The Size of the North America Food Packaging Market was valued at US$ 18.60 million in 2022, and it is estimated to reach about US$ 31.69 million by the end of 2028, with an annual compound rate of above 6.0% between 2023 and 2028.
The packaging is used as a food enclosure in various forms, such as bags, packing bags, trays, boxes and cans. Food packaging offers damage prevention, protection and excellent chemical, physical and biological benefits. Food is in the category of consumer goods, so it is essential to preserve, protect and avoid epilepsy caused by biological factors. Food packaging standards have been considered for trouble-free transportation and distribution, storage and delivery of food.
Factors that contribute to the growth of North America food packaging market include higher consumer needs, higher disposable income and changes in consumer behavior.
The growing demand for packaged foods due to changes in eating habits, changes in lifestyle and accelerated lifestyles are the key drivers of the growth of the North America Food Packaging Market during the review period. The pace of life and changes in eating habits are expected to have a significant impact on the industry as consumers increase their demand for packaged foods. Factors such as convenience and the use of high-performance materials are presumed to help industrial growth. Canned foods have little consumer awareness about the quality of health and taste while offering the advantages of long shelf life and a low price. It is foreseen to increase the effectiveness of the prevention of content contamination and improve the life of the product.
In addition, factors such as population growth, the growth of disposable income and the reduction of households have a positive impact on the regional market. The growth of American industry is anticipated to accelerate due to the increase in the consumption of packaged foods as the urban population increases and the popularity of individual portion packages. As the infrastructure for the recycling of plastic, metal and glass increases, industrial growth is also supported. The bargaining power of the buyer is expected to remain high during the forecast period. The industry is characterized by the presence of many buyers, which are foreseen to increase during the forecast period. The increase in retail product sales and online shopping trends are supposed to have a positive impact on the local market. As the consumption of snacks instead of traditional foods increases, the demand for packaged products is expected to increase, which facilitates North America food packaging market extension.
But the problem of waste from improper packaging can hinder its growth. Packaging waste decomposes for decades, damaging the ecosystem. The governments of many countries solve this problem by applying strict laws that the food packaging industry must comply accordingly.
Depending on the technology, biodegradable segments are likely to grow at the highest CAGR during the forecast period of the North American food packaging technology market. The demand for biodegradable packaging technology is anticipated to increase rapidly as environmental concerns increase, since the widespread use of plastic as a packaging material is not easy to decompose. Many governments have strict regulations on the use of plastics and other non-degradable packaging materials.
By material, plastic represented most of the North American food packaging technology market in 2017. It is estimated that the plastic materials sector is going to be the most crucial performer in the foreseen years. The packaging of plastic is a wide range of synthetic and semi-synthetic materials, whose purpose depends on the packaged food. Due to its low cost, versatility and easy availability, plastics are used in a variety of applications. Due to features such as durability, safety, hygiene and lightweight, plastic containers have become widespread across North America.
Geographically the North America Food Packaging Market is segmented into US, Canada, Mexico and Rest of North America. The burgeoning retail sector, along with the consumption of packaged food for the consumer, is expected to boost the demand for food packaging solutions in North America. Also, the area has the advantage as there is the presence of a large number of manufacturers. The increasing demand from end-user applications, supported by the growth in fast food and quick-service restaurants across the regions is promoting the development of the food packaging industry in North America.
Key Players in the Market:
Major Key players in the North America Food Packaging Market
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