Packaged Food

Packaged Food

Global Packaged Food Market to Reach US$3.1 Trillion by 2030

The global market for Packaged Food estimated at US$2.2 Trillion in the year 2023, is expected to reach US$3.1 Trillion by 2030, growing at a CAGR of 5.2% over the analysis period 2023-2030. Packaged Meat, Poultry & Seafood, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach US$730.8 Billion by the end of the analysis period. Growth in the Packaged Bakery & Snacks segment is estimated at 5.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$576.4 Billion While China is Forecast to Grow at 8.4% CAGR

The Packaged Food market in the U.S. is estimated at US$576.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$673.9 Billion by the year 2030 trailing a CAGR of 8.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.9% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.

Global Packaged Food Market – Key Trends & Drivers Summarized

Why Is the Packaged Food Market Experiencing Rapid Growth?

The global packaged food market, which includes a wide array of processed and pre-prepared foods that are sold in convenient, ready-to-use formats, is experiencing rapid expansion due to several factors. Changing consumer lifestyles, particularly the growing demand for convenience and time-saving meal solutions, have made packaged foods a staple in many households worldwide. With the rise of dual-income families, urbanization, and busier work schedules, consumers are increasingly opting for ready-to-eat or easy-to-prepare food options, driving demand across various segments of packaged food, from snacks and beverages to frozen meals and pantry staples. Packaged food products have also benefitted from innovations in food preservation and packaging, ensuring longer shelf life, enhanced safety, and improved product quality. As global markets continue to develop, packaged food remains an integral part of modern living, offering consumers both convenience and access to a wide variety of international cuisines.

How Are Shifting Consumer Preferences Impacting the Market?

Consumer preferences are increasingly shifting toward health-conscious, organic, and clean-label packaged foods. As consumers become more aware of the health implications of their diet, they are demanding transparency from manufacturers regarding ingredients and sourcing. This has led to a surge in the popularity of packaged food products that emphasize natural, minimally processed ingredients and eliminate artificial additives or preservatives. In response to these preferences, manufacturers are producing organic, gluten-free, vegan, and non-GMO packaged foods, aligning with the dietary restrictions and ethical considerations of modern consumers. Furthermore, the rise of plant-based and alternative protein products has driven growth in the packaged food market, as more consumers seek sustainable and ethical food sources. The shift toward healthier lifestyles, combined with the desire for convenience, has opened new avenues for innovation and expansion within the packaged food industry.

What Role Do Technology and Innovation Play in Packaged Food Growth?

Technology and innovation have been central to the growth of the packaged food market, particularly in terms of product development, packaging, and distribution. Advances in food processing technologies, such as freeze-drying, vacuum sealing, and aseptic packaging, have enabled manufacturers to offer products that retain their nutritional value while extending shelf life. This has made packaged foods more appealing to consumers seeking both convenience and quality. Innovations in packaging, including eco-friendly materials and portion-controlled options, have catered to environmentally conscious consumers while providing added convenience. Additionally, the rise of smart packaging, which includes features like freshness indicators and QR codes for product information, is improving consumer trust and satisfaction. In terms of distribution, the rise of e-commerce and direct-to-consumer delivery platforms has revolutionized the availability of packaged food, making it easier for consumers to access a wide range of products globally, thus fueling market growth.

What Is Driving Growth in the Packaged Food Market?

The growth in the packaged food market is driven by several factors. The shift toward convenience and ready-to-eat products has significantly increased demand, particularly in urban areas where consumers have less time for meal preparation. Technological advancements in food preservation, packaging, and production processes have enabled manufacturers to maintain product quality and extend shelf life, further enhancing the appeal of packaged foods. The rise of e-commerce and the proliferation of online grocery platforms have improved the accessibility and availability of packaged foods, making them more convenient to purchase. Additionally, changing consumer preferences toward healthier, organic, and clean-label options have expanded the market for premium and specialty packaged foods. As manufacturers continue to innovate and cater to these evolving preferences, the packaged food market is expected to experience sustained growth, driven by increasing consumer demand for both convenience and quality.

Select Competitors (Total 43 Featured) -

• Conagra Brands, Inc.
• General Mills, Inc.
• Hormel Foods Corporation
• JBS SA
• Kellogg Company
• Maple Leaf Foods, Inc.
• Nestle SA
• Smithfield Foods, Inc.
• The Kraft Heinz Company
• Tyson Foods, Inc.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.