Technavio analyzes that the Packaged Food Market in US is expected to grow at a CAGR of 6.89% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 489.88 billion.There are various factors that contribute to the growth of the market. The packaged food market in the US is experiencing a significant surge in demand for products with extended shelf lives. Consumers are increasingly seeking convenience and longer preservation periods for their food purchases. This trend is particularly noticeable in the snack food, canned goods, and frozen food sectors. Manufacturers are responding by investing in advanced packaging technologies and supply chain innovations to meet this growing demand. The convenience and longevity offered by packaged foods are proving to be key factors in consumer purchasing decisions.
In the US packaged food market, the packets segment is experiencing significant growth due to the convenience and portability it offers to consumers. With the increasing preference for quick and on-the-go meal solutions, packets provide an ideal solution for portion control and minimizing waste. Brands are responding to this trend by offering single-serve or individualized packaging in various categories, such as condiments, sauces, and snacks. For instance, Folgers, a subsidiary of J.M. Smucker Co., has capitalized on this trend with its individual coffee packets, which cater to the demand for quick and convenient brewing. The rise of e-commerce and the need for efficient supply chain management further reinforce the importance of packets in the packaged food industry. Additionally, functional foods, food allergies, specialty foods, and ethnic foods are also driving demand for packets as consumers seek customized and allergen-free options.
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Packaged Food Market in US Segmentation
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The Packaged Food Market in the US is witnessing shifts in consumer preferences towards convenience, health, and wellness. Convenience foods, ready-to-eat meals, and snack foods continue to dominate, while organic, gluten-free, plant-based, and functional foods gain traction. Dairy, meat, and ethnic foods also remain popular. Food manufacturers and private labels innovate to meet nutritional demands, ensuring food labeling transparency and catering to food allergies. E-commerce and supply chain efficiency are crucial, as is food quality and brand loyalty. Specialty and ethnic foods, as well as frozen and ready-meals, are key areas of growth.
The US packaged food market is a significant segment of the global packaged foods and meats market, which falls under the food products category of the broader food, beverage, and tobacco industry. This market encompasses food processing vendors that focus on eliminating microorganisms and extending the shelf life of packaged foods. Technavio's market analysis calculates the market size based on the consolidated revenue of the participating vendors. The global packaged foods and meats market excludes manufacturers of food processing equipment and packaged alcoholic and non-alcoholic beverages, including mineral waters. Consumer preferences for convenience foods, organic options, health and wellness, and food safety continue to shape the dynamics of the US packaged food market. Sustainable packaging is also gaining traction as a key trend.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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