Global Packaged Food Products Market to Generate $49,685.2 Million and Exhibit a CAGR of 6.3% from 2020 to 2027 - Exclusive Report [340 pages] by Research Dive
The global packaged food products market is estimated to witness massive growth in forecast period, due to rising demand and consumption of ready-o-eat food products around the world. The Asia Pacific is anticipated to witness fastest growth by 2027.
NEW YORK, Aug. 25, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Packaged Food Products Market by Product (Cheese Sauces & Dips, Jams & Jellies, and Apple Compotes), Packaging Type (Cans, Jars, Cups, and Flexibles), Sales Channel (Retails and Food Services), and Regional Analysis (North America, Europe, Asia, Australasia, Middle East, and Rest of the World): Global Opportunity Analysis and Industry Forecast, 2020-2027".
Research Dive in its latest published report estimates that the Global Packaged Food Products Market will generate $49,685.2 million and exhibit a CAGR of 6.3% from 2020 to 2027.
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Market Dynamics
The consumption of ready-to-eat food and convenient packaged food products is rising across the globe due to the rise in number of working individuals. In addition, consumers are inclining towards healthy food & beverage alternatives. Moreover, the packaged food manufacturing companies are focusing on producing organic & healthy food products. All these aforementioned factors are predicted to boost the growth of the global market during the forecast period. However, the risk of food contamination is projected to be a restraining factor for the overall market growth.
Impact of COVID-19 Pandemic on the Market
The COVID-19 outbreak has positively impacted the global packaged food products market during the pandemic. The increase in the growth rate of the market is majorly attributed to rapid growth in the consumption of chocolates, snacks & beverages, frozen food products, and chips during the pandemic period. Besides, the work from home facility and lockdown imposed in many parts of the world has increased the demand for packaged food products. People are stocking up their kitchen supplies which has encouraged companies and manufacturing units to speed-up their packaged food production line during the pandemic situation.
ACCESS OUR COMPREHENSIVE ANALYSIS OF THE IMPACT OF COVID-19 ON GLOBAL PACKAGED FOOD PRODUCTS MARKET
Key Segment Findings of the Market:
The research report segments the global packaged food products market into product, packaging type, sales channel, and region.
- Based on product, the cheese sauce and dips sub-segment is expected to dominate the global industry in terms of market size and reach up to $31,739.2 million during the forecast period. This is mainly due to increasing demand for fast foods like pizzas, tacos, burgers, and more across the globe.
- Based on packaging type, the cups sub-segment is projected to hold the majority of share in the market by registering a revenue of $18,628.8 million during the analysis period. This growth can be majorly attributed to convenient nature of cups such as portable and easy to carry during travelling.
- Based on sales channel, the retail sub-segment is anticipated to account for largest share in the market and generate a revenue of $32,287.2 million by 2027. The significant growth of the sub-segment growth is owing to rising trend among consumers to purchase packaged food products from the retail stores.
- Based on region, the Asia Pacific market for packaged food products is expected to witness fastest growth and surpass $12,520.7 million by 2027. This is mainly due to changing lifestyle patterns, rapid growth in working population, and inclination of consumers towards fast food.
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Top 10 Key Players of Packaged Food Products Market
1. B and G Foods, INC.
2. Andros Foods
3. Histon Sweets Spreads Limited
4. The J.M. Smucker Co.
5. Gehl Foods, LLC.
6. Conagra Brands
7. Tree Top
8. Kraft Heinz
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These players are focusing on product launches, partnerships, and strategic collaborations to gain a competitive in the global market. For instance, in April 2021, Pa'lais, a plant-based startup involved in making organic cashew cheese spreads, announced the launch of a range of four new creamy sauces, namely 'Nature,' 'Alfredo,' 'Bechamel,' and 'Shiitake.' The company has changed its packaging to be completely recyclable and the packaging also makes the products creamier & longer-lasting.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
More about Packaged Food Products
Packaged Food Products – A Glimpse into the Packaging Methods and Healthy Snack Options
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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