Packaged food market is expected to garner $3.03 trillion by 2020, registering a CAGR of 4.5% during the forecast period 2015 – 2020. The segment of non-alcoholic drinks dominated the overall packaged food market due to the large demand of ready to drink (RTD) beverages, globally.
Baby food stands out as the fastest growing segment, primarily driven by the growing awareness towards modern care practices in baby health and food hygiene, primarily, in the developing nations. Presently, North America is the highest revenue generating region in the global market and would continue to maintain its dominant position throughout the analysis period. However, in terms of growth, APAC region would be the fastest growing market, expected to grow at a CAGR of 5.4% during 2015 – 2020.
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Packaged foods include ready meals, baked foods, breakfast cereals, soups, baby food, potato chips, nuts, instant noodles, pasta, biscuits, chocolate confectionary, cheese, yogurt, ice cream, sauces, dressings & condiments and non-alcoholic drinks. Among these food products, the segment of non-alcoholic drinks, and baked foods together contribute to nearly 3/4th of the market, in terms of value. The dominance of these product categories in the market is primarily supplemented by the global demand for baked food (including food products such as cake, pastries and bread) and drink products (carbonated and non-carbonated).
RTD beverages contribute for a major share in the non-alcoholic drinks market and has witnessed remarkable growth and acceptance in the APAC countries over the last decade. Further, bottled water, is now witnessing tremendous growth in developing nations where growing per capita income, health awareness and changing lifestyles has significantly boosted the demand for packaged and purified water.
Top Key Players: Nestlé, General Mills, Kraft Food, Inc., ConAgra foods, Inc., Tyson Foods, Kellogg’s, Frito-Lay, JBS Food, Smithfield Food, Inc. and Mars, Inc.
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Key Findings of Packaged Food Market:
- The growth of the packaged food market worldwide is largely attributed to growing demand from emerging economies
- The segment of baby food and yogurt would register a rapid CAGR of 6.4% and 6.0% respectively, during the forecast period of 2015- 2020
- Asia Pacific would register the fastest CAGR of 5.4% during 2015 -2020, primarily driven by the growing per capita incomes and increasing health awareness – China and India would exhibit significant market growth for packaged food products
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