The global food processing and manufacturing (FPM) contract manufacturing (CM) market is projected to grow at a CAGR of 5.1% during the forecast period (2021-2027). The global FPM CM market is driven by some crucial factors such as presence of small and large FPM contract manufacturer and rapid arrival of new product varieties owing to research and development in the market. Many small and large companies are looking for a contract manufacturer that can enable the companies to provide innovative products in the market. Further, growing demand for convenience food, improvement in food manufacturing supply chain and lack of manufacturing production capabilities of food product manufacturers are considered as the driving factors to the growth of the market across the globe.
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Convenience food is partially, or fully prepared food catered by food providers rather than home. Convenience food is useful for instant food requirement without or least cooking. Convenience food products include frozen pizza, packaged chips, canned vegetables, and others. Convenience food is preferred mainly by adult population across the globe. Shifting trend towards fast lifestyle is imposing the need of food items which can be prepared instantly. Prevalent factors for the rising demand of convenience food are relative food prices, time constraints and changing demographic trends. Declining prices for processed food are generating the demand for convenience food. Advertisement is also one of the propelling forces behind the convenience food growth, and a major factor for FPM CM industry.
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Few of the food manufacturers and packagers are among the biggest advertisers in the US. Meal and snacks service providers are changing their service pattern by adopting advertisement services to generate additional source of income. The market demand for convenience food is being supported by amalgamation of fast internet in the form of online delivery services for the consumers. In the US, sit down services at the restaurants are declining with the emergence of online delivery of meals including convenience food. With rapid growth in world population the demand for convenience food is estimated to add up to the contract manufacturing in food manufacturing industry.
Demand for convenience food is mounting the need for the development of convenience stores for food. According the National Association of Convenience Store, convenience store has increased significantly by 55% in last three decades. As of December 2017, the US has 154,958 stores which marks the revenue of about $550 billion in total sales. Convenience food impose the demand on food preparing companies to outsource the packaging and related manufacturing works to other companies in order to develop efficient workflow for the core business. Even the companies also work on the contract manufacturing to prepare food along with packaging, which offers growth opportunity for the global FPM CM market.
Global FPM CM Market - Segment
By Services
• Food Manufacturing Services
1. Convenience Foods
2. Bakery Products
3. Dietary Supplements
4. Confectionery Products
5. Dairy Products
6. Others
• R&D
• Food Packaging Services
Global FPM CM Market - Regional
North America
• US
• Canada
Europe
• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Rest of Asia-Pacific
Rest of the World
• Middle East & Africa
• Latin America
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