A new report from Towards Packaging expects the global consumer packaged goods (CPG) market to witness substantial growth, with a value of $2,132.1 billion in 2022. This growth trajectory is projected to reach a value of $3,171.11 billion by the year 2032, growing at a CAGR of 4.1% from 2023 to 2032.
The preference for CPGs varies across different generational cohorts, highlighting distinct consumer behaviors. Among Millennials (Gen Z), approximately 79% express preferences for CPG products, showcasing a significant affinity for these goods. Generation X closely follows, with 78% indicating a preference for CPG items. Boomers also exhibit a substantial inclination, with 70% expressing a preference for CPG. In contrast, the Silent Generation demonstrates a comparatively lower preference, with 57% indicating a favorable stance toward CPG products.
The CPG industry remains a cornerstone of North America's economic landscape, boasting an impressive valuation of around $2 trillion. Industry leaders, including companies like Coca-Cola, Procter & Gamble and L'Oréal, play pivotal roles in shaping this sector's trajectory. Despite healthy profit margins and robust financial standings, CPG manufacturers face perpetual challenges securing shelf space within retail establishments. To maintain and expand market share, these companies consistently allocate substantial resources to advertising, aiming to enhance brand recognition and drive sales.
The food and beverage sector has emerged as the predominant online consumer packaged goods (CPG) segment for the year, representing 44% of total sales. While the pandemic boosted online sales, other market dynamics, such as adherence to hygiene standards and a growing consumer preference for personalized experiences, are expected to sustain the momentum of online shopping in this category. Projections indicate that the food and beverage segment is poised to generate a substantial $26,774 million in revenue.