Latest News- FMCG Market: Food and beverage is expected to lead the Type segment during 2024-2028

The FMCG Market is being driven by Growing preference for e-commerce online distribution

The FMCG Market is expected to grow at a CAGR of 3.27% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 456.6 billion. The FMCG market is experiencing significant growth in the ready-to-cook and ready-to-eat food product segment, driven by the increasing prevalence of dual-income households and hectic lifestyles. Convenience and time-saving features are key factors fueling this trend. According to a 2022 report by Standard Process Inc., processed foods accounted for approximately 70% of the American diet. In response to the pandemic in 2020, there was a substantial surge in demand for ready-to-eat food products as individuals worked from home and countries enforced lockdowns. This shift was evident in the sales figures of Blinkit, an Indian online grocery store, which reported a 17% increase in sales of ready-to-eat food, a 31% increase in sales of readymade meals and mixes, and a 41% increase in frozen food sales. These statistics underscore the growing preference for convenience in food consumption and the resulting market expansion for FMCG companies in this sector. 

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Which Factors Are Causing a Surge in Market Growth?

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According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing preference for e-commerce online distribution
• Rise in disposable income and change in lifestyle
• Increasing demand for pharmaceutical products

However, the market also witnesses some limitations, which are as follows:

• Lack of proper infrastructure in emerging economies
• Rules and regulations imposed on the manufacturing of FMCG products
• Increasing counterfeit products

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Market Scope in FMCG Market Research Report

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Research Analysis Overview

The Fast-Moving Consumer Goods (FMCG) market is witnessing significant shifts driven by changing lifestyles, health-consciousness, and the middle-class population's growing purchasing power. Consumers are increasingly seeking green alternatives to traditional FMCG products, such as cleansing products made from natural ingredients. Dual-income families are prioritizing convenience and affordability, leading to a surge in online shopping for packaged foods, home care, cosmetics, and healthcare products. E-commerce platforms are capitalizing on this trend, offering a wide range of FMCG products, including food and beverages, oral hygiene products, and toiletries. However, the rise of online shopping has also given way to counterfeit brands, posing a significant challenge for FMCG networks. Lifestyle changes and health care concerns have led to an increased demand for FMCG products in the health and wellness category, such as detergents and cleansing products that are free from harsh chemicals. The FMCG industry is responding by launching innovative products that cater to these evolving consumer needs. Overall, the FMCG market is poised for growth, driven by changing consumer preferences and the convenience of online shopping.

Market Research Overview

The global packaged foods and meats market encompasses food processing vendors engaged in eliminating microorganisms and extending product shelf life. According to Technavio, the market's size is determined by the consolidated revenue generated by the market's participating vendors, excluding food processing equipment manufacturers. This market does not include producers of packaged alcoholic and non-alcoholic beverages, including mineral waters. Market expansion will be fueled by the health benefits associated with minimally processed foods, such as vegetables, which are rich sources of essential nutrients like potassium, dietary fiber, folate (folic acid), vitamin A, and vitamin C.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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