Global Packaged Food Market to Reach a Valuation of USD 6,211,619.50 Million by 2033

Ready-to-eat meals and eco-friendly packaging drive growth in the packaged food market as convenience and sustainability gain prominence.

NEWARK, DE, UNITED STATES, December 26, 2024 /EINPresswire.com/ -- According to industry experts, the global packaged food market is poised for significant growth, with an estimated CAGR of 4.3% from 2023 to 2033. The market, valued at USD 40,79,495 million in 2023, is projected to achieve a valuation of USD 62,11,619.50 million by 2033.

Key Trends Driving the Packaged Food Market

1. Growing Focus on Healthful Ingredients:
As consumers increasingly prioritize health-conscious choices, food and beverage (F&B) companies are responding by introducing packaged food products enriched with nutritious ingredients. This trend is reshaping product offerings to align with evolving consumer preferences.

2. Rising Demand for Sustainable Packaging:
A significant portion of consumers are now willing to pay a premium for eco-friendly packaging. While higher prices have been a barrier in the past, consumer acceptance is growing as sustainable options approach price parity or involve only slight premiums.

3. Strategic Focus on Competitive Advantages:
To navigate intense market competition, key players are prioritizing advancements in speed, productivity, eco-efficiency, and supply-chain resilience. These strategies are expected to bolster their market position in the coming years.

4. Surge in Snack Food Packaging Demand:
Snack food packaging remains a critical revenue driver within the packaged food sector. The robust growth of the global snack food packaging market is anticipated to correlate directly with the expansion of the packaged food industry.

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“The packaged food market sees robust growth driven by RTE meals' convenience and eco-conscious packaging trends. Key drivers include urbanization, online retail expansion, and consumer demand for sustainability and transparency. Manufacturers focusing on innovative, functional, and detailed packaging are well-positioned to capture modern consumer preferences.” - says Nandini Roy Choudhury, Client Partner at Future Market Insights

Country-wise Insights

United States: eCommerce Boom Boosts Packaged Food Market
The United States leads the global packaged food market, holding an 18.6% value share in 2023. The industry has been shaped by trends such as conscious eating, a movement that gained momentum during the pandemic. Consumers increasingly seek food items that align with health and sustainability goals, alongside traditional objectives like weight management.

Younger consumers are particularly drawn to sustainable packaged foods, driven by their awareness of personal contributions to climate change. The eCommerce boom has further propelled market growth, with online grocery sales soaring from 3% to 17% in recent years. This figure is projected to reach 20% within the next five years.

To capitalize on these dynamics, manufacturers are prioritizing innovative packaging solutions tailored for direct-to-consumer shipping, addressing gaps in traditional packaging approaches.

Germany: Personalized Marketing Enhances Consumer Reach
Germany accounts for 5.8% of the packaged food market in 2023, with sustainability emerging as a significant purchase driver. However, a survey reveals a gap between consumer aspirations and actual behaviors only 28% regularly purchase sustainable products, and fewer than 30% are willing to pay a premium for environmentally friendly options.

German consumers prioritize animal welfare, leading to a strong preference for plant-based food alternatives. Yet, less than half of surveyed individuals believe their primary grocery store meets their healthy and sustainable eating needs. This highlights opportunities for retailers to expand offerings such as organic foods, plastic-free packaging, and products from independent brands.

Personalized marketing is a vital strategy for engaging German consumers. Both new entrants and established brands can leverage tailored communications to differentiate themselves and capture market share.

Japan: Shrinking Household Sizes and the Rise of the “Insta-Granny” Generation
Japan contributes 3.7% to the global packaged food market, with consumer preferences shifting toward smaller, more convenient packaging formats due to shrinking household sizes.

A noteworthy trend is the growing online engagement of Japan’s senior population, dubbed the “Insta-granny” generation. The pandemic accelerated digital adoption among older consumers, who increasingly use e-commerce, social media, and video platforms. By 2030, this demographic is expected to dominate online activity.

Packaged food manufacturers are adapting their strategies to appeal to this senior segment, balancing offline and online outreach. Companies like Oisix are introducing meal kits that cater to the demand for convenience while targeting the broader Asian market.

China: Sustainability Drives Packaged Food Innovation
China, holding an 11.6% market share in 2023, is a major player in the Asia-Pacific packaged food market. Companies are leveraging partnerships to cater to local preferences. For example, AB InBev collaborated with Tmall’s innovation center to create craft beers tailored to Chinese consumers.

Sustainability is a key growth driver, with many Chinese consumers altering purchasing habits due to climate change concerns. A significant portion is willing to pay premiums for eco-friendly packaging, presenting an opportunity for manufacturers to innovate in sustainable packaging solutions.

Australia: Adventurous Culture Shapes Packaged Food Trends
Australia accounts for 3.1% of the global packaged food market in 2023. A notable trend is the popularity of personalized care packages featuring packaged food items, driven by social media promotions and seasonal gifting.

Australia’s multicultural society influences its adventurous approach to food and packaging. A diverse range of packaging formats—varying in size, shape, texture, and design—caters to its culturally rich population. This diversity supports the introduction of new ingredients, flavor fusions, and innovative meal preparation techniques, reflecting the country’s dynamic food culture.

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Key News Intensifying the Competitive Scene in the Market

• In April 2023, Tyson Foods and Amcor teamed up to launch a sustainable packaging solution that offers a 70% reduction in the carbon footprint. These efforts are aimed at lowering the overall packaging pollution generated by the company.

• In June 2021, Tyson Foods introduced new plant-based products under the brand of First Pride™ catering to Asia’s expanding market. Post the launch. This line has been available on eCommerce channels and select retail markets across Asia Pacific.

• In May 2023, Reliance Consumer Products Ltd reportedly entered the western snacking category with the debut of General Mills’ Alan’s Bugles brand of chips in the India market. This move is set to give tight competition to ITC and PepsiCo.

• In August 2023, General Mills announced that it would release and test its newest brand, Yumble, a DTC delivery service that intends to give a stress-free spin to lunch and snack time for parents by offering customizable lunch kits.

Packaged Food Market Segmentation
By Product Type:
• Baby and Infant Foods
• Dairy Products
• Confectionary
• Bakery and Snacks
• Meat and Poultry
• Ready-To-Eat Meals
• Alcoholic Beverage
• Non-Alcoholic Beverage

By Packaging:
• Jugs
• Packets
• Bottles
• Bags
• Bowls
• Boxes
• Cans
• Cartons
• Crates

By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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