NEW YORK, Aug. 24, 2015 /PRNewswire/ -- Food can be described as any substance that is consumed to provide nutritional support to the body. Food contains carbohydrates, minerals, fats, proteins and vitamins to support the growth of the body. The concept of packaged food came into existence owing to factors such as easy cooking, consumption, handling, and safety from external tampering. Changing lifestyle, convenience of consumption and increased health awareness are the main factors driving the growth of the packaged food market. Packaging materials used for food should be convenient for carrying, displaying, opening and closing.
Some of the major hindrances to the market growth are due to food contamination, government regulations and emergence of local brands. The leading players in the market have been focusing on mergers and partnerships as their key strategies to expand their market presence. For instance, Kraft foods partnered with ketchup giant Heinz to expand its business, while Tyson foods collaborated with Godrej foods in India. The Asia-Pacific region is expected to be the fastest growing markets due to the growing awareness and increasing adoption of packaged foods; thus, making it one of the lucrative markets for investments and expansions.
The global packaged food market is segmented on the basis of product type and geography. Based on product type, the market is categorized into sixteen major food products namely - ready meals, baked foods, breakfast cereals, soup, baby food, potato chips, nuts, instant noodles, pasta, biscuits, chocolate confectionary, cheese, yogurt, ice creams, 'sauces, dressings & condiments', and non-alcoholic drinks. The baby food market is expected to grow at the fastest CAGR of 6.4% during the forecast period. The growth is imminent due to factors such as increase in the number of working parents, and safer baby food options for infants and toddlers. Geographically, North America is the largest market in the current scenario followed by Europe, APAC and LAMEA.
The key players operating in the packaged food market are Nestlé, General Mills, Kraft Food, Inc., ConAgra foods, Inc., Tyson Foods, Kellogg's, Frito-Lay, JBS Food, Smithfield Food, Inc. and Mars, Inc. Prominent players like Nestlé and Kraft foods are investing heavily in promotions and increasing brand awareness for aiding product differentiation.
The companies in this market are actively gauging the customers' insights and preferences to understand the market requirements. Nestle was among the first companies to facilitate this process through its R&D center in India. Moreover, in the processing food division, Tyson Foods had a tie-up with The Hillshire Brand Company, and collaborated with Godrej Foods India to develop new products. Kraft foods and the global ketchup giant, Heinz entered into a merger to expand their prospects in the packed food market.
The study provides an in-depth analysis of the world packaged food market with current and future trends to elucidate the imminent investment pockets in the market
Current and future trends have been outlined to determine the overall attractiveness and single out profitable trends to gain a stronger foothold in the market
The report provides information regarding key drivers, restraints and opportunities with impact analysis
Quantitative analysis of the current market and estimations during the period of 2014–2020 have been provided to highlight the financial appetency of the market
Porter's five forces model and SWOT analysis of the industry illustrate the potency of the buyers and suppliers participating in the market
Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
The market is segmented on the basis of product type and geography.
MARKET BY PRODUCT TYPE
Sauces, Dressings & Condiments
MARKET BY GEOGRAPHY
Tyson Foods, Inc.
Kraft Foods Group, Inc.
General Mills, Inc.
Smithfield Food, Inc.
JBS Foods S.A.
Hormel Foods Corporation
Maple Leaf Foods, Inc.
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