The global packaged food products market was valued at USD 2.67 trillion in 2022 and is expected to expand at a CAGR of 5.3% from 2023 to 2030. Increasing urbanization, hectic lifestyles, and rising disposable incomes are the major factors driving the growth of the market. Furthermore, the emergence of e-commerce platforms has enabled customers to purchase packaged food products with convenience, which has accelerated the growth of the market.

In addition, the increasing trend of snacking has been driving the demand for convenient ready-to-eat snacks. Also, the rising demand for organic and health-focused packaged food products is driving the growth of the market. For instance, in April 2021, Ferrero launched a new range of organic products under its brand Kinder. Furthermore, manufacturers are introducing new products such as food bars, granola bars, and muesli bars, which are rich in protein and fiber, to meet the demand of health-conscious consumers.

The demand for frozen packaged food products is rising due to the convenience and longer shelf life offered by these products. The increasing demand for ready-to-cook and ready-to-eat products is also driving the growth of the market. Moreover, the rising demand for convenience food products has been fuelling the growth of the market. For instance, in November 2021, McCain Foods launched its new range of frozen snack products, including beer-battered onion rings, beer-battered jalapeno poppers, and beer-battered chili cheese bites.

The availability of a wide variety of products, such as sauces, spices, snacks, and ready-to-eat meals, is expected to fuel the growth of the market. Furthermore, the rising demand for convenience food products, such as frozen pizza, snacks, ready-to-eat meals, and condiments, is driving the growth of the market. For instance, in May 2021, Nestle launched a new range of ready-to-cook products under its brand Maggi. Additionally, the increasing demand for packaged products with extended shelf life is further driving the growth of the market.

Furthermore, the rising demand for gluten-free and vegan products has been driving the growth of the market. For instance, in October 2021, PepsiCo launched a new range of gluten-free and vegan snacks under its brand Doritos. The demand for these products is expected to increase in the coming years due to their natural, clean-label ingredients. Moreover, the increasing demand for organic and health-focused packaged food products is driving the growth of the market.

The cereals segment dominated the market and accounted for a share of around 28.8% in 2022. Ready-to-eat cereals are gaining popularity among consumers due to their convenience, high nutritional value, and availability in various flavors. Moreover, the growing health consciousness among consumers has led to the emergence of various health-oriented cereals such as gluten-free, organic, and fortified cereals. According to an article published by the University of California, in April 2020, cereal is the most popular breakfast food among Americans, with 66% choosing it as their favorite.

The bakery segment is anticipated to expand at the fastest CAGR of 6.3% over the forecast period. The rising demand for convenience-driven food products, increasing popularity of bakery products among millennials, and the availability of various flavors, shapes, and sizes of bakery products are some of the key factors driving the market revenue. Furthermore, the rising trend of indulgence and snacking plays a key role in the growth of the segment. According to an article published by the National Restaurant Association, in April 2020, bakery-café sales in the U.S. are estimated to reach USD 10 billion by 2022.

The supermarkets and hypermarkets segment accounted for the major share of over 55.5% in 2022. The growth of the segment is primarily driven by the increasing consumer preference for supermarkets & hypermarkets as a primary source to purchase packaged food products. According to a study by the Food & Agriculture Organization of the United Nations in 2020, the majority of shoppers prefer to buy their packaged food items from supermarkets & hypermarkets. These establishments provide a wide selection of products and offer a range of services to assist customers in making purchasing decisions for their required packaged food items.

The convenience stores segment is expected to grow at a CAGR of 8.3% over the forecast period. Convenience stores are highly convenient for busy people who are looking for quick but nutritious food options, as they are open for longer hours than supermarkets and are easily accessible. In addition, the growing number of convenience stores globally is expected to propel the growth of the segment. For instance, according to the National Association of Convenience Stores, the number of convenience stores in the United States was estimated to be around 154,958 in 2020.

The ready-to-eat segment accounted for the largest revenue share of 32.9% in the year 2022. The increasing awareness of the benefits of packaged food among consumers is driving the demand for this segment. This type of food is ready to eat and requires minimal preparation time. In addition, the availability of a wide range of flavors and varieties of packaged food is propelling the growth of this segment. For instance, in April 2022, Nestle launched a range of ready-to-eat plant-based products such as pizzas, burgers, and sausages in Europe.

The convenience food segment is anticipated to expand at the highest CAGR of 10.4% over the forecast period. With the rising trend of on-the-go consumption, the demand for convenience food has increased. Furthermore, the availability of convenience food in various forms such as frozen, canned, and ready-to-eat is increasing its demand, as it provides the consumers with easy access and convenience. This type of food is usually preferred by working professionals and students, as it is easy to store, transport, and consume.

Europe led the market in terms of revenue share in 2022, owing to the rising health-consciousness among consumers and the growing demand for organic and natural products. Moreover, the strong presence of leading manufacturers in the region, such as Nestlé, Unilever, and Kraft Heinz, is expected to drive the growth of the market. Furthermore, the increasing inclination of consumers towards convenience foods and ready-to-eat meals has increased the demand for packaged food products, thereby driving the regional growth.

Asia Pacific is expected to witness the fastest growth during the forecast period, owing to the increasing consumer demand for convenience foods. The prevalent lifestyle changes have led to a growing inclination towards packaged food products, thereby augmenting the regional growth. Moreover, the presence of several leading manufacturers, such as ITC, Amul, Nestlé, and Unilever, is expected to further drive the regional growth.

In this part of the packaged food products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business plan. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a packaged food products business comes from the sale of packaged food products. Here you will find a list of potential sources of income and other possible sources of profit such as fundraising, catering services, and the sale of merchandise.

Projecting Expenses
In this section, all the regular expenses related to keeping the packaged food products business running will be described. The list of operating expenses includes suppliers, wages, marketing, utilities, insurance policies, licensing fees, equipment and inventory costs, as well as other related expenses.

Some of the key companies operating in the packaged food market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In July 2022, Nestle S.A. launched its range of premium, health-focused snacks, including protein bars and nut-based bites.

– In August 2022, Kraft Heinz Company launched a new range of plant-based snacks, including plant-based jerky, crackers, and snack bars.

– In September 2022, General Mills Inc. launched a range of healthy snacks, including grain-free bars, low-sugar granola, and protein-packed trail mixes.

Some of the prominent players in the packaged food market include:

– Nestle S.A.
– Kraft Heinz Company
– General Mills Inc.
– Kellogg Company
– PepsiCo, Inc.
– Conagra Brands, Inc.
– Unilever Group
– Danone SA
– Mars, Inc.
– Mondelez International, Inc.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global packaged food products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Bakery & Confectionery
– Dairy Products
– Ready Meals & Processed Foods
– Beverages
– Fruits & Vegetables
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Key Drivers of the Packaged Food Market?
[A]: The key factors driving the growth of the packaged food market include the growing demand for convenience foods, the increasing health awareness among consumers, and the rising disposable income of consumers. Additionally, the increasing urbanization, the growing trend of online grocery stores, and the development of innovative packaging solutions are also expected to drive the market growth.

[Q]: Who are the Major Players in the Packaged Food Market?
[A]: Major players in the packaged food market include Nestle S.A., General Mills Inc., Kraft Heinz Company, Kellogg Company, Unilever, Danone S.A., ConAgra Brands, Inc., Mars Inc., Associated British Foods plc, and PepsiCo, Inc.

[Q]: What are the Key Segments of the Packaged Food Market?
[A]: The packaged food market is segmented into frozen food, processed food, and convenience food.

[Q]: What are the Key Regional Markets for Packaged Food?
[A]: The key regional markets for packaged food include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

[Q]: What are the Trends in the Packaged Food Market?
[A]: The major trends in the packaged food market include the increasing demand for healthy and organic packaged food, the growing demand for ready-to-eat convenience food, the development of innovative packaging solutions, and the increasing demand for natural packaged products.