Packaged Food Global Market Report 2024

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 expansion observed during the historical period can be ascribed to consumer inclinations, globalization, health and wellness trends, marketing and advertising initiatives, and 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 anticipated growth in the forecast period can be linked to sustainable packaging, the rise of e-commerce and online retailing, a trend towards personalization and customization, a health-conscious consumer base, and global population growth. Key trends expected in the forecast period encompass a focus on health and wellness, the emphasis on sustainability and eco-friendly packaging, the demand for convenience and on-the-go options, the surge in interest in plant-based and alternative proteins, and the continued influence of digitalization and e-commerce.

The projected surge in the popularity of snacks and the adoption of a fast-paced lifestyle are anticipated to drive the growth of the packaged food market in the foreseeable future. Snacks, being smaller and lighter than regular meals, are increasingly favored between meals, and the diverse packaging options available make them attractive to consumers. This not only caters to consumer preferences but also facilitates convenient transportation while ensuring food safety and extended shelf life. In November 2022, the National Confectioners Association reported an 11.4% increase in overall snack revenues in the first nine months of 2022, amounting to $44.9 billion. This rise, a 26% increase over the pre-pandemic level in 2019, underscores the growing demand for packaged food driven by the popularity of snacks and a fast-paced lifestyle.

The growing demand within the e-commerce industry is poised to be a significant driver of the packaged food market. E-commerce, involving the online buying and selling of goods and services, offers consumers the convenience of ordering packaged food items with a broad product selection, accessibility, time-saving features, personalization, and flexible payment options. In August 2023, the United States Census Bureau reported a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022. Online stores accounted for 15.4% of all sales in the second quarter of 2023, highlighting the increasing role of e-commerce in propelling the growth of the packaged food market.

A prominent trend in the packaged food market is the rise of innovative sustainable packaging solutions. Major companies in the industry are actively developing sustainable packaging technologies to enhance their market position. For instance, in December 2022, Koehler Paper, a German-based packaging company, introduced Koehler NexPure OGR, a sustainable paper packaging with a disruptive barrier function. This eco-friendly packaging, free from fluorochemicals, is resistant to grease and oil, presenting a sustainable alternative for the fast-food industry.

Innovation in technologies, such as succulencePB, is a key strategy employed by major companies to drive revenues in the packaged food market. SucculencePB is a taste technology enabling the production of plant-based meat substitutes with improved flavor and moisture content. Kerry Group plc, an Ireland-based food and ingredients company, launched succulencePB in March 2023. This fat solution serves as a 1:1 substitute for certain oils and fats, addressing the need for improved sustainability and clean label credentials in plant-based meat products.

In December 2021, The Hershey Company expanded its snacking portfolio by acquiring Dot's Pretzels and Pretzels Inc. for approximately $1.2 billion. This strategic move enhances Hershey's position in the snacking industry by incorporating seasoned pretzels from Dot's Pretzels and the diverse range of packaged snacks from Pretzels Inc into its product offerings.

Major companies operating in the packaged food market report are 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.

North America was the largest region in the packaged food market in 2023. The regions covered in the packaged food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the packaged food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of packaged food include dairy products, confectionery, packaged items, bakery and snacks, meat, poultry and seafood, ready meals, and others. Dairy products constitute items derived from milk, a historically significant source of nutrients for individuals. The diverse range of materials employed in packaging comprises glass, metal, paper, plastics, and others, utilizing various formats such as jugs, packets, bottles, bags, bowls, boxes, cans, cartons, and crates. These products are distributed through different retail channels such as supermarkets or hypermarkets, specialty stores, grocery stores, online platforms, and others.

The packaged food market research report is one of a series of new reports that provides packaged food market statistics, including packaged food industry global market size, regional shares, competitors with a packaged food market share, detailed packaged food market segments, market trends and opportunities, and any further data you may need to thrive in the packaged food industry. This packaged food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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