Market Size of Packaged Food Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.43 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Packaged Food Market Analysis
The global packaged food market is expected to register a CAGR of 7.43% during the forecast period.
- The rising preference toward convenience products fuels the growing demand for packaged food products due to their effortless and time-saving beneficial factor compared to cooking from scratch. The packaged food market is growing abundantly owing to the rising volume of the hectic lifestyle of the working population around the globe, which is majorly boosting the packaged food market.
- According to the World Bank, China has 61.61% female labor participation in 2021. These trends have made packaged foods a vital part of families' pantries worldwide. Packaged foods like frozen ones are becoming increasingly popular in Europe as a side dish or meal replacement. The market for packaged foods is anticipated to grow due to the rising snacking trend, especially among adults and teenagers, and snack frequency among these population groups.
- Furthermore, the continuously burgeoning packaged food industry of the global market is driven by continuous innovation in the market, supported by augmenting consumer demand. For instance, in April 2022, Nestle's brand DiGiorno launched Stuffed Pizza Bites-snack-sized rolls of its flagship pizza made with 100% real cheese. New DiGiorno Stuffed Pizza Bites are available in four varieties and can be prepared in the oven, air fryer, or microwave depending on your crust preference - pepperoni, supreme, three meat, and four cheese
- More players entering the market are further boosting the growth of the market. Specific consumer-based demands such as plant-based food, vegan food, dairy-free products, and others are also propelling the growth of the market, for it creates opportunities for the players to expand their product portfolio to cater to such specific requirements. Moreover, factors such as on-the-go healthy snacking are insisting the players introduce a wide range of meat snacks, cereal, and granola bars. Thus, the healthy snacking sector of the market is growing at a considerable level.
