Analysis of Pre-Packaged Food market covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
People save energy, time, and skills needed for cooking with a range of pre-packed food options. These are widely available and less expensive. In addition to availability, these simplify meal preparation. Working more hours per week has repeatedly been linked to a preference for, increase in purchases of, and increase in consumption of packaged, processed foods.
These food options come with physical protection, agglomeration, and marketing transmission this food is also referred to as convenience and ready-to-eat food. The market growth in this sector is derived from consumer trends and altering preferences.
As opposed to packaged or processed foods, more customers are choosing organic food. However, research by the US Department of Agriculture found that the time restrictions associated with employment move consumer demand away from grocery stores and toward ready-to-eat food. Pre-packed foods are thus in demand as a result of this. Consumers tend to buy products driven by their desire for personal choices and shelf life.
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Global market revenue for the pre-packed food segment amounts to USD 601.40 billion in 2023. Further, this market is anticipated to grow annually with a CAGR of 6.03% till 2027. China has a major contribution to revenue generation across the global arcade.
The leading exporter of packaged food in 2021 was New Zealand with 38% of the share in exports. Moreover, China stood amongst the biggest export market in processed food from New Zealand owing to its 22% market share in exports.
The sales of organic packaged food consumption volume in Thailand accounted for around USD 25.5 Million. This value is forecast to increase in the forecast period. The rising consumption of fast food is a cause for concern. This creates an unhealthy lifestyle and surge in demand for healthy food choices and aids in the demand for pre-packaged healthy foods such as ready meals, milk-based, canned tuna, pre-washed salad, baked food, etc.
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Food prepared in ready-made form is an obvious convenient choice. The long shelf life of food can be a positive factor for the growth of the market as pre-packed food is sealed in a box, bag, can, or other container and are easy to transport. The average food volume consumption by a person in convenience food is likely to be 12 kg per person in 2023. This projects high growth in the packaged food section.
The use of technological advancements like ultrasonic sealing used for packaging food is ensuring food remains free from contamination. This packaged food within a concise portion can assist in weight loss. This also has an impact on the market in a positive manner.
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The drive toward environmental sustainability may have detrimental effects on the market for prepared foods. Ready-to-eat food sales may increase as a result of packaging trends such as worldwide environmental concerns regarding packaging materials and the use of environmentally sustainable materials for packaging. The food and Drug Association regulates the food market with distinct regulations considering the manufacturing process and technologies in regulatory and safety considerations.
Companies should follow give regulatory standards in order to stay competitive in the market. Use of recycled plastic in food packaging- these regulations include chemical considerations that companies need to abide by while creating packages. Moreover, as per the Federal Food, Drug, and Cosmetic regulation, section 409 regulates food contact substance notification processes in which consumers are informed about food contact. This also regulates the content in transporting, packaging, and manufacturing of food.
The manufacturers of packaging industries have to consider manufacturing costs including raw materials and components, labor costs, and cost of machinery and overhead. Many companies opt for market-based pricing which is based on the aim of maximization of profit and few companies opt for time-based pricing where current market conditions and consumer preferences are centered while making any pricing decisions.
The market is divided into key countries such as North America, South America, Latin America, and East Asian regions. The arcade is anticipated to gain positive momentum in countries like China and India due to the large population base and unconsolidated marketplaces in these regions. The market in North America is anticipated to grow due to nutritional food demand and innovation in food packaging technologies which are likely to drive the market upward.
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The market is anticipated to grow with CAGR of 5.3% in the forecast period.
New Zealand accounted for a major share of 38% in terms of exports in the market in 2021.
The market is reigned by key players such as Cargill, Nestle, PepsiCo, Archer Daniels Midland Company, Sysco Corporation, JBS, Bunge, George Weston, Tyson Foods, Mars, and Others.
Market-based pricing strategies are used by the key players in the market.
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