Pune, India, Dec. 15, 2023 (GLOBE NEWSWIRE) — The global food packaging market size was valued at USD 456.00 billion in 2022 and is anticipated to expand from USD 479.73 billion in 2023 to USD 714.16 billion by 2030, exhibiting a CAGR of 5.85% over the estimated period.
Food packaging is used to protect food from damage and pest attacks during sale and transport. The growth in the food packaging industry can be attributed to the increasing adoption of intelligent packaging techniques to cater to the changing needs of consumers.
Fortune Business Insights™ provides this information in its research report, titled “Food Packaging Market Size, Share, Growth and Forecast Report, 2023-2030”.
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List of Key Players Mentioned in the Food Packaging Market Report:
- Mondi Group (Austria)
- Amcor plc (Switzerland)
- Berry Global Inc. (U.S.)
- Stora Enso (Finland)
- Constantia Flexibles (Austria)
- Plastipak (U.S.)
- Tetra Pak International S.A. (Switzerland)
- DS Smith (U.K.)
- Crown Holdings, Inc. (U.S.)
- ExxonMobil Chemical (U.S.)
- Coveris Group (U.K.)
Competitive Landscape:
Key Participants Strike Partnerships to Increase Product Reach
Prominent players operating in the market have adopted various strategies such as mergers, collaborations, and partnerships with an aim to expand their customer base. Additional steps include research initiatives, the launch of new products, and R&D expenditures.
Key Industry Development:
- February 2023 – AmSty, a leading polystyrene company in North America, joined hands with Pactiv Evergreen, a renowned manufacturer of fresh food and beverage packaging. Their joint effort was focused on delivering innovative foam polystyrene packaging products to customers.
COVID-19 Impact:
Rising Emphasis on Food Safety Prompted Market Progress amid Pandemic
A positive impact on food packaging market growth has been observed during the pandemic. The increased focus on food safety during the outbreak prompted consumers, especially in developing countries such as India, to shift their preferences from unpacked food to packaged options. This shift raised the demand for food packaging that helped preserve the quality of food and ensure its safety and hygiene.
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Segmentation:
Plastics Segment Dominates the Market due to Its Valuable Properties
On the basis of material, the market is segregated into metal, paper & paperboard, plastics, wood, and glass. The plastic segment holds the largest share due to its essential properties such as lightweight nature, flexibility, economic viability, and resistance to splintering.
Flexible Segment Accounts for Major Share Owing to Technological Advancement and Innovation
In terms of product type, the market is divided into semi-rigid, flexible, and rigid. The flexible segment leads the market due to the continuous progress in technology and the introduction of innovative packaging solutions. These advancements lead to more efficient and effective packaging options, meeting evolving product packaging needs.
Bags and Pouches Segment Holds Key Share Due to its Lightweight Nature
Based on the packaging type, the market is fragmented into films & wraps, stick packs & sachets, bottles & jars, boxes & cartons, cans, trays, clamshells, bags & pouches, and others. The bags and pouches segment commands the key share of the market due to their ability to maintain product integrity and are easy to reseal, lightweight, and convenient to carry.
Bakery & Confectionery Segment to Dominate Owing to Rising Consumer Demand for these Products
In terms of application, the market is divided into bakery & confectionery, dairy products, meat, poultry & seafood, sauces, dressings & condiments, fruits & vegetables, and others. The bakery & confectionery segment is touted to lead the segment. This is driven by the rising consumption of bakery and confectionery items such as croissants, pastries, toffees, chocolates, and candies among consumers.
Full-Service Restaurants Segment Leads the Market Driven by Rising Demand for Healthier Choices and Creative Presentation
In terms of end-user, the market is fragmented into cafe & kiosks, full-service restaurants, chain restaurants, and quick-service restaurants. Full-service restaurants segment maintains its leadership due to the rising demand for healthier menu offerings and visually appealing food presentation.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive analysis of the leading factors favoring the industry growth over the coming years. It focuses on key aspects such as product type, modality, and leading companies. The report further provides insight into the major trends boosting the global business scenario. The impact of the COVID-19 pandemic on market growth is also included in the report.
Drivers and Restraints:
Increased Demand for Convenience Foods to Spur Market Growth
The increasing demand for ready-to-eat snacks and convenience foods due to sedentary lifestyles is driving the need for efficient food packaging solutions. Rising per capita disposable income and an expanding working population contribute significantly to market expansion, as consumers seek convenient and packaged food options.
However, the volatile prices of essential raw materials, especially plastics, affect the industry’s stability.
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Regional Insights:
Asia Pacific to Dominate due to Rising Development of Retail Infrastructure
Asia Pacific is set to dominate the food packaging market share over the forecast period. The ongoing expansion and development of retail infrastructure in the Asia Pacific region is providing more avenues for consumers to access packaged food products, driving market growth.
North America holds the second-largest share in the market. The growing awareness of healthy lifestyles among consumers in North America is leading to an increased preference for higher-quality packaged food products, supporting the growth of the food packaging market.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Food Packaging Market
- Global Food Packaging Industry Analysis (USD Billion), Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Glass
- Metal
- Paper & Paperboard
- Plastics
- Non-biodegradable
- Biodegradable
- PLA
- PHA
- PBS
- PBAT
- Starch Blends
- Others
- Wood
- Market Analysis, Insights and Forecast – By Product Type
- Market Analysis, Insights and Forecast – By Packaging Type
- Bags & Pouches
- Films & Wraps
- Stick Packs & Sachets
- Bottles & Jars
- Boxes & Cartons
- Cans
- Trays
- Clamshells
- Others
- Market Analysis, Insights and Forecast – By Application
- Fruits & Vegetables
- Bakery & Confectionery
- Dairy Products
- Meat, Poultry & Seafood
- Sauces, Dressings and Condiments
- Others
- Market Analysis, Insights and Forecast – By End-user
- Quick Service Restaurants
- Café & Kiosks
- Full Service Restaurants
- Chain Restaurants
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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