,581.6 Billion by 2032, exhibiting a growth rate (CAGR) of 7% during 2024-2032.

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Factors Affecting the Growth of the Packaged Food Industry:

● Changing Consumer Preferences:

Modern consumers have increasingly hectic lifestyles, with limited time for meal preparation. This is leading to a growing preference for packaged food products, which offer quick and convenient meal solutions. With the rise of busy professionals and an increase in outdoor activities, consumers are seeking portable and ready-to-eat (RTE) options. Packaged food products, such as energy bars and snack packs, cater to this need. Families with dual-income earners find packaged food products appealing as they reduce the time and effort required for cooking, which is propelling the growth of the market.

● Health and Wellness Trends:

The increasing awareness among the masses about the importance of a healthy lifestyle is encouraging consumers to seek packaged food options that align with their dietary and nutritional goals. Consumers are more inclined to scrutinize food labels, looking for products with lower salt, sugar, and fat content. Brands that provide clear nutritional information are preferred. The demand for packaged food products with functional ingredients, such as antioxidants, probiotics, and vitamins, is rising. Consumers perceive these products as beneficial for their health.

● Thriving E-Commerce Industry:

E-commerce platforms offer consumers the convenience of shopping for packaged food products from the comfort of their homes, eliminating the need to visit physical stores. Online retail allows packaged food brands to reach a broader consumer base, including those in remote or underserved areas, increasing market accessibility. E-commerce platforms can showcase a wide variety of packaged food products, including niche and specialty items, catering to diverse consumer preferences.

Leading Companies Operating in the Global Packaged Food Industry:

● Conagra Brands Inc.
● Danone S.A.
● General Mills Inc.
● Hormel Foods Corporation
● JBS S.A.
● Kellogg Company
● Maple Leaf Foods Inc
● Nestlé S.A
● PepsiCo Inc.
● The Coca-Cola Company
● The Kraft Heinz Company
● Tyson Foods Inc.
● WH Group Limited

Explore full report with table of contents: https://www.imarcgroup.com/packaged-food-market

Packaged Food Market Report Segmentation:

By Product Type:

● Bakery Products
● Dairy Products
● Beverages
● Breakfast Products
● Meals
● Others

Bakery products represented the largest segment as they offer a wide variety of affordable and convenient options that cater to diverse consumer preferences.

By Distribution Channel:

● Supermarket/Hypermarket
● Specialty Stores
● Convenience Stores
● Online Retail Stores
● Others

Supermarket/hypermarket accounted for the largest market share due to its one-stop shopping experience, offering a comprehensive range of packaged food products.

Regional Insights:

● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America (Brazil, Mexico, Others)
● Middle East and Africa

Asia Pacific enjoys the leading position in the packaged food market on account of its large and diverse population, increasing urbanization, and changing consumer preferences towards packaged and convenience food products.

Global Packaged Food Market Trends:

Consumers worldwide are increasingly seeking packaged food products that align with their health and wellness goals, driving the demand for products with clean labels, natural ingredients, and functional benefits.

The rise of plant-based diets and flexitarianism is catalyzing the demand for plant-based packaged food products, including meat substitutes, dairy alternatives, and plant-based snacks.

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