Packaged Food Market: Overview
Not so
long ago, the packaged foods market witnessed a paradigm shift in focus from
developed regions to developing ones. Noting the likelihood of static markets
in developed countries, players turned to emerging economies where rising
disposable income and changing consumer preferences were the favorable factors
at play. However, now players have realized that emerging markets are no longer
the sole growth drivers in the packaged foods market and are therefore turning
to developed regions once again for sustained growth in the future.
The report
studies the overall packaged
foods market based on product type and geography. The key product types
of packaged foods include baked goods, soups, potato chips, instant noodles,
biscuits, cheese, ice creams, non-alcoholic beverages, ready-to-eat meals,
breakfast cereals, baby food, nuts, pasta, chocolate and confectionery, yogurt,
and sauces, condiments, and dressings. From a geographical point of view, the
market is segmented into Asia Pacific, North America, Europe, and Rest of the
World.
Packaged Food Market: Trends and Opportunities
The
benefits of packaged food are many, including easy handling, cooking, and
consumption, and free from external tampering. These advantages bode well for
urban consumers, who seek convenient, ready-to-eat meals to suit their evolving
and fast-paced lifestyles. The level of health awareness among these consumers
has also grown in recent years and their demand for healthier alternatives for
snacks and food items that contain natural rather than artificial ingredients
has also risen. Keeping this in mind, food manufacturers have been focused on
offering healthier and unique products, which has lent a significant boost to
the overall packaged food market. In contrast, strict government compliances,
the risk of food contamination or reaction with packaging material, and the
emergence of several local brands pose major challenges to the growth of this
market.
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Packaged Food Market: Regional Outlook
North
America accounts for a significant share in the global packaged foods market,
powered by the massive markets in the U.S. and Canada. Immensely pressed for
time owing to busy schedules, consumers in these countries have been frequently
purchasing packaged ready-to-eat food items instead of conventional meals.
Staple food products have, as a result, witnessed a diminished demand in the
face of the high popularity of packaged foods. Another factor benefiting the
market in North America is food manufacturers revising their product lines to
include snack food categories as well as healthier packaged foods. The growing
demand for fewer artificial ingredients in packaged foods is a key trend
observed in this regional market.
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One of the
most promising markets for packaged foods is Asia Pacific, where countries such
as China and India play a major role in terms of demand and consumption. In
India, a rise in the number of working women has had a significant impact on
the demand for ready-to-eat as well as packed foods. In addition to this, rapid
urbanization, evolving lifestyles, and rising disposable income has resulted in
the greater consumption of packaged foods. The growing availability of packed
foods and food products in rural areas has also greatly benefited this market.
China’s packaged food market has witnessed impressive growth thanks to the
introduction of premium products by manufacturers and rising health awareness
among consumers.
Packaged Food Market: Competitive Landscape
JBS Food,
Frito-Lay, Nestlé, General Mills, Smithfield Food, Inc., Kraft Food, Inc.,
Kellogg’s, Mars, Inc., Tyson Foods, and ConAgra foods, Inc. are some of the
prominent players in the global packaged food market. Considering the high
degree of competition in this market, players have been focused on product
differentiation as well as strong promotional activities to gain a competitive
edge. Companies have also been investing heavily in understanding the evolving
demands and preferences of the consumers and altering their product development
and marketing strategies accordingly. In addition to this, mergers and
partnerships have become a common growth strategy, which allows smaller
companies to expand their prospects in the global packaged food market.
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