Global Packaged Food Market to be Worth US$2.2 Trillion by 2021
LONDON, UK – Market research Company Euromonitor International released new packaged food data and trends analysis at SIAL Paris, the world’s largest food innovation exhibition.
Euromonitor’s new research shows that the global packaged food market will be worth over US$2.2 trillion by 2021, with China representing 11 percent of total value and set to contribute over a third of global sales growth by 2021. This growth stems from rapid urbanisation and retail development, as urban populations increase from 42 percent in 2000 to almost 70 percent by 2030. In North America, Canada stands out as the world’s 12th largest packaged food market, still ahead of India in 2016, while the Middle East accounts for 6 percent of global packaged food sales with Iran to watch out for.
The rise of snack replacements is a key emerging trend within packaged food and is fast becoming real competition for the conventional snacks industry. “Snack replacements are typically miniaturised versions of common staple foods that have been positioned for “on-the-go” occasions. These are now selling at a faster rate than conventional snacks,” said Lamine Lahouasnia, head of packaged food at Euromonitor International.
Confectionery has been the go-to snack for many years, however, things are proving to change. Within sweet snacks, consumers are favouring dairy snacks, which are naturally positioned as healthier. The average consumer now purchases one unit of snack replacements for every 2.5 conventional snacks. Lahouasnia adds: “Manufacturers need to be aware of this shift in order to capture large snacks markets.”
Euromonitor is looking forward to presenting these new findings at the SIAL TV programme from Sunday, October 16 to Wednesday, October 19th, 10.30am.
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