Convenience food: a promising market
In constant development over the last 5 years, with almost 300 billion packages consumed, convenience food, gathering ready meals and packaged food portions, has experienced an average annual growth of 3.1% (CAGR).
A segment that 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.
The economic values expressed confirm the trend, with 846 billion euros in 2020 and an expected growth on a global scale of around 1.7% (CAGR 20-24). Great protagonist, the African market, which will see a + 4.8% in the same period, while Europe is expected to decline with a -0.6% in a market that, as a whole, maintains the positive sign with +1,7 expected in the same period.
Source: Ipack Ima Business Monitor in co-operation with the MECS