USD 1030.08 billion
Report ID: SQMIG30I2214 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 59 | Figures: 75
U.S. Packaged Food Market size was valued at USD 1030.08 billion in 2021 and is poised to grow from USD 1030.9 billion in 2022 to USD 1431.37 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).
The market has been driven by consumers' busy schedules and preference for convenience, along with the increasing popularity of e-commerce in the United States. The growth of the industry has also been fueled by innovations in food packaging, plant-based products, bold flavors, and healthy ingredients. As the vegan population in the country grows, there is a rising demand for plant-based products, which presents an opportunity for industry players like Danone S.A, Nestlé, and Unilever to enter the market. Additionally, companies such as Impossible Foods Inc. and Beyond Meat have accelerated the growth of the plant-based industry with their groundbreaking innovations. Health and environment-conscious consumers who are less price sensitive have driven the demand for organic, natural, clean, and whole-food products in recent years. The organic product segment is becoming a mainstream food category due to the growing trend in the food and beverage industry. Consumers also seek more transparency in the sourcing and supply chain of products, prompting industry players to become more transparent by providing additional information on product labels. The preference for healthy foods made with natural ingredients, low-calorie, low-fat, and free from artificial color, GMO, and sugar is driving the growth of the packaged food industry in the United States. Sales of packaged food products such as rice, pasta, noodles, snacks, and canned food have been driven by their extended shelf lives, which allows consumers to stockpile these items. Moreover, product innovation, the launch of new product flavors from private label brands, and a shift from generic products to premium options such as gluten-free and organic choices are driving the consumption of packaged food in the country.
U.S. Packaged Food Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1030.08 billion
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The U.S. Packaged Food market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into bakery products, and dairy products. Based on distribution channel, the market is segmented into offline market, and online market.
U.S. Packaged Food Market Analysis by Type
By type, the market can be segmented into bakery products and dairy products. Bakery products are the dominant region of the market which include bread, cakes, pastries, biscuits, and other baked goods. This segment is dominated by bread products, which account for the largest share of the U.S. bakery market. The demand for bread is driven by its convenience, affordability, and versatility as a food item. However, the fastest growing bakery products segment is gluten-free baked goods, which are gaining popularity among consumers with gluten sensitivities or celiac disease. The market for gluten-free baked goods is expected to continue growing due to increasing health concerns and awareness among consumers.
Dairy products are the fastest growing segment in the market which include milk, cheese, yogurt, butter, and other products made from milk. This segment is dominated by milk products, which account for the largest share of the U.S. dairy market. The demand for milk products is driven by their nutritional value and versatility as a food ingredient. However, the fastest growing dairy products segment is plant-based dairy alternatives, which are gaining popularity among consumers who are lactose intolerant, vegan, or have ethical concerns about animal-based products. The market for plant-based dairy alternatives is expected to continue growing due to increasing health and environmental concerns among consumers.
U.S. Packaged Food Market Analysis by Distribution Channel
By distribution channel, the market can be segmented into offline market and online market. Offline retail is a dominant segment in the market which includes supermarkets, hypermarkets, convenience stores, and other traditional retail formats. This segment is dominated by supermarkets, which account for the largest share of the U.S. packaged food market. The demand for supermarkets is driven by their wide variety of products, competitive pricing, and convenient locations. However, the fastest growing offline retail segment is convenience stores, which are gaining popularity among consumers who prioritize convenience and accessibility. The market for convenience stores is expected to continue growing due to increasing urbanization and busy lifestyles among consumers.
Online market is a fastest growing segment in the market which includes e-commerce platforms such as Amazon, Walmart, and other online grocery delivery services. This segment is dominated by online marketplaces, which account for the largest share of the U.S. online packaged food market. The demand for online marketplaces is driven by their convenience, wider selection of products, and ability to reach a larger consumer base. However, the fastest growing online retail segment is online grocery delivery services, which are gaining popularity among consumers who prioritize convenience and time-saving. The market for online grocery delivery services is expected to continue growing due to increasing demand for home delivery and ease of online shopping.
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Northeast region dominated the global market. This region includes states such as New York, Pennsylvania, and Massachusetts. The population in this area tends to have a diverse culinary landscape, with a mix of urban and rural areas. Packed food options often cater to a wide range of preferences, including convenience meals, ready-to-eat snacks, and specialty foods..
Midwest region is expected to grow at the fastest CAGR. States like Illinois, Ohio, and Michigan fall within the Midwest region. The food preferences in this area are influenced by agricultural traditions, with a focus on farm-fresh and locally sourced ingredients. Packed food options often include preserved fruits and vegetables, canned soups, and meat products.
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U.S. Packaged Food Market Drivers
Increasing demand for healthier and more convenient food options
U.S. Packaged Food Market Restraints
Growing awareness among consumers about the negative health effects
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The U.S. packaged food market is characterized by a large number of regional and local players. These companies typically operate in niche segments and offer a wide range of products that cater to the diverse tastes and preferences of consumers in the region. Many of these players focus on product differentiation and quality to compete with larger industry players. Additionally, the market is highly fragmented, with several players competing for market share, which can lead to intense price competition and pressure on profit margins.
U.S. Packaged Food Market Top Player’s Company Profiles
U.S. Packaged Food Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our U.S. packaged food market analysis, the market is a rapidly evolving industry that is driven by changing consumer preferences and growing demand for healthier and more convenient food options. The market is highly competitive and is characterized by a large number of regional and local players. Natural and organic products, snacks, and frozen foods are expected to be the fastest-growing segments in the market. However, the market faces challenges due to increasing consumer awareness about the negative health effects of consuming processed and packaged foods. The trend towards sustainability is also driving innovation in packaging technology and eco-friendly sourcing practices, creating opportunities for companies that can meet these changing consumer demands.
|Market size value in 2021
|USD 1030.08 billion
|Market size value in 2030
|USD 1431.37 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the U.S. Packaged Food Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Packaged Food Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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