Food packaging market size to exceed USD 464.98 billion by 2027
OTTAWA, Dec. 23 2020 (GLOBE NEWSWIRE) – The food packaging market Cut was valued at $ 305.29 billion in 2019 and is expected to reach $ 464.98 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% during the forecast period 2020 to 2027 .
The modern food packaging solution offers biosafety, comprehensive protection and resistance to counterfeiting. It often includes nutritional information on the label as well as additional facts about the product offered for sale. The emergence of labels or packaging has helped marketers trap potential customers. Packaging also plays an essential role in ensuring customer satisfaction as well as the transmission of information. Food packaging tells customers how the product should be used, recycled, transported, disposed of and a lot of other important information.
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The food packaging market is expected to show significant growth during the analysis period with the advent of various production facilities aimed at catching up with the latest market trends. In addition, the rapid changes in people’s lifestyle as well as the changing food preferences of consumers towards packaged foods are expected to drive the market growth during the forecast period. In addition, people’s growing preference for processed foods due to shifting population dynamics from rural to urban areas is also propelling the growth of the food packaging market.
The market is further driven by many factors including changing consumer preferences towards processed and specialty foods, adoption of various marketing strategies by major industry players, advancement of materials used for food packaging, the growing demand for food packaging materials as well as increased consumer awareness of the need for good quality food packaging, especially in developing countries. The introduction of various technologies for manufacturing packaging solutions for processed food products as well as the introduction of different types of packaging solutions for food packaging further fuel the market growth.
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Highlights of the report
- Asia-Pacific is estimated to be the dominant market, followed by North America and Europe, accounting for around 40% of the total value share in 2019
- The high consumption of packaged food by consumers, the thriving retail industry and the presence of many manufacturers are the key factors that are expected to propel the market growth in North America
- The paper and paper-based materials segment dominated the global market and accounted for an almost 32% value share in 2019 due to its strong adoption to replace non-biodegradable packaging solutions.
- Plastic food packaging is expected to experience tremendous growth due to its increasing adoption due to its low price as well as the increasing use of plastic films in secondary food packaging
- Based on type, rigid packaging is used more and more because of its properties which include a high barrier to moisture, light and oxygen which prevents food from being contaminated
- Flexible packaging is expected to be the fastest growing segment by type due to its ability to form a lighter, thinner and more compact packaging solution
- Bakery and confectionery products generally require high moisture barrier packaging in order to extend shelf life, which contributes significantly to application growth.
- Growing consumer inclination towards small packaged dairy products due to shrinking households is expected to increase dairy market growth
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Asia-Pacific is expected to dominate the global food packaging market, followed by North America and Europe. In addition to this, the region has reached its stage of maturity which is expected to subsidize the region’s growth in the food packaging market. India and China are expected to be the most lucrative regions among other Asian countries and analyzed to dominate the market during the forecast period. This is mainly due to an increase in demand for healthy food fueled by increasing population growth.
In addition, the growing demand for packaged food due to the positive impact of Western culture on eating habits as well as technological development and innovation in packaging materials as well as techniques are expected to propel the overall growth of the market. market in the years to come. In addition, an increase in foreign direct investment (FDI) in the food industry as well as a significant consumption of packaged food by consumers are expected to further stimulate the market growth.
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Key players and strategies
The players in the global food packaging market are mainly concentrated in North America and the European region; However, they mainly focus on expanding their reach into the Asia-Pacific market to trap unexplored opportunities.
In addition, market players are offering extensive product customization with a view to increasing their revenue share on the global platform. They strive to replace harmful materials with biodegradable materials in accordance with government standards.
Some of the major players operating in the market are Berry Plastics Group, Amcor Plc, Sigma Plastics Group, Sealed Air Corporation, DS Smith PLC, American Eagle Packaging, Ball Corporation, Crown Holdings, Inc., Huhtamaki Oyj. and Ardagh Group among others.
- Paper and paper-based
- A glass
- Dairy products
- Bakery & Confectionery
- Fruits and vegetables
- Sauces and Dressings
- Meat, poultry and seafood
By regional perspectives
- North America
- Asia Pacific
- South Korea
- Rest of the world
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