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Convenience food segment shows resilience in COVID-19 era

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For the last 5 years, convenience food has experienced an average annual growth of 3.1% (CAGR).

Posted on Oct 23 ,04:20

Convenience food segment shows resilience in COVID-19 era

Convenience food segment, gathering ready meals and packaged food portions, has seen almost 300 billion packages consumed over the last five years, which can be translated in average annual growth of 3.1% (CAGR). According to a recent report released by Ipack Ima Business Monitor in co-operation with the MECS, the segment shows no sign of shrinking in 2020, also thanks to the push of the lockdown, which has seen consumers move towards snacks, soups and ready meals, perceived as safer thanks to the greater hygiene guaranteed by packaging. A market trend that pushes packaging especially in the snack sector, expected to grow with 2.8% in the 2020-2024 period, says the report.
The economic values ‚Äč‚Äčexpressed confirm the trend, with 846 billion euros in 2020 and expected growth on a global scale of around 1.7% (CAGR 20-24). Great protagonist, the African market, which will see an increase of 4.8% in the same period, while Europe is expected to decline by 0.6% in a market that, as a whole, maintains the positive sign with 1,7% growth rate expected in the same period.

 

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