The Global Consumer Packaged Goods (CPG) Market Size Was Valued At USD 2206.72 Billion In 2023 And Is Projected To Reach USD 3007.54 Billion By 2032, With A Predicted Growth Rate Of 3.5% During The Forecast Period From 2024 To 2032.
Consumer packaged goods are products that everyday customers use and need to be replenished or replaced regularly. Because consumers can easily replace their product with one that is more readily available and less expensive on the market, the consumer-packaged goods industry has a substantial amount of market saturation and low consumer switching costs. Such products have a consistent demand, and the market is quite competitive for all enterprises. As a result of the increased attention given to emerging markets, this industry tends to evolve quickly with the emergence of international markets in various countries.
It has been difficult for manufacturers to sell CPG through E-commerce outlets on the internet due to the need for the product packaging to be distinctive and eye-catching to stand out from the competitors on a drugstore, grocery, or big box store shelf. The food and beverage sector is made up of manufacturers who control, manage, and distribute food and beverages. The global food and beverage sector includes products including juices, packaged foods, foods in metal cans, baked goods, animal food, hard and soft drinks, alcoholic beverages, infant food, energy drinks, oils, and fats. There is an increasing amount of packaged goods on the market.
The global Consumer Packaged Goods (CPG) Market is segmented based on Type (Food and Beverage, Personal Care and Cosmetics, Household Supplies), By Application (Off-line and Online)
Based on Type, the Global Consumer Packaged goods market is classified into Off-line and Online. While offline sales channels dominated commerce, rising digitalization and the number of internet platforms are forcing a change in consumer behavior. Consumers may quickly assess the product’s quality and shelf life through the offline sales channel because they can view the product up close.
Based on Type, the Global Consumer Packaged goods market is classified into food and beverages, personal care and cosmetics, household supplies, wholesale distribution, and agricultural distribution. Due to a shift in consumer behavior, food and beverage consumption is predicted to rise the most over the forecasted period.
Driver:
The micro-consumption segment, which propels the introduction of new items, is one of the numerous elements fuelling the rise of the consumer staple. While more new businesses are entering the market, CPG companies are increasingly tailoring new brand extensions to a certain clientele.
The growing promotion of consumer-packaged goods is another factor. With more products on the shelf, the CPG business or brand owner has increased the reach and frequency of its advertising and promotions. These offerings often include limited-time product variations that are focused on special occasions and promotions. They started running advertisements during this time to strengthen their brand, and 68 percent of CPG respondents agreed, according to the packaging survey. Growth of private label/tier 2 market share, which provides more affordable goods to compete with more well-known brands, may serve as a third growth driver. The number of SKUs has increased as a result of the growing consumer packaged goods (CPG) market and the increased demand for innovative packaging, which has caused smaller businesses to compete more directly with Tier 1 brands.
In 2023, North America had the biggest market share with 37.5%. Although North America holds a sizable portion of the market, Asia Pacific is expected to grow at a CAGR of 6.1% over the projected period. The presence of nations like China and India has created significant economic potential in the area. CPGs are items that are utilized daily by ordinary customers and require regular replenishment or replacement (consumer packaged goods). Because there is a steady need for these goods, there is competition among all businesses. Due to the increased focus on emerging markets, these markets tend to develop swiftly, leading to the emergence of international marketplaces in numerous countries.
Key Market Players and Competitive Landscape
The industry is crowded with manufacturers and fiercely competitive. Primary producers include Procter & Gamble, Unilever, and L’Oreal S.A., with revenue ratios of 3.60%, 3.32%, and 1.79%, respectively, in 2023. Some of the major key players operating in the market are Procter & Gamble, Unilever, LOreal SA, Colgate-Palmolive, The Kraft Heinz Co., Kellogg Company, Nestle, Pepsi, Coca-Cola, Carlsberg A/S, Diageo, Heineken NV, AB InBev, Kweichow Moutai, Keurig Dr. Pepper, Campbell Soup Company.
Consumer Packaged Goods (CPG) Market by Product Type:
Consumer Packaged Goods (CPG) Market by Application:
Consumer Packaged Goods (CPG) Market by Regional Outlook
The market has been segmented into different main geographies, including North America, Europe, Asia-Pacific, South America, the Middle East & Africa. Detailed studies of main nations such as the USA, Germany, the U.K., Italy, France, China, Japan, South Korea, Southeast Asia, and India will be covered within the regional segment. For market estimations, data are going to be delivered for 2023 because of the base year, with assessments for 2024 and forecast revenue for 2032.
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