Deepening supply chain disruptions and rising energy, transportation, and labor costs should drive packaged food prices higher in the coming months. However, with extended hybrid lifestyles, the demand for packaged food products is expected to remain high, helping companies in the sector to pass their rising input costs to their customers.
In addition, with an apparent uptrend in employment, U.S. consumer confidence unexpectedly edged up in March despite inflation concerns. According to Research and Markets, the global packaged food market is expected to grow at a 6.3% CAGR to more than $4261.36 billion by 2026.
