CULTURED MEAT MARKET SIZE TO SURPASS $20 BN BY 2032

The Worldwide Cultured Meat market was valued 0.3 million in 2022 and will surpass a revenue collection of $20 billion by 2032 with an annual growth rate of 143% over 2023 to 2032, as per the report by Global Market Insights, Inc.

In addition, the growing demand for animal-based product substitutes will also positively impact the industry growth in the coming years. Less contamination, fewer antibiotics, and reduced environmental impact are some of the key benefits slated to boost the product adoption.

An upsurge in animal protein or alternate protein consumption would further add to the market curve during 2023-2032. According to reports, in 2020, approximately thirteen million metric tons of alternative proteins were globally consumed. Besides, the high demand for quick-service restaurants, as they serve food items that require minimal preparation time and are delivered quickly, is likely to impel the product consumption.

Key players in the market are engaging in strategic initiatives such as mergers and acquisitions, partnerships, R&D investments, and new product launches to gain a competitive edge in the overall industry. To cite an instance, in February 2021, Mosa Meat announced concluding its Series B funding of $85 million. The raised capital was apparently used to expand the company's existing pilot production facility at its home in Maastricht.n

ICE CREAM INDUSTRY EXPECTED TO GROW 25-30% THIS FISCAL: EXPERTS

The ice cream and frozen dessert industry is expecting a boom in 2023-24 after a period of lull that started in 2019-20. Industry sources say that the overall growth can be to the tune of 25-30%.

Industry experts say that last fiscal, the industry clocked a turnover of over Rs. 20,000 crore and this fiscal the industry expects growth of Rs. 5,000-6,000 crore in business over last year.

“Since the opening of the businesses after the period of Covid pandemic, the market is witnessing a steady growth. The last fiscal helped us reach the pre- pandemic level of business and this fiscal, we expect the market to regain strength and everyone is expecting a better turnover,” said Sudhir Shah, president, IICMA (Indian Ice Cream Manufacturers Association).

Further, over the last few years the frozen dessert and ice cream industry is investing in healthier options of natural products with less or no artificial additives, colours & ingredients. The industry is also creating other healthy variants like sugar-free and vegan products.

Meanwhile according to experts, the industry is also facing a crucial question wherein some people with vested interests are making disparaging claims about frozen desserts and trying to create a rift between ice cream and frozen desserts although both are part of the FSSAI as product categories, and both are approved by the FSSAI.

Industry sources say that IICMA has members who make ice creams as well as frozen desserts but such malicious campaigns against frozen desserts are not only false but deplorable to say the least.

IICMA has taken up the matter with the FSSAI wherein they have requested the regulatory body to take strict steps to curb such posts in social media and to use its authority and legal strength to stop such posts on priority basis. The CEO of FSSAI also gave positive response to requests by IICMA.

IICMA is also exploring to file cyber criminal cases against entities making such posts and viral videos.

"Consumers should not get influenced by such malicious, incorrect and disparaging posts which are totally false," said Shah on a concluding note.n

The global packaged food products market is estimated to be valued at $34,434.6 million by 2030, surging from $20,545.4 million in 2021, at a noteworthy CAGR of 6.03%.

Impact Analysis of Covid-19 on the Packaged Food Products Market

During Covid-19 pandemic in the world, the packaged food products market has experienced an exponential rise. This growth owes to the increase in the consumption of packaged food items like snacks & beverages, biscuits, cookies, chips, chocolates, and frozen food products like vegetables, dairy products, and fruits.

During lockdown and work from home facility for the employees, the consumption of snacks and chips increased. During complete lockdown, people were restricted from going to supermarkets and hypermarkets due to which their shopping behavior changed as they started bulk purchasing of food products.

This has motivated many companies and food manufacturing units to boost their production line and increase the packaged food supply & demand chain. Furthermore, the corona virus pandemic has affected the health conditions of the people as they experience many health ailments post corona virus infections. In such cases, consumers are opting for ready-to-eat and less time-consuming healthy food product alternatives.

These food products will enhance their health and immunity as they contain less preservatives, cholesterol, fat, and high nutritional content. Hence, this factor has driven the companies to manufacture healthy food products.

Global Packaged Food Products Market Analysis

Increased demand for ready-to-eat healthy food products is expected to drive the packaged food products market in the forecast time period. As the urban population and number of working individuals are increasing tremendously, the consumption of fast-food products is also gaining pace.

Private sectors have a hectic time schedule, and it is tiring for employees to spend long hours for cooking food. Hence, they prefer packaged food products which can be prepared with very less ingredients and consume less time. This factor is likely to drive the packaged food products market in the predicted time duration owing to the high demand for ready-to-eat food products such as frozen food products, snacks, and more.

Apart from this, consumer’s inclination towards healthy food and beverages will accelerate the market growth. Consumers demand for organic based food products made up of natural components and contain less preservatives. To ensure this, the packaged food companies have started focusing on the production of healthy organic based food products which are high in nutrition content.

For instance, a UK based company, Just in Time, JOI, in April 2021, introduced its first zero waste plant milk product which is manufactured with only one ingredient which is sustainable source, organic, and gluten free oats packed in a compostable pouch.

However, increasing risk of food contamination due to plastic packaging material is the main restraining factor in the growth of the packaged food products market. Plastic is widely used as a packaging material in the food industry because it is light in weight and can be easily transported anywhere during travel.

However, it is made of chemicals that can easily react with preservatives and antioxidants in food, contaminating it. According to an article published in the South Wale Arugs, a tabloid newspaper, on May 2, 2021, supermarkets in the United Kingdom issued health risk warnings to customers about consuming items purchased from stores such as Tesco, Morrisons, Asda, Sainsbury's, and Aldi.

The packaged food products at the stores like chocolates, dates and other were contaminated with a bacterial species, salmonella, which is responsible for causing food allergies and food poisoning.

Adoption of healthy packaged food alternatives among the consumers has provided many opportunities for companies of the packaged food products market to expand their market. Consumers prefer to choose healthy food products which offer rich nutritional value, low cholesterol, preservatives, and fat.

Owing to the high demand for the healthy food, many beverage industries have started manufacturing organic and nonalcoholic juices to target health conscious customers. This factor will contribute to the growth of the market in the forecast time.

Global Packaged Food Products Market, Segmentation

The packaged food products market is segmented based on product, packaging type, sales channel, and region.

Product:

The packaged food products market is mainly classified into sub-segments like cheese sauce & dips, jams & jellies, and apple compote. Among these, the cheese sauce & dips subsegment is anticipated to have the fastest growth and surpass $22,056.8 million by 2030, with an increase from $11,738.0 million in 2021.

This growth can be attributed to factors such as increased consumption of cheese sauce and dips in European countries. Furthermore, rising demand for fast foods such as pizzas, burgers, tacos, and others will drive market growth, cheese sauce is used a dressing in these foods. Prevailing trend of Mexican food along with Mexican dips is likely to increase the market revenue in the forecast time frame.

Packaging Type:

Based on packaging type, the packaged food products market is segmented into cans, jars, cups, and flexibles. The jars sub-segment of the packaged food products market is projected to have the highest share and surpass $16,882.1 million by 2030, during the analysis timeframe.

Glass jars extend the shelf life of food by protecting it from the outside environment, preserving the texture & aroma of the food, providing visual delight to consumers, and preventing food from getting contaminated. This factor will contribute to the growth of the market in the coming years.

Sales Channel:

Based on sales channel, the packaged food products market is segmented into retail and food services. The retail sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $23,156.6 million during the analysis timeframe. The sub-segment growth is attributed to increasing trend of purchasing packaged food products from the retail and convenience stores among the consumers as the retail stores provide many brand choices at a single place.

According to geographical analysis, the packaged food products market in North America accounted for $6,369.1 million in 2021 and is estimated to reach $10,192.6 million by 2030, with a CAGR of 5.48%, because of the region's consumers' hectic work lives and their growing preference for ready-to-eat food and convenience.n

Food and Beverage Matrix

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