Technavio analysts forecast the global air-dried food market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global air-dried food market to grow at a CAGR of over 6% by 2023. (Graphic: Business Wire)
The shelf life extension of food products is one of the major trends being witnessed in the global air-dried food market 2019-2023. Reducing food wastage has become a major concern for most countries especially in APAC. Such wastage of products leads to financial losses for retailers and manufacturers. To overcome this problem, food packaging vendors have developed active packaging, which maintains product quality and increases the shelf life of food products. Consumer acceptance has also increased as product quality, in terms of flavor and freshness, has been enhanced. Shelf life extension of food products is thus driving the growth of the market. In Europe, most of the consumers demand minimally processed foods without artificial additives and without long shelf lives. Also, there is an emphasis on mild processing methods and combinations of such processes and measures, including both freeze-dried and air-dried methods to achieve minimal processing.
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According to Technavio analysts, one of the key factors contributing to the growth of the global air-dried food market is the increasing new product launches:
Global air-dried food market: Increasing new product launches
New product launches by regional and international players contribute to the growth of the global air-dried food market. Manufacturers of air-dried foods are adopting innovative and distributive strategies to increase the market size of these products. Successful new product launches are expected to accelerate the growth of vendors in the global air-dried food market. A successful new product launch helps in increasing the revenue flow of a vendor and broadening its consumer base. Additionally, new product launches increase the market share of players and offer them a competitive edge over other players in the market. For instance, in August 2016, Ziwi Pets launched Ziwi Peak New Zealand Free-Range Chicken, in both air-dried and canned recipes for cats and dogs in North America. Thus, with such innovative packaging, the market is expected to register a positive outlook during the forecast period.
According to a senior analyst at Technavio for research on food products, “Along with the increasing new product launches, the rising urbanization and changing lifestyles, the expansion in the retail landscape, and the increasing prominence of private label brands are some other major factors that are expected to contribute largely to the growth of the global air-dried food market.”
Global air-dried food market: Segmentation analysis
The global air-dried food market research report provides market segmentation by product (human food and pet food), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2018, accounting for over 43% share, followed by the Americas and EMEA respectively. Although EMEA held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the Americas.
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Five Forces Analysis
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- Vendors covered
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