Categories: Food & Beverages

Packaged Food Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Packaged Food by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Packaged Food, 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 growth in the historic period can be attributed to consumer preferences, globalization, health and wellness trends, marketing and advertising, 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 growth in the forecast period can be attributed to sustainable packaging, e-commerce and online retailing, personalization and customization, health-conscious consumer base, global population growth. Major trends in the forecast period include health and wellness focus, sustainability and eco-friendly packaging, convenience and on-the-go options, plant-based and alternative proteins, digitalization and e-commerce.

The rise in popularity of snacks and a quick lifestyle is expected to propel the growth of the packaged food market in the coming future. A snack is a smaller food serving that is often eaten between meals and is lighter than a meal. Snacks that are available in different packaging attract consumers and also enable easier transportation while promoting food safety and shelf life, as a result, the rising popularity of snacks and a quick lifestyle increases the demand for the packaged food market. For instance, in November 2022, according to the National Confectioners Association, a US-based trade association that emphasizes the special contribution that chocolate, candies, gum, and mints make to a contented and balanced existence, overall snack revenues climbed by 11.4% in IRI’s multi-outlet plus convenience outlet universe in the first nine months of 2022. The revenues totaled $44.9 billion, increasing 26% over the pre-pandemic level in 2019. Therefore, the rise in popularity of snacks and a quick lifestyle is driving the packaged food market.

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The packaged food market covered in this report is segmented –

1) By Type: Dairy Products, Confectionery, Packaged Products, Bakery And Snack, Meat, Poultry And Seafood, Ready Meals, Other Types

2) By Material: Glass, Metal, Paper, Plastics, Other Materials

3) By Packaging: Jugs, Packets, Bottles, Bags, Bowls, Boxes, Cans, Cartons, Crates

4) By Sales Channel: Supermarkets Or Hypermarkets, Specialty Stores, Grocery Stores, Online Stores, Other Sales Channels

Rising innovative sustainable packaging for packaged food is the key trend gaining popularity in the packaged food market. Major companies operating in the packaged food market are focused on developing sustainable packaging technologies to strengthen their position in the market. For instance, in December 2022, Koehler Paper, a Germany-based packaging company that creates and manufactures papers for packing with a disruptive barrier function, launched Koehler NexPure OGR. This new sustainable paper packaging can withstand grease and oil and is excellent for packaging food products, which are fluorochemical-free and hence a sustainable, ecologically beneficial replacement to the wrapping material presently utilized by the fast-food industry. The novel paper has a grammage of 38 gsm and employs natural raw materials for the barrier function.

The packaged food market report table of contents includes: