Processed Food Market Set for Rapid Growth and Trend, by 2025
North America is the largest market for processed food due to increased snacking trend. Furthermore, busy lifestyle, packaging innovation and expanded lifestyle plays a major role in increasing demand of processed food.
Europe has high demand for high quality and nutritious food. The strict government regulations is the major challenge in this market. The basic food hygiene and food law requirements are in Regulation (EC) No 178/2002 and in Regulation (EC) No 825/2004 which plays a dominant role in European processed food industry.
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Processed food market is fast growing in Asia pacific region due to increase in population and increase in consumer buying power. The consumer spending in ndia on processed food is expected to grow to US$ 3.6 trillion by 2020. Cost competitiveness along with availability of raw materials are the growth drivers for the processed food industry in India and China.
In Latin America, urbanization and modernization is creating a demand for processed food. However, regulations such as, special 8% tax on high calorie food in Mexico from January 2014 will have a considerable effect on the processed food market. Also, it will increase the demand for nutritious processed food in these regions.
In Middle East, the limited agricultural production because of the nature of climate, terrain and water scarcity has led to a significant increase in the processed food market.
United Nations estimated that the population of Africa will be doubled by 2020 which will be a market driver in this region. Low market penetration is the major restraint in Africa.
The major challenge for the global processed food industry is the health awareness, food contamination, and government regulations. The health problems associated with preservatives and other additives is a major concern. However, the major players are coming up with innovative ideas such as fortification of various nutrients in the processed food to overcome this problem.
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Key players in the global processed food market
The companies are adopting various organic and inorganic growth strategies to sustain their market positions such as partnership and mergers. For instance, in 2015, Krafts food and Hienz merged to expand their business. Also, Tyson food collaborated with Godrej India in 2008. Some of the important players in the global food industry market are Nestlé, General Mills, Kraft Food, Inc., ConAgra foods, Inc., Tyson Foods, Kellogg’s, Frito-Lay, JBS Food, Smithfield Food, Inc. and Mars, Inc.
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