Packaged Food Market Report and Forecast 2024-2032

Market Outlook

According to this report, the global packaged food market size reached a value of USD 2.43 trillion in 2023. Aided by the increasing health consciousness and the rising demand for packaged foods that are nutritious, organic, and free from artificial additives, preservatives, and excessive sugar or salt, the market is projected to further grow at a CAGR of 5.2% between 2024 and 2032 to reach a value of USD 3.85 trillion by 2032.

Packaged foods encompass a broad range of products that are processed, preserved, and packaged to ensure extended shelf life and convenience for consumers. These products include snacks, ready-to-eat meals, beverages, canned goods, frozen foods, and more. The rapid urbanization, changing consumer lifestyles, and the growing working population have significantly increased the demand for packaged foods, as they offer ease of preparation and consumption.

The rising consumer preference for convenience and ready-to-eat food products is driving the packaged food market growth. With the increasing number of working professionals and the busy lifestyle of modern consumers, there is a heightened demand for foods that require minimal preparation and can be easily consumed on-the-go. This shift in consumer behaviour is fuelling the growth of the market.

Additionally, the growing awareness of health and wellness is influencing the market dynamics. Consumers are increasingly seeking healthier food options, leading to a surge in demand for organic, natural, and minimally processed packaged foods. Manufacturers are responding to this trend by introducing health-centric products, such as gluten-free, low-sugar, and high-fibre options, thereby propelling the market growth.

The expanding applications of packaged foods across various sectors also play a significant role in propelling the packaged food market expansion. In the hospitality and travel industry, the demand for packaged snacks and beverages is on the rise due to their convenience and long shelf life. The military and defence sector also relies heavily on packaged foods for their durability and ease of transportation. Moreover, the growing e-commerce sector is driving the demand for packaged foods, as online grocery shopping becomes increasingly popular among consumers.

The increasing disposable incomes and changing dietary habits of consumers, especially in emerging economies, are further impacting the packaged food market share. As consumers in these regions adopt more westernized diets and lifestyles, there is a growing demand for packaged and processed foods. Furthermore, the expansion of modern retail formats, such as supermarkets and hypermarkets, is facilitating the accessibility and availability of a wide range of packaged food products.

The market is also benefiting from the advancements in packaging technology. Innovations in packaging materials and techniques, such as vacuum sealing, modified atmosphere packaging (MAP), and smart packaging, are enhancing the shelf life and quality of packaged foods. These advancements are not only improving the convenience and safety of packaged foods but also catering to the increasing consumer demand for sustainable and eco-friendly packaging solutions.

As per the global packaged food market analysis, the increasing consumer preference for convenience foods is a significant driver of the market. The busy lifestyles and growing number of working professionals are propelling the demand for ready-to-eat meals, snacks, and other packaged foods that require minimal preparation. The growing awareness of health and wellness is influencing the market. Consumers are seeking healthier options, leading to a surge in demand for organic, natural, and minimally processed foods. Manufacturers are responding to this trend by introducing health-centric products, driving market growth.

The rising disposable incomes and changing dietary habits of consumers, particularly in emerging economies, are driving the demand for packaged foods. As consumers adopt more westernized diets and lifestyles, the demand for packaged and processed foods is increasing. Innovations in packaging materials and techniques are enhancing the shelf life and quality of packaged foods. Advancements such as vacuum sealing, modified atmosphere packaging (MAP), and smart packaging are improving the convenience and safety of packaged foods, catering to consumer demand for sustainable and eco-friendly solutions.

Market Segmentation

The market can be divided based on type, distribution channel and region.

Market Breakup by Type

• Breakfast Cereals
• Dairy Products
• Confectionery
• Meat, Poultry and Seafood
• Ready Meals
• Bakery
• Snacks
• Beverage
• Others

Market Breakup by Distribution Channel

• Supermarket/Hypermarket
• Specialty Stores
• Convenience Stores
• Online Retail Stores
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The 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 are as follows:

• Nestle S.A.
• Unilever Plc
• Mars, Incorporated
• Kellogg Company
• General Mills Inc.
• Dr. August Oetker Nahrungsmittel KG
• Tyson Foods, Inc.
• Conagra Brands, Inc.
• Hormel Foods, LLC
• McCain Foods Ltd.
• Others