Key Packaged Food Market Players To Record Ascending Growth By 2028
Packaged Food Market Scope:
The Packaged Food Market will account for a dashing
valuation of USD 4.11 trillion by 2028-end, projects MRFR (Market Research
Future). The worldwide market would capture a 4.52% CAGR during the evaluation
period (between 2021 and 2028).
Major Boosters and Top Impediments:
The rapidly blossoming Packaged
Food Market is favored by the frequent technological and flavor
innovations, in conjunction with the evolving consumer preferences and demand.
The onslaught of new firms making their entry into the worldwide market also
adds to its attractiveness. Amplified demand for vegan food, plant-based food,
gluten-free food, and dairy-free food could be a major trend in the years to
come, paving way for attractive opportunities for the active companies.
With the emerging trend of on-the-go healthy snacking,
companies are introducing new lines of granola and cereal bars, and meat
snacks. As a result, the packaged food industry will benefit majorly from the
surge in the healthy snacking segment in the following years. The market share
is further enhanced by the rapidly mounting health awareness among people, and
this soaring demand for nutritious and healthy Packaged Food Market has steered
the focus of the manufacturers on developing fortified food items. This could
have a remarkable impact on the global industry over the years to come.
In the last decade, the preference for natural, clean,
organic, and whole-food items has surged tremendously, especially as the
environment and health-conscious consumer population continues to soar. People
are increasingly opting for organic food products, regardless of their price.
This has resulted in the organic food segment turning into a mainstream
category. Additionally, people are now seeking more transparency when it comes
to supply chain and the ingredients present in the products being purchased.
Consequently, the industry participants are offering extensive information
related to the food products right on the labels.
Market Segmentation:
Category, product type, and distribution channel are the
major segments Packaged Food Market highlighted in the MRFR study.
The categories studied in the MRFR analysis include
conventional as well as organic.
Product types considered in the study are Ready Meals, Baked
Products, Dried Fruits, Grains & Cereals, Sauces, Beverages, Instant
Noodles & Pasta, Dairy & Frozen Desserts, Soups, Confectionary, Baby
Food & Infant Nutrition, Dressings & Condiments, Sweet & Savory
Snacks, and more.
The distribution channels covered in the market report
include Store-Based {Convenience Stores, Supermarkets & Hypermarkets, and
more} along with Non-Store-Based.
Regional Insight:
Soaring knowledge about the advantages of a healthy
lifestyle combined with the burgeoning working population has landed Europe at
the top of the packaged food industry. The striking pace at which the urban
population is expanding in the region, bolsters the sales of packaged food as
well. With the continuous improvement in consumers’ disposable income in the
region, their preference for packaged food will also continue to mount
exponentially in the ensuing years.
North America, particularly the United States, will note
booming sales of a variety of Packaged Food Market in the years ahead. Since
the outbreak of the COVID-19 pandemic, retail sales of packaged foods have
soared considerably. Consumer spending on natural and organic food surged
substantially on account of social distancing and quarantine measures.
Stockpiling of ready-to-cook and ready-to-eat, products became a common trend
in the region, resulting in a dramatic growth of the packaged food market.
Renowned Players:
Major Key
Packaged Food Market Players developers and distributors active in
the worldwide market are Smithfield Foods, Inc. (US), Kellogg Co. (US), Nestlé
SA (Switzerland), Kraft Foods (US), Mars Incorporated (US), Tyson Foods Inc.
(US) PepsiCo, Inc. (US), ConAgra, Inc. (US), General Mills, Inc. (US), JBS USA
Holdings, Inc. (US), to name a few.
About Market Research Future:
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