Consumer-Packaged Goods (CPG) Market Outlook
Consumer-Packaged Goods (CPG) Market sector experienced remarkable growth in 2022, reaching a market size of USD 5,297.82 billion. The industry is poised for continued expansion, with projections indicating an increase from USD 5,483.24 billion in 2023 to an estimated USD 6,976.22 billion by 2030, representing a steady compound annual growth rate (CAGR) of 3.5% during the forecast period from 2023 to 2030. This positive trajectory is indicative of the CPG market’s consistent development over recent years, fueled by the widespread applications of these goods in daily life, contributing to anticipated substantial and continual growth.
Consumer Packaged Goods (CPG) Market Trends
The surge in consumer demand for convenience products has been a driving force behind significant trends in the Consumer-Packaged Goods (CPG) market. Products falling under the CPG category, regularly consumed and requiring frequent replacement, have witnessed substantial demand due to their convenience factor. Market saturation and reduced consumer switching costs have led to a global quest for alternative, budget-friendly options, fostering consistent demand for CPG products and intensifying global competition. In response, manufacturers are innovating packaging solutions to provide more affordable options. A wide range of essential products, including food, beverages, personal care items, medicines, and animal feed, fall under the CPG category, further highlighting the market’s diversity and potential for growth.
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The demand for convenience food items such as chocolates, snacks, frozen desserts, and ready-to-eat or ready-to-cook products, along with various beverages, signifies substantial growth prospects for the consumer-packaged goods market. This trend is expected to persist and flourish over the forecast years, creating opportunities for further innovation and market expansion.
Market Synopsis
According to analysis by Market Research Future (MRFR), the global consumer packaged goods market size is projected to reach USD 6,976.22 billion by 2030, with a CAGR of 3.50%. Consumer packaged goods, used regularly and requiring frequent replenishment, face high competition and market saturation. Emerging nations are expected to contribute to the growth of the consumer-packaged goods industry in the coming years.
COVID-19 Impact on Consumer-Packaged Goods Market
The COVID-19 pandemic had a significant impact on the consumer-packaged goods market. While the demand for properly packed daily essentials surged during the pandemic, global disruptions, including lockdowns, hindered the trade of import and export of goods and raw materials. Temporary shutdowns of manufacturing units due to COVID-19 cases among employees further disrupted the supply chain. Despite increased demand, production declined, and various industries faced challenges in acquiring raw materials. Consumer packaged goods manufacturers focused on maintaining product quality and shelf-life, leading to potential growth in the industry in the post-pandemic period.
Competitive Landscape
The global consumer packaged goods market Share is highly competitive, with both new entrants and existing corporations vying for market share. Intense rivalry, technological advancements, sustainable packaging materials, and government regulations regarding the environment contribute to market growth. Key players such as Nestlé SA, Procter & Gamble, PepsiCo, Unilever, and others have implemented strategic initiatives and advanced research and development methods to expand their business footprint and secure a position in the market.
Segmentation
By Product Type:
- Food & Beverage: Held a leading share of 29.9% in 2021, with increasing demand for ready-to-cook, ready-to-eat, and ready-to-drink products.
- Cosmetics & Personal Care: Accounted for 25.3% share in 2021, facing disruptions during COVID-19 but regaining market positions post-pandemic.
- Pharmaceuticals: Holds a share of 18.03% in 2023, with a projected CAGR of 3.6% due to increasing demand for packaging in medicines and biomedical devices.
- Nutraceuticals: Registered the second-highest CAGR of 4.6% till 2030, including dietary supplements, health supplements, functional foods, and energy drinks.
- Others: Includes chemicals and animal feed (pet food), with pet food becoming the top-selling product in the US in 2021.
By End User:
- Residential/Retail: Includes daily essential products for regular application, contributing to positive global consumer packaged goods prospects.
- Commercial: Accounted for a 44.4% share in 2022, driven by the shift of consumers towards convenience products.
By Distribution Channel:
- Offline: Represents store-based retailing, with hypermarkets/supermarkets as the primary distribution channel, accounting for over half of the overall market share.
- Online: Non-store-based distribution channel, witnessing increased growth opportunities, with online retailing surging during COVID-19.
In conclusion, the consumer-packaged goods market is poised for continued growth, driven by evolving consumer preferences, innovation in packaging, and the adaptability of key players to changing market dynamics. The industry’s resilience in the face of the COVID-19 pandemic and strategic initiatives by major players signal a promising outlook for the global consumer packaged goods market in the coming years.
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