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Packaged Food Products Market Report

RA08397

Packaged Food Products Market by Product (Cheese Sauces & Dips, Jams & Jellies, and Apple Compotes), Packaging Type (Cans, Jars, Cups, and Flexibles), Sales Channel (Retails and Food Services), and Regional Analysis (North America, Europe, Asia, Australasia, Middle East, and Rest of the World): Global Opportunity Analysis and Industry Forecast, 2020-2027

RA08397

Pages: 340

May 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Packaged Food Products Market

Global Packaged Food Products Market Analysis

The packaged food products market is predicted to generate $49,685.2 million in the 2020-2027 timeframe, growing from $30,830.0 million in 2019 at a healthy CAGR of 6.3%.

Market Synopsis

Increase in the number of working individuals and their adoption for ready-to-eat and convenient packaged food products is expected to accelerate the market growth of packaged food products in the coming years. 

However, high risk of food contamination due to packaging materials that are used is expected to restrain the packaged food products market growth in the forecast duration.

According to the regional analysis of the market, Asian market for packaged food products is estimated to reach $12,520.7 million by 2027, at a significant CAGR of 9.5%.

Packaged Food Products Market Overview

Packaged food products include the ready–to-eat and convenient food items like snacks, beverages, chips, frozen vegetables, and more. The demand for packaged food products is increasing at a fast pace due to growing adoption of ready-to-eat and healthy food products among working professionals. 

Impact Analysis of COVID-19 on the Global Packaged Food Products Market

In COVID-19 pandemic, many industries faced a major decline and losses due to poor raw supply, decrease in demand and supply, and more. However, packaged food products market saw an unexpected boost during the pandemic situation. This factor is attributed to the increase the consumption of snacks and beverages, chips, chocolates, and frozen food products during lockdown and work from home facility for the employees. Due to complete lockdown, people changed their shopping behavior and have started buying packaged food products in bulk and stock up their kitchen supplies. This in turn has encouraged the companies and the manufacturing units to speed up their production line and maintain the packaged food supply and demand chain. The COVID-19 pandemic has affected the health of the people adversely throughout the world. People are suffering from many health ailments post coronavirus infections and hence, consumers are preferring ready-to-eat and less time consuming healthy food product alternatives which will enhance their health and immunity. Hence, the consumers are shifting their preference towards healthy food snacks. This factor has drived the companies to manufacture healthy food products which are low in calories, fats and high in minerals and vitamin content.  

Increased Demand for Ready-to-eat Healthy Food Products to Drive the Packaged Food Products Market in the Forecast Time Period

Exponential rise in the number of working individuals and their hectic time schedule is anticipated to drive the package food products market in the predicted time duration. Working individuals, due to the lack of time, prefer those food products which can be prepared with very less ingredients and consumes less time. This factor has increased the demand for ready-to-eat food products such as frozen food products, bakery items, snacks, chocolates, and more. Also, more career opportunities in the cities has led to high urbanization rate which has positively affected the growth of the packaged food products market due to increased packaged food demands. Apart from this, consumer’s inclination towards healthy food and beverage alternatives will accelerate the market growth. Consumers are now demanding those food products which are made up of natural components and contain less preservatives. To ensure this, the packaged food manufacturing companies now focus on the production of healthy organic based food products. For instance, Just in time, JOI, UK based company introduced in April, 2021, its first zero waste plant milk product which is made with only one ingredient which is sustainable source, organic, and gluten free oats which is packed in a compostable pouch.

To know more about packaged food products drivers, get in touch with our analysts here.

Risk of Contamination of Food Products due to Packaging Materials to Restrain the Market Growth

High risk of contamination of food because of packaging material is the main restraining factor for the packaged food products market. Plastic is a widely used packaging material in the food industry as it is light weight and can be carried easily anywhere while travelling but it is made of chemicals that can easily react with preservatives and antioxidants and thus contaminate food. For instance, according to an article published in the South Wale Arugs, on May 2, 2021, the supermarkets in the U.K. issued warnings to consumers over the health risk on consuming items they have purchased in stores including Tesco, Morrisons, Asda, and Sainsbury's, Aldi. The packaged food products at the stores like chocolates, dates, and other were contaminated with salmonella bacteria responsible for causing food allergies. 

Technological Innovations and Advancements in Packaged Food Products to Cater to the Demand of the Consumers

Inclination of the millennials towards healthy packaged food alternatives have opened many opportunities for companies of the packaged food products market. Consumers prefer healthy food products with rich nutritional value, low cholesterol, less preservatives, and low fat. Thus, due to the high demand for the healthy food, many beverage industries have started manufacturing organic and non-alcoholic juices to target health oriented customers. This factor will contribute to the growth of the market in the forecast time. For instance, according to a news published in Nutritional Outlook, on April 28, 2021, New Jersey based Diana Food has introduced an organic cultured celery powder to its Food Protection Platform for natural meat curing. 

To know more about packaged food products market opportunities, get in touch with our analysts here. 

Global Packaged Food Products, by Product

Based on product, the packaged food products market is segmented into cheese sauce and dips, jams and jellies and apple compotes. Cheese sauce and dips sub-segment is projected to generate the maximum revenue and also is predicted to show the fastest growth.

Global Packaged Food Products, by Product

Source: Research Dive Analysis

The cheese sauce and dips sub-segment is predicted to have a dominating market share in the global market and is expected to register a revenue of $31,739.2 million during the forecast period. It is also anticipated to have the fastest market growth and it is predicted that the market shall generate a CAGR of 6.5% in the forecast period. This increase owes to factors such more consumption of cheese sauce and dips in European countries. Also, rising demand for fast foods like pizzas, burgers, tacos, and more will accelerate the market growth as these fast foods uses cheese sauce as a dressing.

Global Packaged Food Products, by Packaging Type

Based on packaging type, the packaged food products market is segmented into cans, jars, cups and flexibles. Jars sub-segment is projected to generate the maximum revenue whereas cups sub-segment is predicted to show the fastest growth in the forecast period.

Global Packaged Food Products, by Packaging Type

Source: Research Dive Analysis

The jars sub-segment of the packaged food products market is projected to have the highest growth and it is projected to surpass $24,643.2 million by 2027, with an increase from $15,516.3 million in 2019. This growth is due to many benefits of glass jars such as its non-corrosive nature and high physical appeal. Also, the jars made up of glass increases the shelf life of the food by providing extra protection to food from outside environment, maintains flavors, texture and aroma of the food, provides visual delight to the consumers and prevents the food contamination.

The cups sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $18,628.8 million during the analysis timeframe. This sub-segment growth is attributed to easily carrying, portable, and convenient nature of cups during travel purposes. Also, due to changing lifestyle and growing inclination of the millennials towards the food services and outlets which extensively uses cups for serving food is expected to raise the demand for cups in the predicted time period.

Global Packaged Food Products, by Sales Channel

Based on sales channel, the packaged food products market is segmented into retail and food services. Retail sub-segment is projected to generate the maximum revenue whereas food services sub-segment is predicted to show the fastest growth in the forecast period.

Global Packaged Food Products, by Sales Channel

Source: Research Dive Analysis

The food services sub-segment of the packaged food products market is projected to have the fastest growth and it is projected to surpass $ 17,381 million by 2027, with an increase from $ 9,824 million in 2019. This fast growth is due to increasing number of food outlets such as Dominos, Pizza hut, and others globally. Also, adoption of urban lifestyle and rising trend of hotels and restaurants is expected to drive the market in the coming forecast time period.

The retail sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $ 32,287.2 million during the analysis timeframe. This sub-segment growth is attributed to increasing trend of purchasing packaged food products from the retail and convenience stores among the consumers. Moreover, the retail shops offer opportunity to the customers to hand pick the products of their choices without going to other places for food products.

Packaged Food Products Market, Regional Insights

The packaged food products market was investigated across North America, Europe, Asia, Australasia, Middle-East and Rest of the world.

Packaged Food Products Market, Regional Insights

Source: Research Dive Analysis

The Market for Packaged Food Products in North America to be the Most Dominant

The North America packaged food products market accounted $9834.8 million in 2019 and is projected to register a revenue of $13663.4 million by 2027. This growth is due to the hectic work life of consumers in the region and their growing preference for ready-to-eat food and convenience. In addition, increasing innovations in food packaging, organic based food products, bold flavors, and healthy ingredients are further expected to contribute to the growth of the packaged food products market in next few years.

The Market for Packaged Food Products in Asia to be the Fastest Growing

The share of Asia market for packaged food products is anticipated to grow at a CAGR of 9.5% by registering a revenue of $12520.7 million by 2027. In countries like China, Japan and India, the concept of convenience and packaged food has become popular due to increase working population, changing lifestyles patterns, and the inclination towards fast food. Therefore, consumers prefer ready-to-eat food products as they are less time consuming and comes in various options. These factors is accelerating the market at a fast rate.

Competitive Scenario in the Packaged Food Product Market

Business expansion and partnership are common strategies followed by major market players.

Competitive Scenario in the Packaged Food Product Market

Source: Research Dive Analysis

The companies involved in the packaged food products market are B and G Foods, INC., Andros Foods, Histon Sweets Spreads Limited, The J.M. Smucker Co., Gehl Foods, LLC., Conagra Brands, Tree Top and Kraft Heinz.

Porter’s Five Forces Analysis for the Global Packaged Food Products Market

  • Bargaining Power of Suppliers: In the competitive market, availability of substitutes of the supplier product and its contribution towards quality & service of the industry products increases the bargaining power of suppliers. Further, differentiation & switching cost of supplier products increase threat of brand loyalty and profitability.
    Hence, for packaged food industry this has now become high.

    Thus, the bargaining power of the suppliers is high.
  • Bargaining Power of Buyers: Buyers have high bargaining power because they have an array of products and variety of options available in the market to choose from. 
    Hence, the bargaining power of buyers is high.
  • Threat of New Entrants: Startups entering the packaged food products market face a tough competition with already established brands in the market in terms of variety of packaged food product. 
    As a result, the threat of the new entrants is moderate.
  • Threat of Substitutes: Quick product manufacturing along with the best quality being offered in the market by companies attract customers. However, brand loyalty among consumers does not allow them to switch to different brand easily.
    Therefore, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The food companies are launching their products with new flavors and textures in the international market and strengthening the footprint worldwide. 
    Therefore, competitive rivalry in the market is high. 

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2019

  Forecast Timeline for Market Projection

  2020-2027

  Geographical Scope

 North America, Europe, Asia, Australasia,  Middle East and Rest of World

  Segmentation by Product

  • Cheese Sauce & Dips
  • Jams & Jellies
  • Apple Compotes

  Segmentation by Packaging Type

  • Cans
  • Jars
  • Cups
  • Flexibles

  Segmentation by Sales-Channel

  • Retail
  • Food Services

  Key Companies Profiled

  • B and G Foods, INC.
  • Andros Foods
  • Histon Sweets Spreads Limited
  • The J.M. Smucker Co.
  • Gehl Foods, LLC.
  • Conagra Brands
  • Tree Top
  • Kraft Heinz

Frequently Asked Questions
 

A. The packaged food products market is predicted to generate $ 49,685.2 million in the 2020-2027 timeframe, growing from $ 30,830.0 million in 2019 at a healthy CAGR of 6.3%.

A. B and G Foods, INC. and Andros Foods are some of the prominent companies in the packaged food products market.

A. The Asia region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. The share of Asia market is anticipated to grow at a CAGR of 9.5%.

CHAPTER 1:RESEARCH METHODOLOGY

1.1.Desk research
1.2.Real-time insights and validation
1.3.Forecast model
1.4.Assumptions & forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

CHAPTER 2:EXECUTIVE SUMMARY

2.1.360° summary
2.2.Product trends
2.3.Packaging type trends
2.4.Sales channel trends

CHAPTER 3:MARKET OVERVIEW

3.1.Market definitions & Scope
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.2.2.1.Top winning strategies, by year
3.2.2.2.Top winning strategies, by development
3.2.2.3.Top winning strategies, by company

3.3.Porter’s five forces analysis
3.4.Market dynamics

3.4.1.Drivers

3.4.1.1.Increase in the demand for ready-to eat meals
3.4.1.2.Changing lifestyle, convenience of food consumption and increased health awareness

3.4.2.Restraints

3.4.2.1.High risk of food contamination due to packaging material

3.4.3.Opportunities

3.4.3.1.Advancements in innovations and technology to cater the demand for packaged food products

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Market value chain analysis

CHAPTER 4:STRATEGIC OVERVIEW

CHAPTER 5:IMPACT OF COVID-19 ON GLOBAL PACKAGED FOOD PRODUCTS MARKET

5.1.Introduction

5.2.COVID-19 health assessment
5.3.Impact of COVID-19 on global economy
5.4.Impact of COVID-19 on the global packaged food products market

5.4.1.Social impact
5.4.2.Technological impact
5.4.3.Investment scenario

5.5.Packaged food products market size and forecast, by region, 2020-2027

CHAPTER 6:GLOBAL PACKAGED FOOD PRODUCTS MARKET, BY PRODUCT

6.1.Overview

6.1.1.Market size and forecast, by product

6.2.Cheese sauce and dips

6.2.1.Key market trends and opportunities
6.2.2.Market size and forecast, by region
6.2.3.Market share analysis, by country

6.3.Jams and jellies

6.3.1.Key market trends and opportunities
6.3.2.Market size and forecast, by region
6.3.3.Market share analysis, by country

6.4.Apple compotes

6.4.1.Key market trends and opportunities
6.4.2.Market size and forecast, by region
6.4.3.Market share analysis, by country

CHAPTER 7:GLOBAL PACKAGED FOOD PRODUCTS MARKET, BY PACKAGING TYPE

7.1.Overview

7.1.1.Market size and forecast, by packaging type

7.2.Cans

7.2.1.Key market trends and opportunities
7.2.2.Market size and forecast, by region
7.2.3.Market share analysis, by country

7.3.Jars

7.3.1.Key market trends and opportunities
7.3.2.Market size and forecast, by region
7.3.3.Market share analysis, by country

7.4.Cups

7.4.1.Key market trends and opportunities
7.4.2.Market size and forecast, by region
7.4.3.Market share analysis, by country

7.5.Flexible

7.5.1.Key market trends and opportunities
7.5.2.Market size and forecast, by region
7.5.3.Market share analysis, by country

CHAPTER 8:GLOBAL PACKAGED FOOD PRODUCTS MARKET, BY SALES CHANNEL

8.1.Overview

8.1.1.Market size and forecast, by sales channel

8.2.Retail

8.2.1.Key market trends and opportunities
8.2.2.Market size and forecast, by region
8.2.3.Market share analysis, by country

8.3.Food Service

8.3.1.Key market trends and opportunities
8.3.2.Market size and forecast, by region
8.3.3.Market share analysis, by country

CHAPTER 9:GLOBAL PACKAGED FOOD PRODUCTS MARKET, BY REGION

9.1.Overview

9.1.1.Market size and forecast, by region

9.2.North America

9.2.1.Key market trends and opportunities
9.2.2.Market size and forecast, by product
9.2.3.Market size and forecast, by packaging type
9.2.4.Market size and forecast, by sales channel
9.2.5.Market size and forecast, by country

9.2.5.1.U.S.

9.2.5.1.1.Market size and forecast, by product
9.2.5.1.2.Market size and forecast, by packaging type
9.2.5.1.3.Market size and forecast, by sales channel

9.2.5.2.Canada

9.2.5.2.1.Market size and forecast, by product
9.2.5.2.2.Market size and forecast, by packaging type
9.2.5.2.3.Market size and forecast, by sales channel

9.2.5.3.Mexico

9.2.5.3.1.Market size and forecast, by product
9.2.5.3.2.Market size and forecast, by packaging type
9.2.5.3.3.Market size and forecast, by sales channel

9.3.Europe

9.3.1.Key market trends and opportunities
9.3.2.Market size and forecast, by product
9.3.3.Market size and forecast, by packaging type
9.3.4.Market size and forecast, by sales channel
9.3.5.Market size and forecast, by country

9.3.5.1.Germany

9.3.5.1.1.Market size and forecast, by product
9.3.5.1.2.Market size and forecast, by packaging type
9.3.5.1.3.Market size and forecast, by sales channel

9.3.5.2.U.K.

9.3.5.2.1.Market size and forecast, by product
9.3.5.2.2.Market size and forecast, by packaging type
9.3.5.2.3.Market size and forecast, by sales channel

9.3.5.3.France

9.3.5.3.1.Market size and forecast, by product
9.3.5.3.2.Market size and forecast, by packaging type
9.3.5.3.3.Market size and forecast, by sales channel

9.3.5.4.Spain

9.3.5.4.1.Market size and forecast, by product
9.3.5.4.2.Market size and forecast, by packaging type
9.3.5.4.3.Market size and forecast, by sales channel

9.3.5.5.Italy

9.3.5.5.1.Market size and forecast, by product
9.3.5.5.2.Market size and forecast, by packaging type
9.3.5.5.3.Market size and forecast, by sales channel

9.3.5.6.Rest of Europe

9.3.5.6.1.Market size and forecast, by product
9.3.5.6.2.Market size and forecast, by packaging type
9.3.5.6.3.Market size and forecast, by sales channel

9.4.Asia

9.4.1.Key market trends and opportunities
9.4.2.Market size and forecast, by product
9.4.3.Market size and forecast, by packaging type
9.4.4.Market size and forecast, by sales channel
9.4.5.Market size and forecast, by country

9.4.5.1.China

9.4.5.1.1.Market size and forecast, by product
9.4.5.1.2.Market size and forecast, by packaging type
9.4.5.1.3.Market size and forecast, by sales channel

9.4.5.2.Japan

9.4.5.2.1.Market size and forecast, by product
9.4.5.2.2.Market size and forecast, by packaging type
9.4.5.2.3.Market size and forecast, by sales channel

9.4.5.3.India

9.4.5.3.1.Market size and forecast, by product
9.4.5.3.2.Market size and forecast, by packaging type
9.4.5.3.3.Market size and forecast, by sales channel

9.4.5.4.South Korea

9.4.5.4.1.Market size and forecast, by product
9.4.5.4.2.Market size and forecast, by packaging type
9.4.5.4.3.Market size and forecast, by sales channel

9.4.5.5.Rest of Asia

9.4.5.5.1.Market size and forecast, by product
9.4.5.5.2.Market size and forecast, by packaging type
9.4.5.5.3.Market size and forecast, by sales channel

9.5.Australasia

9.5.1.Key market trends and opportunities
9.5.2.Market size and forecast, by product
9.5.3.Market size and forecast, by packaging type
9.5.4.Market size and forecast, by sales channel
9.5.5.Market size and forecast, by country

9.5.5.1.Australia

9.5.5.1.1.Market size and forecast, by product
9.5.5.1.2.Market size and forecast, by packaging type
9.5.5.1.3.Market size and forecast, by sales channel

9.5.5.2.Rest of Australasia

9.5.5.2.1.Market size and forecast, by product
9.5.5.2.2.Market size and forecast, by packaging type
9.5.5.2.3.Market size and forecast, by sales channel

9.6.Middle East

9.6.1.Key market trends and opportunities
9.6.2.Market size and forecast, by product
9.6.3.Market size and forecast, by packaging type
9.6.4.Market size and forecast, by sales channel
9.6.5.Market size and forecast, by country

9.6.5.1.United Arab Emirates

9.6.5.1.1.Market size and forecast, by product
9.6.5.1.2.Market size and forecast, by packaging type
9.6.5.1.3.Market size and forecast, by sales channel

9.6.5.2.Saudi Arabia

9.6.5.2.1.Market size and forecast, by product
9.6.5.2.2.Market size and forecast, by packaging type
9.6.5.2.3.Market size and forecast, by sales channel

9.6.5.3.Rest of Middle East

9.6.5.3.1.Market size and forecast, by product
9.6.5.3.2.Market size and forecast, by packaging type
9.6.5.3.3.Market size and forecast, by sales channel

9.7.Rest of World

9.7.1.Key market trends and opportunities
9.7.2.Market size and forecast, by product
9.7.3.Market size and forecast, by packaging type
9.7.4.Market size and forecast, by sales channel
9.7.5.Market size and forecast, by country

9.7.5.1.Latin America

9.7.5.1.1.Market size and forecast, by product
9.7.5.1.2.Market size and forecast, by packaging type
9.7.5.1.3.Market size and forecast, by sales channel

9.7.5.2.Africa

9.7.5.2.1.Market size and forecast, by product
9.7.5.2.2.Market size and forecast, by packaging type
9.7.5.2.3.Market size and forecast, by sales channel

CHAPTER 10:COMPANY PROFILES

10.1.B&G FOODS, INC.

10.1.1.Company overview
10.1.2.Operating business segments
10.1.3.Product portfolio
10.1.4.Business performance
10.1.5.Key strategy moves and development

10.2.ANDROS FOODS

10.2.1.Company overview
10.2.2.Product portfolio

10.3.HISTON SWEET SPREADS LIMITED (Hain Daniels Group)

10.3.1.Company overview
10.3.2.Operating business segments
10.3.3.Product portfolio
10.3.4.Business performance

10.4.THE J.M. SMUCKER COMPANY.

10.4.1.Company overview
10.4.2.Operating business segments
10.4.3.Product portfolio
10.4.4.Business performance
10.4.5.Key strategy moves and development

10.5.GEHL FOODS, LLC.

10.5.1.Company overview
10.5.2.Product portfolio
10.5.3.Key strategy moves and development

10.6.THE KRAFT HEINZ COMPANY

10.6.1.Company overview
10.6.2.Operating business segments
10.6.3.Product portfolio
10.6.4.Business performance
10.6.5.Key strategy moves and development

10.7.MISSION FOODS

10.7.1.Company overview
10.7.2.Product portfolio
10.7.3.Key strategy moves and development

10.8.CONAGRA BRANDS, INC.

10.8.1.Company overview
10.8.2.Operating business segments
10.8.3.Product portfolio
10.8.4.Business performance

10.9.AUDERE SRL

10.9.1.Company overview
10.9.2.Product portfolio

10.10.TREE TOP

10.10.1.Company overview
10.10.2.Product portfolio

People in the current times lead busier lifestyles which have led to them opting for quicker ways of consuming food. Packaged food products have made the lives of many people easier by providing ready-to-eat options. There are also multiple options available in the market today including healthier food products that are good for health-conscious people.

COVID-19 Impact on the Global Packaged Food Products Market

A majority of the population around the world along with the various industries have been facing a tough time due to the coronavirus pandemic. But, the increased demand for snacks such as chocolates, chips, frozen foods, and beverages also led to the rise of the global packaged food products market. Due to the announcement of a complete lockdown, people all over the world were asked to work from home. This accelerated the consumption of various snacks and other readymade food products. This also made people buy more packaged goods in bulk quantity, as these products could be stored even for a longer duration.

In the timeframe, people also faced some health issues owing to which, the consumers also started demanding quality food that is also nutritious which further pushed the demand for some immunity boosting food. Hence, packaged foods have been in high demand during the pandemic for several customers.

Key Developments in the Industry

The market contains several key players who have been putting in their efforts to ensure that their customers only consume the best quality products. These experts have also been using the best research and production methods which provide assurance that their products are safe for the consumers. The lockdown has added many customers who are seeking out healthier options of packaged food not only for their homes, but the office as well. Hence, the quality needs to be balanced all throughout the forecast period.

One of the organizations focused on better health is Ardagh Group. In March 2021, a pioneer in eco-friendly packaging material made from metal and glass, Ardagh Group partnered with Bragg Live Food Products, a supplier of healthy food products, to launch Bragg’s popular product - apple cider vinegar in a 16-oz glass bottle. The bottle is characterized by its lug finish and stands strong on the motto of both the brands propagating sustainability.

Another brand known for their wide range of packaged products, Amul experienced high levels of demand during the lockdown period. Due to the majority of the population staying indoors, many customers started opting for Amul’s dairy products as well as some quick fix meals. Upon observing their sales over the next couple of months, the company decided to aim at expansion. In the later months of 2021, Amul launched over 33 new products which included ready to eat Indian sweets such as Gulab Jamun and Rasmalai, more variants of ice cream, cheese, and even turmeric milk to go along with the immunity boosting requirements in the world today.

Forecast Analysis of the Global Packaged Food Products Market

According to the latest report by Research Dive, the global packaged food products market is predicted to experience a rise in revenue from $30,830.0 million in 2019 to over $49,685.2 million by 2027 at a steady CAGR of 6.3% from 2020 to 2027.

The North American region is the largest contributor to the global market and is predicted to witness a rise in revenue from $9,834.8 million in 2019 to over $13,663.4 million by 2027. Due to busier lifestyles, people have been working on saving time when it comes to preparing food after a long day. They also prefer organic and healthier food options. The customers then tend to gravitate towards packed food items that can be cooked easily or even directly consumed. The various innovations in the food packaging, flavour, and ingredient options is also expected to add to the growth of the global packaged food products market.

The number of professionals working long hours is constantly on the rise and many of them find it difficult to spend extra time in the cooking process. With the manufacture of a large variety of food that is either ready to eat or frozen, gives people the option to skip the long process and have a dish of ready-to-eat food in front of them in minutes. The food options also contain a variety of desserts including ice-creams and chocolates. The increased rate of urbanization is also another factor that has added to the food demands in larger cities. These factors have been responsible for the growth of the overall market.

On the contrary, the risk of food contamination due to plastic being used by some brands could limit the growth of the market. Plastic when used in the long run for packaging can be toxic to people’s health as it can react with the preservatives in the food.

The production of readymade food which also contains additional nutrients and low levels of harmful elements such cholesterol, fats and preservatives have added to the growth of the market. 

Many key players such as B and G Foods, INC, Histon Sweets Spreads Limited, Gehl Foods, LLC, Conagra Brands, Kraft Heinz, The J.M. Smucker Co, Andros Foods, and Tree Top have been working on various mergers, partnerships, and product launches, which is expected to drive the growth of the global packaged food products market in the coming years.

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