Packaged food is one of the fastest-growing segments within the global food industry thanks to busy consumers seeking out convenient, nutritious and time-saving options. Other factors fueling explosive growth on a global scale include 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, according to a recent report from Transparency Market Research.
A recent report from Allied Market Research estimated the global packaged food market will garner revenue of US$3.03 trillion by 2020, registering a 4.5 percent compound annual growth rate (CAGR) for 2015 to 2020. North America commands the lion’s share of the global packaged food market, followed by Europe, Asia Pacific (APAC) and Latin America, Middle East and Africa regions (LAMEA), respectively.
In terms of volume, North American packaged foods sales declined during the last recession, most notably in the United States, but industry analysts agree the market has recovered and demand is trending upward thanks to consumer demand for premium and healthy packaged foods. What’s more, demand from emerging economies is having a significant impact on the packaged food market.
Unfortunately, we live in a fast-paced world and time-pressed consumers sometimes must compromise on their desire for fresh food preparation. Frozen foods, refrigerated foods and shelf-stable products help dinner come together easily between grocery store runs. Packaged foods can fill the gap, but to become staples in the homes of consumers they must deliver satisfaction on all fronts and it all begins with formulation.
Many food and beverage companies have been working to change consumer perception of the global packaged food market by delivering innovative products made with healthy, functional and clean-label ingredients.
INSIDER's Packaged Foods: Clean-Label Ingredient and Formulation Considerations for Creating Healthy and Convenient Products Digital Magazine examines key areas and ingredients to help product developers bring freshness to life in packaged foods.