The global packaged food market growth is driven by innovative processing techniques for boosting food products’ shelf life. Overall market demand is expected to be led by snack foods and beverages. Key market drivers include technological improvement, changing lifestyle, modern retail trades and increased popularity of quick service restaurants. Over the past few years, evolution of science and nanotechnology has revolutionized the food and processing industry. Nanotechnology has evolved in the field of development of functional foods, preservation, packaging, processing and food production. Food packaging is the earliest commercial application of nanotechnology in the food sector. Different nanomaterials and nanotechnologies can be used to improve or create a number of packaging characteristics useful for packaged goods. For example, natural clays are added for packaging to improve characteristics such as barrier properties and strength. Nanoapplications have been designed to create lightweight materials, incorporate indicators or sensors for consumer information and improved recyclability and biodegradability. Nanomaterials can change the permeability to gases, reduce the number of different materials used to facilitate recycling and reinforce biodegradable packaging. However, increasing safety issues associated with food packaging such as product recalls and food contamination scandals could pose a challenge to the market.
The market is gaining momentum owing to rise in the commodity prices that result in increased cooking at home, in response to the economic slowdown. The market can be segmented on the basis of product into sweet and savory snacks, sauces, dressings, condiments, ready meals, pasta, noodles, meal replacement, frozen processed food, dried processed food, confectionery, dairy, chilled processed food, canned/preserved food and baby food. The packaged food market across the U.S. and Europe has grown in the recent years. The main market drivers include development of production technologies, use of case ready packaging and better packaging practices. In addition, market growth is expected to be driven by demand from quick service casual restaurants, which use pre-packaged items. In the food sectors, improved food contact materials can increase the shelf life, provide an easy-to-clean and more hygienic surface that prevent biofilm formation and reduce the use of preservatives.
Some of the key participants in the global packaged food market include New World Pasta, Cloetta Fazer AB, Haribo GmbH & Co KG, Perfetti Van Melle Group, Kraft Foods Inc, Hershey Co, Nestlé SA, Mars Inc and Cadbury Schweppes Plc.
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High demand for packaged foods owing to consumers stock-piling during the lockdown period is expected to aid growth. Furthermore, consumers are moving towards packaged foods owing to their longer shelf-life and ease of storage, which is a key factor promoting its use during the COVID-19 outbreak. We at GVR are trying to quantify the impact of this pandemic on the packaged foods market. Get your copy now to gain deeper insights on the same.