Processed Food Market is Estimated to Witness High Growth Owing to Rising Consumer Preference for Convenience Foods

The Processed Food Market is estimated for 2023 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Processed food refers to any food product that has undergone some form of preparation such as canning, dehydrating, freezing or smoking before being packaged for sale. It includes products such as canned foods, frozen meals, snacks and ready-to-eat meals. Processed foods offer benefits of convenience, longer shelf life and accessibility.

Market Dynamics:

The processed food market is expected to witness significant growth over the forecast period owing to two key drivers. Firstly, rising demand for convenience foods due to changing lifestyles and busy schedules leaves consumers with little time for home-cooked meals. Secondly, growing working women population further boosts the need for ready-to-eat foods. Processed foods are preferred for their ease of preparation and consumption. Additionally, launch of innovative products, expansion of retail landscape and rising income levels will also contribute to market growth over the forecast period.

Processed Food Market Drivers

Increasing Usage of Convenience Foods

The fast paced lifestyle of modern consumers have increased the demand for convenience foods that can be prepared and consumed quickly. Processed foods such as ready to eat meals, frozen foods and packaged snacks save a lot of time for working individuals and nuclear families. The hectic schedules leave little time for elaborate home cooked meals, driving the sales of processed food products.

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Key Players Covered In This Report:

Nestlé, General Mills, Kraft Food, Inc., ConAgra foods, Inc., Tyson Foods, Kellogg's, Frito-Lay, JBS Food, Smithfield Food, Inc. and Mars, Inc.

Market Segmentation:

By Process

Minimally
Highly
By Product Type

Plant based
Fruits
Vegetables
Legumes
Extracted foods
Others
Animal based
Milk
Poultry
Fleshy
Others
By Application

Baked foods
Baby food
Breakfast Cereal
Biscuits
Cheese
Chocolate confectionary
Ice creams
Instant Noodles
Non-alcoholic drinks
Nuts
Pasta
Ready meals
Sauces, Dressings and condiments
Soups
Yogurt
Others

Key Region/Countries are Classified as Follows:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.

The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ Latin America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Growing Urban Population

With rapid urbanization taking place worldwide, the share of population living in urban areas is rising steadily. As per United Nations statistics, around 68% of the global population is predicted to reside in urban locales by 2050. City dwellers typically rely more on packaged and ready to eat foods due to lesser availability of ingredients and time crunch. This growing urban consumer base acts as a key driver for the processed food market.

Processed Food Market Restrain

In recent years, people have become more health conscious and aware of the ill-effects of consuming highly processed foods regularly. There is a shift towards natural, organic, less processed and healthier options. Many processed snacks and foods are high in salt, sugar, fat and chemical preservatives which are linked to obesity, diabetes and heart issues if had frequently. This rising health consciousness among consumers poses a challenge for the processed food market.

Processed Food Market Opportunity

Innovation in Healthier Product Formulations

Growing consumer demand for healthier processed food options presents a major business opportunity for food manufacturers. Companies can focus on innovating new product formulations and ranges that are lower in fat, sugar and calories but also tasty. For example, low carb, high protein, gluten free, whole grain, plant based and organic variants. If the taste and nutrition is satisfactory, such innovated healthier products can attract health conscious buyers and drive the future growth of processed food market.

Processed Food Market Trends

An emerging trend in the food industry is the rise of personalized and customized food products. Processors are exploring ways to offer varied tastes, flavors, ingredients and packaging choices to cater to diverse preferences of different consumer segments. Technologies like 3D printing are enabling customized processed snacks and meals. This allows customers to design their own ideal product according to allergens, cultural tastes etc. Personalization enhances brand loyalty and acts as a major processed food market trend.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Processed Food Market ?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.