The global reduced fat packaged food market size is set to gain traction owing to the increasing demand for healthy packaged food products among consumers, observes Fortune Business Insights™ in an upcoming report, titled, “Reduced Fat Packaged Food Market Size, Share and Industry Analysis, By Product Type (Dairy Products, Bakery Products, Cereals, Meat, Fish and Poultry Products, Confectionery Products), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) and Regional Forecast, 2020-2027.” The report further throws light on the increasing consumption of ready-to-eat food among consumers, especially working-class individuals, owing to their fast-paced lifestyle.
The COVID-19 pandemic has resulted in significantly lower consumption of packaged food, which is negatively affecting the food and beverages sector. While the at-home consumption has grown in the lockdown period, the out-of-home consumption that generates a higher margin in the packaged food space has taken a serious hit. Major players in the industry are seeking alternative channels for smooth supply of raw materials and re-establishing their relationships with key suppliers and consumers in order to survive the current crisis.
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The report comprises key drivers and restraints that helped us get a better understanding of the market. We went through various case studies and official data published by the major players in the market in order to get detailed insights on segmentation. Our next step included qualitative and quantitative analysis of the market based on segmentation, involving both economic as well as non-economic factors.
Drivers and Restraints-
Growing Health Consciousness among Consumers to Drive the Market
According to research by the World Health Organization (WHO) on non-communicable diseases, cardiovascular diseases account for the death of 17.9 million people annually. This is followed by several other diseases such as cancer (9.0 million), respiratory diseases (3.9million), and diabetes (1.6 million). Growing health consciousness among consumers owing to the increased risk of such lifestyle diseases is expected to strengthen the demand for reduced fat packaged food products. This will drive the growth of the global reduced fat packaged food market. However, the high price of packaged food in comparison to fresh food is expected to hinder the growth, especially in the developing regions.
Increasing Consumption of Low-fat Packaged Food in North America to Enhance Growth
The reduced fat packaged food market in North America is showcasing promising growth. An increase in the consumption of low-fat packaged food products, especially from health-conscious consumers is expected to drive the market in the region. For instance, according to a report presented by the International Food Information Council (IFIC) from 2017, nearly 67% of adults in the U.S. admitted that healthfulness was a significant factor responsible for their food and beverage purchase decisions.
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Europe, on the other hand, is anticipated to grow steadily owing to the growing demand for reduced fat packaged goods in the region. This is primarily due to the convenience and health benefits associated with the products.
Introducing Nutritious Food Products to Help Manufacturers Gain Market Share
The global reduced fat packaged food market comprises numerous manufacturers that are focusing on introducing a fresh line of high-quality and nutritious snacks. This will help them establish their foothold in the market. Following are the two latest industry developments of the market:
- In February 2020, ZolCal, a California based frozen desserts company, launched a premium line of frozen treats made of high-quality ingredients such as whole milk, real fruits, and sugar allulose. The products include zero-calorie sorbet and popsicle bars that are available in strawberry, lemonade, blueberry, and various other flavors.
- In October 2019, PepsiCo launched Smart50, a ready-to-eat popcorn snack. It is made from whole-grain popcorn and is free from any artificial flavors. The product has expanded the better-for-you segment of the company.
A list of all the prominent manufacturers operating in the global reduced fat packaged food market:
- Dean Foods
- Kellogg Co.
- General Mills Inc.
- Mondelez Global LLC
- The Kraft Heinz Company
- PepsiCo, Inc.
- Danone S.A.
- Nestle S.A.
- Arla Foods Inc.
- Crowley Food LLC
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