Packaged Food Market to Reach Over USD4261 Billion by 2026F

Rising disposable income, increasing health awareness, and improved eating habits of people are the leading factors driving the global packaged food market during the forecast period.

According to TechSci Research report, “Global Packaged Food Market By Product Type (Non-alcoholic Beverages, Dairy products, Confectionery, Ready Meals, Snacks, Breakfast Cereals, and Others (Nuts, Ice Cream, Baby Food, Sauce, Oil and Fats)), By Distribution Channel (Hypermarkets/Supermarket, Departmental Store, Convenience Store, Online Retail Store, and Others (Counter Shops, etc.)), By Region, Competition, Forecast & Opportunities, 2026”, the global packaged food market is expected to grow at a CAGR of over 6% during the forecast period on account of the growing economies, rising population, and technological advancements. Additionally, changing consumption habits have paved the way for changes in the sector. Moreover, factors such as metropolitan life, speedy and on-the-spot consumption, as well as demand for fresh food have further fueled the growth of the packaged food market. Food packaging is described as enclosing food to protect it against tampering or contamination from physical, chemical, or biological causes, with active packaging being the most popular food preservation packaging technology. The materials used in food packaging should be easy to handle, display, open, and close. Consumers nowadays demand food products that are rich in nutrition, have fewer preservatives, and are low in cholesterol and fat. Major firms in the market are developing new food products to meet the needs of their clients, such as Coca-Cola launched two new products under its Minute Maid brand in 2020: Vita Punch and Nutri Force. The Vita Punch juice contains 100% of the daily vitamin C need, while the Nutri Force juice contains soluble iron and promises to increase children's cognitive abilities. Manufacturers of packaged food products are adopting innovative and distributive strategies to increase the market share of their companies. These initiatives help them to increase their sales and popularity among consumers to be ahead of the other players in the market.

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The global packaged food market is segmented into product type, distribution channel, region, and company. Based on type, the global packaged food market can be split into non-alcoholic beverages, dairy products, confectionery, ready meals, snacks, breakfast cereals, and others. Among these, the non-alcoholic beverages segment has accounted for the largest market share in 2020, due to an increase in demand for nutritious and low-sugar drinks. Organic drinks with no chemical components are becoming more popular among consumers. Moreover, in terms of market share, non-alcoholic beverages are followed by dairy products. This is due to the factors such as consumers becoming conscious about the hygiene of products. Manufacturers are also demonstrating the need for packaged dairy products and are providing consumers with various options which help increase the shelf life of the products. Innovation in the packaging of milk products makes the products more appealing and convenient to consume. Moreover, companies are focusing on making their product packaging more attractive and sustainable, such as recently General Mills has targeted to source 100% of fiber packaging by 2020 from recycled material or from virgin wood fiber regions that do not contribute to deforestation.

In terms of regional analysis, the global packaged food market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Out of which, North America has accounted for the majority of market share in the global packaged food market in 2020, and the region is anticipated to maintain its dominance over the next five years as well. The reason being, growing health awareness among the young and millennial population, the convenience of purchasing ready-to-eat packaged food products, and expanding fast-food chains.

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The companies like PepsiCo, Inc., Nestlé S.A., Tyson Foods, Inc., The Coca Cola Company, Mondelēz International, Inc., The Kraft Heinz Company, General Mills, Inc., Conagra Brands, Inc., Hormel Foods Corporation, and Smithfield Foods, Inc. are some of the leading players operating in the global packaged food market. Major packaged food companies are expanding their manufacturing and production bases to meet the rising demand across developing countries. Recently, Tyson Foods invested USD300 million in a production plant located in Cane Creek Centre, an industrial park jointly owned by the city of Danville and Pittsylvania county.

“Consumers nowadays desire to eat healthy food products with unique characteristics such as lower fat, cholesterol, sodium chloride, and nitrate content. Moreover, improved fatty acid profile composition and added health-enhancing substance is a global trend that is fast developing. These demands have the potential to open a lot of doors for the packaged food industry. Furthermore, one of the primary factors influencing the market's future growth is the regular introduction of new products by regional and international competitors. Through 2026, factors such as technological advancements and rising demand for ready-to-eat packaged food products are expected to have a beneficial impact on the market's growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Global Packaged Food Market By Product Type (Non-alcoholic Beverages, Dairy products, Confectionery, Ready Meals, Snacks, Breakfast Cereals, and Others (Nuts, Ice Cream, Baby Food, Sauce, Oil and Fats)), By Distribution Channel (Hypermarkets/Supermarket, Departmental Store, Convenience Store, Online Retail Store, and Others (Counter Shops, etc.)), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global packaged food market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global packaged food market.

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