The global private label food and beverage market is expected to witness considerable growth over the coming years, mainly as a result of an increasing number of competitive private label players in the ready-to-eat meals and healthy snacks industry segments, worldwide.
The food & beverage industry is a conglomerate of a number of subsectors, including production, food processing, food service, agriculture, and hospitality services. The adoption of the online food delivery system is expected to be the most widely used distribution channel in the global F&B industry over the forecast period. Its market is expected to grow from being a USD 7 billion in 2017 to over USD 12 billion by 2025.
Strategic initiatives taken by various nonprofit organizations such as The Council of Better Business Bureaus (CBBB), Virginia, U.S. are likely to further augment the industry growth. The novel marketing pledges by CBBB with eleven food & beverage companies to control the food choices of children caused by the after-effects of advertising is expected to alter the food choices of individuals over the forecast period.
The private label food and beverage market is expected to exhibit a substantial growth on account of surge in requirement of ready-to-eat food leading to growth in the manufacturing sector especially in the Asia Pacific region. Millennials belong to the age group of 18-35 and an important driving force behind the growth of the ready-to-eat meal market. The millennial population in the US was estimated to be about 75.9 million, which is about 23.3% of the total US population. The fast-tracked life of individuals in developed and developing economies has led to a preferential shift of the working class from conventional meat to easy-to-eat food products.
The manufacturers in the private label food and beverage market are expected to focus on ‘on-the-go’ food products and increase online retailing in order to compete with already established F&B brands globally. The use of flexible packaging solutions such as wraps, films, pouches, etc. as well as contract packaging by private label market players is expected to further aid towards a preferential shift of customers from branded food products to private label food products over the forecast period.
Product differentiation in terms of product quality, packaging, pricing, and marketing strategies is expected to crucial factors deviating consumers’ preferences from big brands to private label products over the forecast period.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.