The global consumer packaged goods market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to technological advances and innovative processing techniques to increase food shelf life.
Consumer Packaged Goods (CPGs) are those that require regular replenishment or replacement and are used on a daily basis by consumers. Food, clothing, drinks, cosmetics, cigarettes, and home items are examples of CPGs. Consumer switching costs are low in the consumer packaged goods market, and there is substantial market saturation, as customers may easily change their product for a low-cost, readily available product on the market. The product packaging must be appealing and unique in order to stand out from the competition in a supermarket or drugstore. Previously, consumer packaged goods were solely available in stores; however, they are now sold on the internet as well. In August 2021, the Kroger Co. announced regional and local food products such as meals from new food suppliers, which accelerates the market growth. These suppliers bring exciting new products to stores around the country and introduce customers to locally prepared favorites.
The COVID-19 pandemic affected the consumer packaged goods market negatively, and pushed the market into the digital era. Consumers went online long before COVID-19, boosting e-commerce. It is not easy for people with restricted financial flow to make the necessary changes, but in many respects, this move to an online world was unavoidable. The pandemic posed many challenges for manufacturers of consumer packaged goods.
The report on the global consumer packaged goods market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Consumer Packaged Goods Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Distribution Channels (Online and Offline), and Types (Household Supplies, Food & Beverage, and Personal Care and Cosmetics) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
The Coca Cola Co; PepsiCo Inc.; Heineken N.V.; Unilever plc.; Nestle SA; Anheuser-Busch InBev SA/NV; and Procter & Gamble Co. |
On the basis of distribution channels, the consumer packaged goods market is bifurcated into online and offline. The online segment is projected to expand at a considerable CAGR during the forecast period, due to increasing frequency of advertisements and promotional packaging of goods. The offline segment is anticipated to account for a major market share during the forecast period, owing to the development of technologies.
In terms of types, the market is divided into household supplies, food & beverage, and personal care and cosmetics. The household supplies segment is expected to hold a significant share of the market in the coming years, due to rising demand for quick-service casual restaurants. The food & beverage segment accounts for a significant market share. Improvement in packaging of food & beverages extends shelf life, provides a sanitary and easy-to-clean surface that prevents biofilm formation, and minimizes the usage of preservatives in the food industry.
In terms of regions, the consumer packaged goods market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, owing to rising emphasis on customer experience in the region. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to high growth of modern grocery retailers in the region.
The global consumer packaged goods market has been segmented on the basis of
Distribution Channels
Types
Regions
Key Players
Key players competing in the global consumer packaged goods market are The Coca Cola Co; PepsiCo Inc.; Heineken N.V.; Unilever plc.; Nestle SA; Anheuser-Busch InBev SA/NV; and Procter & Gamble Co.
Major corporations are focusing on partnerships and cooperation to increase their market presence. For example, Kroger Company announced a grocery retail agreement with Loop in the US in May 2019 in order to minimize single-use plastics in the environment.
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