The private label market in food & beverages industry is expected to witness considerable growth over the coming years, mainly as a result of increasing number of competitive private label players in the ready-to-eat meals and healthy snacks industry segments, worldwide.
Food & beverages industry is a conglomerate of a number of subsectors, including production, food processing, food service, agriculture and hospitality services. The adoption of 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. is 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 after effects of advertising is expected to alter food choices of individuals over the forecast period.
The private label market in food & beverages industry is expected to exhibit a substantial growth on account of surge in requirement of ready-to-eat food leading to growth in manufacturing sector especially in Asia-Pacific region. Millennials belong to the age group of 18-35 and an important driving force behind the growth of 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 market in food & beverages industry 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 preferential shift of customers from branded food products to private label food products over the forecast period.
The 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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