Food Packaging Market

Food Packaging Market Size, Growth, Forecast (2023-2028)

The Global Food Packaging Market size was worth USD 393.6 billion every 2022 and is anticipated to reach USD 606.3 billion by 2028, displaying a CAGR of 5.6% during the estimated time frame.

Market Overview:

Food Packaging is the bundling of food for security from harm, sullying, decay, bug assaults, and altering during transport, stockpiling, and local dealers. Bundling types incorporate jugs, sacks, plates, jars, and containers. Packaged food is utilized for different purposes, for example, boundary and sullying security, accommodation, and bit control. Manageable packaging tends to food waste and misfortune decrease by wellbeing issues by forestalling nourishment borne ailments, substance pollution, and protecting food quality. Food packaging is produced using different materials that explicitly don't respond with the food and drinks put away inside, in this manner giving excellent quality items and timeframe of realistic usability.

There is a developing interest for typical high-quality food, which is insignificantly processed or non-prepared, doesn't contain additives, and offers longer shelf-life. Food packaging is utilized for different applications, for example, bundling of natural products and vegetables, dairy items, meat, poultry and fish, sauces, dressings, and toppings.

Recent Developments in Food Packaging Industry:

• In June 2019, Mondi Group built up a fully-recyclable polypropylene for thermoforming applications that will lessen carbon impression by 23% for packaging. This item holds all the usefulness and offers fantastic optical and gas obstruction properties that expand the timeframe of the realistic usability of stuffed food items.
• In August 2019, Amcor planned lightweight PET jugs for the purified brew in Brazil. These PET compartments are a trade for glass that withstands the high-heat conditions and inward weight during the sanitization process. This packaging permits the organization to build up a superior swap for glass which will convey to an expansive scope of customers all through Latin America.
• In October 2019, Ball Corporation constructed another assembling plant of aluminum cups in Georgia with a speculation of USD 200 million. This plant will serve the developing interest of U.S. clients and customers for maintainable drink packaging.

REPORT COVERAGE:

Drivers and Restraints:

Comfort food is significantly utilized because of simple versatility, the extended timeframe of realistic usability, and simple to make. These food items comprise of snacks, frozen food, finger food, candy, drinks, and others. These items, as a rule, require less planning time and are served hot in prepared to-eat holders. Rising interest in ready-to-eat snacks alongside a stationary way of life will cultivate accommodation food market development. Moreover, rising per capita discretionary cash flow with expanding working populace are the key variables driving this present market's interest. Most shoppers are exchanging towards promptly palatable nourishment which will prompt the global food packaging market development.

These days, because of the quick-moving way of life of shoppers, there has been expanding interest for fast food items. This popularity has caused comfort food creators to concoct items containing better healthy benefits and with less unsafe impacts on the body. This popularity for comfort foods is straightforwardly expanding the interest for the food packaging, hence supporting the development of this market.

To achieve manageability, there has been expanding utilization of green packaging arrangements. They help in diminishing natural contamination and give a wide assortment of advantages that incorporate a decrease of plastic use, expanding reusing, vitality protection, and productive vehicle, prompting an upsurge in business development.

Food Packaging Market Segmentation Analysis:

By Material:

"Paper & Paperboard segment to account for the largest revenue."

The global food packaging market segmented into glass, metal, paper & paperboard, wood, and plastics on the basis of materials. Increasing adoption of paper in food packaging of various edible food, fresh vegetables, and beverages is the primary factor driving the demand in this business. Glass bottles are usually used for storage and packaging of food products for an extended period or reusable items. However, plastic in food packaging is considered as a feasible option as it is flexible, lightweight, cost-effective, does not cause splintering and protects food from damage.

Plastic packaging can be further divided into polypropylene, polyethylene, PET, and others.

By Product:

"Rigid Packaging likely to dominate the demand in the worldwide market."

The global food packaging market is segmented into rigid, semi-rigid, and flexible based on product. Rigid packaging accounted for the most substantial market portion due to its increased usage in vegetables, fruits, and other easily crushable food products. Semi-rigid packaging comprises plastics and cardboard, which is majorly used to protect food products from humid, rot, and harsh environments.

In addition, flexible packaging is gaining more prominence demand due to increasing technological advancements and the launch of an innovative solution for product packaging.

By Application:

"Bakery & Confectionery is to exhibit a notable growth rate in the future."

Based on the application, the global food packaging market is divided into fruits & vegetables, bakery & confectionery, dairy products, meat, poultry & seafood, sauces, dressings and condiments, and others. Of these, the bakery & confectionery segment is foreseen to remain dominant in terms of revenue and volume during the forecast period.

The food packaging industry is witnessing massive demand with the unique and attractive packaging launched recently for a different type of products. Fruits and vegetables have perishable properties and spoil when coming in contact with moisture, and therefore, require flexible packaging. Growth in meat, poultry & seafood sectors can be linked to the augmenting demand for these products from consumers around the world. Sauces and dressings are often available in rigid packaging as they are non-perishable.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Food Packaging Market Regional Analysis:

Geographically, the global food packaging market is divided into the regions of North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Of these, the Asia Pacific food packaging market registered the highest share in 2019 and is likely to continue its demand in the foreseen years. The increasing population in nations like China, India, etc., is creating a massive demand for food products, which is supporting the growth in the packaging sector. The rise in consumer disposable income along with the increase in the middle-class section is accelerating the demand for the food packaging sector. Major players of the global food packaging market are present in North America and Europe.

Key Players in the Market:

Major Key Players in the Global Food Packaging Market are

• Mondi Group
• Crown Holdings Inc
• DS Smith Plc
• Amcor plc
• Berry Global Inc
• Orora Ltd
• Owens-Illinois Inc
• Ardagh Group S.A
• Ball Corporation
• CPMC Holdings Ltd
• International Paper Co
• Sealed Air Corp