Pune India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the snack food packaging market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the snack food packaging market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, material, application and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global snack food packaging market are Sunflex Laminators, Bemis Manufacturing Company, WestRock Company, Graham Packaging Company, Eagle Flexible Packaging, GSC Packaging, Sealed Air, Sonoco Product Company, Kendell Packaging Corporation, Bryce Corporation, Smurfit Kappa, Dow, Tenka Flexible Packaging, Berry Global Inc., Huhtamaki Oyj, GSC Packaging, Inc, Constantia Flexibles among others. To achieve a substantial market share in the worldwide snack food packaging market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The global snack food packaging market is also expected to grow over the forecast period due to a growing demand for savoury and tasty snack foods, particularly for kids. Keeping food sealed is essential for storing and transporting it to its final destination, protecting it from moisture and pollutants, preventing spills, and preserving shape and quality. Additionally, as health awareness has increased, the demand for healthy snacks has also increased, which is expected to further support the market's development. A number of factors have contributed to the trend toward a mobile lifestyle. Longer working hours & commuting times, as well as the growing number of smaller households, have contributed to an increase in demand for convenient single-serving products or packaged food. As a result of this trend, food manufacturers have innovated and developed convenient food products for their customers, which is expected to drive market growth. Fresh food consumption will, however, impede the growth rate of the market. Fluctuations in the prices of raw materials and high packaging costs will only contribute to the subdued growth rate of the market. Furthermore, Global packaging innovations, such as the development of sophisticated packaging products made from materials such as biaxially oriented polyethylene terephthalate, biaxially oriented polypropylene, and cast polypropylene, have allowed manufacturers of snack food packaging to provide attractive and colourful packages to catch consumers' attention.
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Scope of Snack Food Packaging Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Material, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Sunflex Laminators, Bemis Manufacturing Company, WestRock Company, Graham Packaging Company, Eagle Flexible Packaging, GSC Packaging, Sealed Air, Sonoco Product Company, Kendell Packaging Corporation, Bryce Corporation, Smurfit Kappa, Dow, Tenka Flexible Packaging, Berry Global Inc., Huhtamaki Oyj, GSC Packaging, Inc, Constantia Flexibles among others |
Segmentation Analysis
Paper & paperboard are expected to be the fastest-growing segment in 2022.
The product type segment includes plastic, wood, paper & paperboard, glass and others. The paper & paperboard segment is expected to witness the highest growth rate during the forecast period. Over the forecast period, the paper and paper-based segments are expected to experience a robust increase in demand. In response to the growing demand for eco-friendly packaging, companies have adapted environmentally friendly packaging to accommodate changing regulatory environments that place a greater emphasis on protecting the environment.
Flexible is expected to be the fastest-growing segment in 2022.
The product type segments include flexible, rigid and semi-rigid. The flexible segment is expected to witness the highest growth rate during the forecast period. In 2021, flexible revenues accounted for the largest share, and are forecast to grow significantly during the forecast period. A shrinking household size and an increase in snacking have encouraged the development of flexible packaging materials, such as peel-off foils, plastics, and paper.
Bakery & confectionery is expected to be the fastest-growing segment in 2022.
The application segments include bakery & confectionery products, nuts & dried fruits, dairy products, dressings & condiments and others. Bakery & confectionery is expected to witness the highest growth rate during the forecast period. As prepared or ready-to-eat bakery products offer convenience, they are a popular choice for households with two earners and students over the forecast period. Therefore, the bakery and confectionery segment is expected to grow due to the high acceptance of packaged food.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the snack food packaging market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. The North America market will dominate the global snack food packaging market during the forecast period due to the growing demand for snack foods and stringent government regulations. There will be an increasing number of food service suppliers in the region who will be digitalizing their operations, driving growth in this market.
Country Analysis
- Germany
Germany's snack food packaging market size was valued at USD 1.27 billion in 2022 and is expected to reach USD 1.8 billion by 2030, at a CAGR of 4.6% from 2023 to 2030.
The snack food market in the country has grown due to its convenience and quick source of nutrition and energy, making it a popular alternative to full-fledged meals.
- China
China’s snack food packaging market size was valued at USD 1.34 billion in 2022 and is expected to reach USD 1.94 billion by 2030, at a CAGR of 4.8% from 2023 to 2030
The younger generation in China has developed a strong preference for various snack foods as a result of significant changes in consumption habits, driving market growth in the country.
- India
India's snack food packaging market size was valued at USD 1.03 billion in 2022 and is expected to reach USD 1.48 billion by 2030, at a CAGR of 4.7% from 2023 to 2030.
A combination of rising health consciousness, rising lifestyle patterns, and increasing per capita income is driving the flexible packaging market in this country.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the changing lifestyle and rising demand for ready-to-eat food, propelling the growth of the market across the countries.
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