Global Packaged Food Market
Dublin, March 25, 2022 (GLOBE NEWSWIRE) -- The "Global Packaged Food Market, By Product Type (Non-alcoholic Beverages, Dairy products, Confectionery, Ready Meals, Snacks, Breakfast Cereals, and Others), By Distribution Channel, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Packaged Food Market was valued USD 2976.41 Billion in 2020 and is forecast to grow at CAGR of 6.27% in value terms, to reach over USD 4261.36 billion by 2026.
The Global Packaged Food Market is witnessing consistent growth, owing to the improving standards of living of people, increasing consumption of healthy food, and changing consumer tastes and preferences.
The popularity of packaged food items has increased with the increasing health consciousness among people who are increasingly choosing food and beverage options that provide health benefits. Moreover, factors such as changing eating habits and busy lifestyles have further contributed to the increased demand for the packaged food products.
Furthermore, rising consumer awareness of the health benefits associated with the nutritious and organic components used in packaged food items is propelling the growth of packaged food market. With the presence of different worldwide brands and a small market share of indigenous enterprises in both developed and developing countries, the Global Packaged Food Market is competitive.
Due to the continually changing nature, taste, and preferences of consumers, the launch of a new product has become the most crucial strategy above all others. Additionally, firms have also welcomed development through cross-border mergers and acquisitions, which have proven to be effective in expanding their presence. For instance, PepsiCo acquired Rockstar Energy in 2020, extending its foothold in the fast-growing energy drink business.
Consumers are becoming more aware of the importance of consuming gluten-free, low-carbohydrate, high-fiber baked goods, and they are requesting novel options. This has encouraged packaged food companies to fortify their goods in order to accommodate the increased demand of health-conscious consumers, such as Tyson Foods recently launched a new line of plant-based products under the brand First Pride, which offers high-quality protein products. These products include bites, nuggets, and strips made with plants. The ingredients used in the products are bamboo fiber, soy protein and wheat protein, etc.
Hypermarkets/Supermarkets held the majority of the market share in the Global Packaged Food Market due to their growing and diverse range of products. Whereas online retail channel is expected to grow at a higher pace in the forecast period as people turned increasingly towards online delivery platforms during the COVID-19 pandemic, which was the only safe and available choice for customers.
Online sectors are predicted to develop at a faster rate in the forecast term. Furthermore, these hassle-free, technology-driven services provide them with increased convenience, resulting in a growing preference for online services. This is due to their stressful, fast-paced lifestyles, which drive them to the internet.
Online channels are expected to capture a large amount of market share during the projection period as a result of the e-commerce boom. Furthermore, these channels reduce the long chain and complexity associated with a long distribution network.
Key companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Some of the leading players in the Global Packaged Food Market are
Tyson Foods, Inc.
The Coca Cola Company
Mondelez International, Inc.
The Kraft Heinz Company
General Mills, Inc.
Conagra Brands, Inc.
Hormel Foods Corporation
Smithfield Foods, Inc.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Packaged Food Market, By Product Type:
Global Packaged Food Market Size, By Distribution Channel:
Online Retail Store
Global Packaged Food Market, By Region:
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/lz5kml
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