I'm not sure of the root cause, but I get this quite regularly. Not the most elegant solution, but neither Reset Package Caches nor Update to Latest Package Versions worked for me. For me, I had to quit Xcode, and delete DerivedData.
This worked for me. The problem originally started when I was trying to solve another issue that came up after I deleted my Derived Data folder.
Restarting Xcode didn't work, but cleaning the build folder did. I don't know if the other answers here would work for me because I didn't try them seeing as cleaning the build folder worked.
I got this error when having the same local Swift package open in two different instances of Xcode in two different projects. Got it working again by quitting Xcode and only having one project open at a time.
A workaround for me at the moment has been both running Product > Clean Build Folder (cmd-k) and then restarting Xcode. This is an issue in both Xcode 12.4 and 12.5, and 12.5's per user package caching did not resolve the issue.
File > Swift Packages > Reset Package Caches also appears to work but it is slower for me.
Context:
One of my vendors distributes their pre-compiled binary library via SPM. Whenever I switch between git development branches, I get:
"artifact of binary target 'xyz' failed extraction: The operation couldn’t be completed. (TSCBasic.StringError error 1.)"
It also causes these "missing package product" errors for totally unrelated packages presumably because if one package fails the whole SPM process fails ("resolving package graph failed") even if these package are entirely independent.
Edit: With Xcode 12.5 simply quitting Xcode and re-opening seems to be enough.
I bumped into this issue today on Xcode 13.0 when working on the WooCommerce iOS app after manually deleting the DerivedData folder.
The build was failing like in the questions description: Missing package product '<package name>'
I tried both resetting the packages cache and updating to the latest versions, but neither work. Thinking about it, that's not surprising since the packages Xcode couldn't find were local packages.
What did the trick for me was following this suggestion from an Apple forums thread and remove the local packages references, then adding them back again.
In WooCommerce's case, the local packages are part of a workspace file. Removing then adding them back again in the same order didn't result in a diff in the file. That is, nothing really changed in the workspace setup, but that was apparently the kind of kick Xcode needed to get over that error. 🤷♂️
If none of the above answers work, Please refer the solution shared by GravityBytes in this link on Apple Forums.
Eventually he happened to share the below resolution
I eventually got this resolved. What seemed to get it working was re-adding my local packages using the "Add Packages…" menu option on the project that has the framework targets using the local package. This created a new "Packages" group in the project, and eventually started compiling correctly.
Please remove the existing references and try adding them using the above approach.