The Food Packaging Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Food Packaging Market is estimated to be USD 293.27 billion in 2018 and predicted to rise to USD 356.81 billion by 2023 with a CAGR of 4.00%. The market is segmented by Material (Paper & Board, Metal, Rigid Plastic, Flexible Plastic, Glass and Others) by Types (Rigid, Semi-Rigid and Flexible) by Application (Bakery, Confectionary, Convenience Foods, Dairy Products, Fruits & Vegetables, Sauces, dressings and Condiments, Others). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The main drivers for the progress of this market are increase in demand for processed and packaged food to accustom to the rapid changing lifestyle in developing countries and developed countries and shifting population dynamics to urban areas, increasing consumer awareness regarding the current environmental concerns and gradual alteration of buying habits. But, the environmental concerns regarding the poor bio-degradability of plastics can hamper the growth of this market. Moreover, technological advancements in the manufacture of these packaging materials improves the growing potential of this market.
Asia Pacific is leading this market with highest share and Europe is second. Asia Pacific is also the fastest growing region due to its growing urban population and rapid lifestyle changes in developing countries. Board and Paper is the most widely used among the materials due to its low cost of manufacture and bio-degradability.
Some of the key players dominating the market include Amcor Ltd., Rock-Tenn Company, Crow Holdings, Owens-Illinois, Rexam, Tetra Pak, Anchor Packaging, CKS Packaging, McCain Foods, Kellogg’s, Cargill Inc.
Browse through the full report at https://www.marketdataforecast.com/market-reports/food-packaging-market-2875/ and checkout our recent reports in the Processed Food at https://www.marketdataforecast.com/subcategory/processed-food-15/ For more insights and up-to-date industry news don’t forget subscribing to our newsletters.