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Packaged Food Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Packaged Food Global Market Report
According to The Business Research Company's, The packaged food market size has grown strongly in recent years. It will grow from $2939.88 billion in 2023 to $3119.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to consumer preferences, globalization, health and wellness trends, marketing and advertising, economic factors.
The packaged food market size is expected to see strong growth in the next few years. It will grow to $3972.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to sustainable packaging, e-commerce and online retailing, personalization and customization, health-conscious consumer base, global population growth. Major trends in the forecast period include health and wellness focus, sustainability and eco-friendly packaging, convenience and on-the-go options, plant-based and alternative proteins, digitalization and e-commerce.
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Market Drivers and Trends:
The rise in popularity of snacks and a quick lifestyle is expected to propel the growth of the packaged food market in the coming future. A snack is a smaller food serving that is often eaten between meals and is lighter than a meal. Snacks that are available in different packaging attract consumers and also enable easier transportation while promoting food safety and shelf life, as a result, the rising popularity of snacks and a quick lifestyle increases the demand for the packaged food market. For instance, in November 2022, according to the National Confectioners Association, a US-based trade association that emphasizes the special contribution that chocolate, candies, gum, and mints make to a contented and balanced existence, overall snack revenues climbed by 11.4% in IRI's multi-outlet plus convenience outlet universe in the first nine months of 2022. The revenues totaled $44.9 billion, increasing 26% over the pre-pandemic level in 2019. Therefore, the rise in popularity of snacks and a quick lifestyle is driving the packaged food market.
Rising innovative sustainable packaging for packaged food is the key trend gaining popularity in the packaged food market. Major companies operating in the packaged food market are focused on developing sustainable packaging technologies to strengthen their position in the market. For instance, in December 2022, Koehler Paper, a Germany-based packaging company that creates and manufactures papers for packing with a disruptive barrier function, launched Koehler NexPure OGR. This new sustainable paper packaging can withstand grease and oil and is excellent for packaging food products, which are fluorochemical-free and hence a sustainable, ecologically beneficial replacement to the wrapping material presently utilized by the fast-food industry. The novel paper has a grammage of 38 gsm and employs natural raw materials for the barrier function.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
General Mills Inc.; Tyson Foods Inc.; Conagra Brands Inc.; JBS SA; Nestle SA; Hormel Foods Corporation; Maple Leaf Foods Inc.; The Kraft Heinz Company; Smithfield Foods Inc.; Kellogg Company; PepsiCo Inc.; Mars Incorporated; WH Group Limited; The Hershey Company; Andros Group; Histon Sweets Spreads Ltd; The Coca-Cola Company; Danone SA; Mondelz Global LLC; Unilever plc; Gehl Foods LLC; B & G Foods Inc.; Frito-Lay Inc.; Mann Packing Co. Inc.; Bonduelle Group; The Keebler Company; McCain Foods Limited; Grupo Bimbo S.A.B. de C.V.; Campbell Soup Company; Nomad Foods Limited; Monde Nissin Corporation
Packaged Food Market 2024 Key Insights:
• The packaged food market will grow to $3972.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Packaged Food Market Thrives Through The Impact Of Rising Snack Popularity And Quick Lifestyles
• Innovative Sustainable Packaging Solutions Transforming The Packaged Food Market
• North America was the largest region in the packaged food market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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