Packaged Food Market Dynamics: Trends, Innovations, and Growth Forecasts to 2032
Mayank Singhania
Senior Digital Marketing Analyst at EMR Business Solutions LLP (Expert Market Research)
According to the report by Expert Market Research (EMR), the global packaged food market size reached approximately USD 2.43 trillion in 2023. The market is projected to grow at a CAGR of 5.2% between 2024 and 2032, reaching a value of around USD 3.85 trillion by 2032. Aided by the increasing technological advancements and the rising health consciousness among consumers, the global packaged food market growth is expected to surge during the forecast period.
Packaged food refers to food products that have undergone processing, packaging, and labelling before being sold to consumers. These products are typically pre-prepared and ready-to-consume or require minimal preparation before consumption. Packaged foods come in various forms, including canned goods, frozen meals, snack bars, bottled beverages, and vacuum-sealed packages, among others.
In today's fast-paced world, consumers are increasingly prioritising convenience when it comes to food choices, which is expected to significantly drive the global packaged food market expansion. With hectic schedules and demanding lifestyles, many individuals and families seek quick and easy meal solutions that require minimal preparation time. Packaged food products offer the ultimate convenience, allowing consumers to enjoy a variety of meals and snacks without the need for extensive cooking or meal planning. Whether it is grabbing a snack bar on the way to work or heating a microwaveable meal for dinner, packaged foods cater to the needs of time-pressed consumers who value convenience and efficiency in their food options.
Another significant global packaged food market trend is the increasing urbanisation leading to profound changes in consumer behaviour and dietary habits. As more people migrate to urban areas in search of employment opportunities and better quality of life, there is a growing demand for food products that align with urban lifestyles. Working professionals, in particular, often have limited time for meal preparation and cooking, leading to a greater reliance on packaged food items that offer quick and convenient meal solutions. Similarly, the rise of dual-income households has further accelerated the demand for packaged foods, as busy families seek hassle-free options that can accommodate their hectic schedules.
Advancements in food processing and packaging technologies have revolutionised the packaged food market, enabling manufacturers to meet evolving consumer preferences for healthier, natural, and sustainable options. These technological innovations have paved the way for the development of a wide range of innovative products, including organic, gluten-free, and plant-based packaged foods, as well as products with clean labels and minimal additives.
From plant-based burgers to organic snack bars, consumers now have access to a diverse array of packaged food options that cater to their dietary preferences and lifestyle choices. Moreover, advances in packaging materials and techniques have extended the shelf life of packaged foods, ensuring freshness and quality while reducing food waste.
Breakfast cereals are poised to witness remarkable growth within the global packaged food market, fuelled by a convergence of factors that resonate with modern consumer preferences and lifestyles.
One of the primary drivers behind the surge in popularity of breakfast cereals is their unparalleled convenience. In today's fast-paced world, where time is of the essence, consumers are constantly seeking quick and hassle-free meal solutions. Breakfast cereals offer the ultimate convenience, requiring minimal preparation time and effort.
In addition to convenience and variety, many breakfast cereals are marketed as nutritious and wholesome options, offering a range of health benefits. Manufacturers have responded to evolving consumer preferences for healthier food choices by introducing cereals fortified with vitamins, minerals, fibre, and other essential nutrients. These fortified cereals cater to consumers seeking to boost their intake of key nutrients and support their overall health and well-being.
The increasing trend towards packaged foods in developed nations, particularly in the North America packaged food market, is indicative of shifting consumer preferences and lifestyle dynamics. This surge in demand is poised to propel the global packaged food market to new heights in the foreseeable future.
One of the key drivers behind the popularity of packaged foods in North America is the unparalleled convenience they offer. In today's fast-paced world, where time is a precious commodity, consumers often seek quick and hassle-free meal solutions. Packaged foods cater to this need by providing ready-to-eat or easy-to-prepare options that require minimal time and effort. Whether it is a microwaveable dinner after a long day at work or a grab-and-go snack for busy individuals, packaged foods offer unparalleled convenience in terms of usage and preparation.
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Furthermore, the extensive variety available in packaged foods, catering to diverse tastes and dietary preferences, has augmented the packaged food market in North America. From traditional favourites to innovative culinary creations, consumers have access to an extensive range of options to suit their palate. This variety not only enhances consumer satisfaction but also promotes exploration and experimentation with new flavours and cuisines.
Market Segmentation
The global packaged food market can be divided based on type, distribution channel, and region.
Market Breakup by Type
Market Breakup by Distribution Channel
Market Breakup by Region
?Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global packaged food market. Some of the major players explored in the report by Expert Market Research are as follows: