According to a research survey released by Facts and Factors Research, the United States Packaged Food Market was USD 996.6 billion in the year 2020 and is projected to cross USD 1268.3 billion by the end of the year 2026, rising at a CAGR of nearly 4.10% between 2021 and 2026.
The concept of packaged food came as a result of factors such as ease of cooking, preparation, consumption, handling, and protection from external tampering. Any food for retail sale that has been manufactured and packaged into cartons or containers in advance for marketing is considered packaged food. They are gaining popularity in both developed and developing countries due to their convenience for city dwellers. This list of food products excludes raw ingredients and meals served in restaurants and cafés. Packaged foods are easy to use, prepare, and consume. Packaged foods are products designed to save time.
According to a recent Northwestern Medicine study, Americans are overexposed to products that are high in saturated fat, calories, salt, sugar, and that the packaged food and beverage suppliers in the United States in 2020 were ultra-processed and usually unhealthy. Because store-bought foods and packaged drinks account for around 80% of total calorie consumption in the United States, the food and beverage supply plays a critical role in the development of chronic diseases such as obesity and cardiovascular disease. Highly processed meals, which are foods that have been dismantled and reassembled with several combinations of salt, sugar, additives, and oils account for more than 60% of the American diet. Junk food and prepackaged dinners are obvious examples, but many seemingly harmless kitchen staples also slip into this category. The bulk of industrially made bread, for example, are complex mixtures of refined sugars, grains, dough conditioners, emulsifiers, and preservatives. Lockdowns throughout the world in 2020, as well as further limitations in 2021, interrupted the supply chain, creating problems for packaged food manufacturers. Vendor profit margins will continue to be squeezed by fierce competition, price challenges, and evolving customer preferences. In the upcoming time, food firms with less exposure to at-home food consumption in the United States are anticipated to encounter problems. In 2020, retail sales of packaged food companies in the United States are expected to rise by 15% to 30% on average. The forecast, based on channel control and business linkages, suggests a significant shift in consumer eating patterns, owing mostly to quarantine and social isolation practices in response to the coronavirus (COVID-19).
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Top Market Players
Major players operative in the U.S. packaged food are Cargill, Incorporated, Conagra Brands, Inc., General Mills Inc., Hormel Foods Corporation, JBS Foods S.A., Kellogg Co., Kraft Foods Group, Inc., Maple Leaf Foods, Inc., Mars, Incorporated, Nestlé S.A., PepsiCo, Smithfield Food, Inc., The Coca-Cola Company, The Kraft Heinz Company, and Tyson Foods, Inc, amongst others. To attract more clients, key players in the U.S. packaged food market are focusing on online distribution channels for their online marketing and branding of their goods. Food consumed at home now accounts for about 80% of consumer food spending, up from 50% before the epidemic, according to reports. Grocery shops have seen similar tendencies, with Target claiming a 50% rise in food and beverage sales in March. Food companies such as Hormel Foods Corp., J.M. Smucker Co., Kraft Heinz Co., and Tyson Foods, Inc., have announced production increases of up to 40% to meet demand, according to Credit Suisse.
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The primary reasons driving the expansion of the packaged food business are changing lifestyle, consumer convenience, and greater health awareness. For transport, display, opening, and sealing, food packaging materials should be easy. Food contamination, government rules, and the rise of domestic brands are amongst the main obstacles to market expansion. Fusion and collaborations are essential tactics for expanding their position in the market, with top competitors in the packaged food sector. One of the major drivers of U.S. packaged food markets is appealing advertising and easy-to-access food packaging. The major players in the packaged food business focus largely on extending their publicity platforms with new goods on several social media platforms. In addition, companies provide their products simple access via internet portals. All this will speed up demand for packaged food items in the U.S. market. In the course of the projected period, the increasing emphasis of the government on product production and packaging solutions would probably hinder market growth.
Trends in packed foods in 2020 with reduced foodservice volume sales and increased retail sales owing to COVID-19 are projected to be reversed in 2021, provided that vaccinations are widely distributed in the USA. As foodservice outlets return to more regular, or close to normal, operations, retail current value sales are expected to fall this year, resulting in dynamic foodservice growth and, as a result, lower consumption at home. Moreover, the trend of home-cooking continues to increase demand for packaged cereals and baked goods. Meal delivery will gather momentum and firms which can offer considerable health advantages and distinguish their goods will be able to keep their competition ahead of them.
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Snack Foods is projected to Dominate U.S. Packaged Food Market Growth
Consumers in United State have often purchased packaged ready-to-eat food products rather than conventional foods, which have undergone enormous pressure for time because of hectic schedules. Since a result, basic food products have seen a decrease in demand as packaged meals are quite popular. Food producers are changing their product lines to incorporate both snack food and healthy packaged foods as an additional element benefiting the United States market. A significant development in the United States packaged food sector has been the increasing desire for fewer artificial ingredients in packaged products.
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