by The global Dried Food Market is estimated to be valued at US$ 44.11 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dried food products are obtained by removing moisture from fresh foods using various drying methods like sun drying, air drying, spray drying etc. This helps in preservation of food without refrigeration for longer period of times. Some common dried food products are dried fruits, dried vegetables, dried meat, dried milk etc. Dried food offers advantages like long shelf life, lightweight and compact form which makes it ideal for travel and outdoor activities. The rising trend of travel, adventure and camping has fueled the demand for lightweight and easily portable dried food products.
Market key trends:
One of the key trends in the dried food market is the growing popularity of organic and natural dried food products. Consumers are increasingly preferring dried food made from organic and natural ingredients without any additives, preservatives or artificial flavors. This is prompting companies to offer organic and clean label dried food products. Another trend is the rising demand for customized and ready-to-eat dried mixes and snacks. Companies are innovating customized dried mixes for soups, cereals, pasta dishes etc which only require addition of hot water for preparation. This accelerates the preparation time and offers convenience to the busy consumers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the dried food industry requires high capital investment for R&D, manufacturing, and marketing of products. However, threat increases due to availability of raw materials and low brand loyalty of customers.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and undifferentiated products leading to higher price sensitivity. Buyers can easily switch to alternative brands based on offers and prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the industry requires raw materials like cereals, pulses, fruits and vegetables which are season dependent. However, switching cost from one supplier to another is low.
Threat of new substitutes: The threat of new substitutes is high as packaged snacks, freeze-dried foods, canned foods act as substitutes. Technological advancements can increase potential substitutes.
Competitive rivalry: The competition is high among existing players.
Key Takeaways
The Global Dried Food Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for convenient food products.
Regional analysis:
The Asia Pacific region dominates the dried food market with over 40% share due to rising disposable incomes and changing consumption patterns in developing countries like India and China. North America follows APAC in terms of market share due to growing health consciousness.
Key players: Key players operating in the dried food market are Nestlé S.A., Unilever, General Mills, Inc., Mondelez International, Inc., Kellogg Company. These companies are investing in product innovation, expansion into developing markets, and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
