Packaged Food Market will Reflect Significant Growth Prospects during 2012-18 : Transparency Market Research
One of the major drivers for the global packaged food market is the proliferation of packaged foods in developing economies. Packaged foods have long since been a major component in the food and beverage industry in developed nations. But over the recent past, global players have been generating nearly as much revenue from developing economies as they have from developed ones.
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Packaged food is no longer the preserve of developed regions. Companies in the global packaged food market are now gaining nearly as much revenue from developing economies as they are from developed ones. This points toward an inherent change that has altered the very character of the global packaged food market. Companies are now courting success by being present in high volume markets where exposure to global food habits is prompting a multitude of changes in consumer behavior. There are several factors fuelling the global packaged food market but the most important ones are: the convenience and hygiene offered by packaged food, competitive prices of packaged food items, and an explosion in the variety of packaged food items sold on the market.
The report on the global packaged food market takes each important dynamic and weighs it against a set of standard parameters to understand the impact that that dynamic will have on the market’s future (between 2012 and 2018). For the purpose of the study, the global packaged food market has been segmented on the basis of product type and geography. By product type, the global packaged food market is composed of bakery products, confectionery, dairy products, ice cream, snack bars, sweet and savory snacks, ready meals, pasta, meal replacement products, soup, canned food, dried food, noodles, chilled food, frozen food, sauces and dressings, condiments, oils and fats, spreads, and baby food.
By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Overview of the Global Packaged Food Market
Packaged food constitutes a billion-dollar market. Its growth in the future will be hinged on the spiraling demand for food in general as the world sees more mouths to feed. Alongside this very impactful growth driver is the need for convenience, which is dictated by increasingly demanding lifestyles that leave consumers with less time for cooking from scratch. Packaged food that can be consumed on-the-go is a huge trend that companies stand to capitalize by identifying the needs and tastes of consumers in different regions.
Although the packaged food industry has benefited from the presence of large conglomerates such as Nestle, Kraft Foods, Heinz, and ConAgra Foods, Inc., they have not been able to fully assert their supremacy in many emerging regional markets. The reason for this is the many local brands that vie for a share of the packaged food market in virtually every major country. This has prompted global giants to consolidate their position and stake a claim to a larger share of the market through partnerships and mergers. The Kraft Heinz Company, formed consequent to a merger between American food giants Kraft Food and Heinz, is one such example.
North America has traditionally been the largest market for packaged food globally and remains firmly in this position. However, developing markets could soon outshine the developed markets. The demand for packaged baby food is rising remarkably and this segment is expected to grow faster than any other in the global packaged food market.
The key players in the global packaged foods market are Unilever Group, Cadbury Schweppes Plc., Perfetti Van Melle Group, Wrigley Jr Co, Lotte Group, The Kraft Heinz Company, and Kraft Food.