Pune, India, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global food packaging market size is slated to rise from USD 338.34 billion in 2021 to USD 478.18 billion by 2028, exhibiting a CAGR of 5.1% during the forecast period. The growing demand for packaged products due to the shift in evolving lifestyles and eating habits is anticipated to impact the market, says Fortune Business InsightsTM in its report titled, “Food Packaging Market, 2021-2028”.
Report Coverage-
The study contains qualitative and quantitative insights into this market, as well as a detailed analysis of market size and growth. The report also includes an in-depth examination of market dynamics and the competitive landscape. Porter's five forces, recent market developments, the regulatory scenario in key countries, competitive landscape, microeconomic and macroeconomic factors, SWOT analysis, key food packaging industry trends, and company profiles are among the report's key insights.
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List of Key Market Players in the Food Packaging Industry:
- Mondi Group (Austria)
- Amcor plc (Australia)
- 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.)
COVID-19 Impact
COVID-19 Outbreak to Boost Market Demand Owing to Flexible Food Packaging
As the food industry was kept under essential services by all governments, the impact of COVID-19 on the global market is lower than in other manufacturing industries. Flexible packaging companies serving the sectors such as packaged foods are expected to do well during the ongoing pandemic. Changing consumer demand patterns, government measures, and stockpiling are fueling the demand for packaged food. Owing to the increased food safety crisis during the pandemic.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.1% |
| 2028 Value Projection | USD 478.18 Billion |
| Base Year | 2021 |
| Food Packaging Market Size in 2021 | USD 338.34 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 150 |
| Segments Covered | By Type, End-user and Regional Insights |
| Food Packaging Market Growth Drivers | Rising Need for Convenience Food to Boost Market Growth |
| Innovation in Packaging to Foster Growth in Food Industry |
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Segmentation-
By Market, Paper & Paperboard to Generate the Highest Revenue
The market is divided into glass, metals, paper and paperboard, wood, and plastics. Paper and paperboard have the largest market share due to their recyclable and eco-friendly nature, versatility, and lower carbon emissions, making them suitable for use in food packaging. The major factor driving the market is the increased use of paper in packaging various easily eatable foods, fresh vegetables, and beverages.
By Product, Rigid Packaging Holds the Largest Market Share
Based on product, the food and packaging market is divided into rigid, semi-rigid, and flexible segments. Due to its increased use in vegetables, fruits, and other easily crushable food products, rigid packaging has the largest market share among these packaging types. Consumer lifestyle changes and overconsumption of bread, sausages, and other snacks, primarily in China, India, Germany, and the U.K., will drive industry demand. The growing number of food retail outlets with inventive product launches may drive the overall market size.
By Application, Confectioneries and Baked Products to Exhibit a Significant CAGR
The market is divided into several applications, including fruits and vegetables, bakery and confectionery, dairy products, meat, poultry, and seafood, sauces, dressings, and condiments, and others. Among these applications, the bakery and confectionery segment is expected to maintain its dominance over the forecast period. It is primarily used in bakery and confectionery applications for toffees, chewing gums, candies, and chocolates. Increased consumption of these food products will result in market growth.
Regional Insights
Europe Dominates the Global Market Owing to the Low Temperatures
In 2020, Asia Pacific will hold the largest share of the global market. Due to rising urban population numbers and retail infrastructure development, this region is expected to stay the largest over the forecast period.
Europe held a significant market share and is expected to grow significantly due to increased demand from the food and beverage industry. Growing demands for packaging and processed food, as well as changes in consumer lifestyle, will support regional growth, particularly in Germany, the U.K., and Italy.
This market is anticipated to boom significantly in North America. The U.S. is a major consumer of ready-to-eat meals, which will aid market growth.
Latin America, Mexico, and Brazil will be prominent contributors to market growth. The region's expansion is primarily due to the rising demand for canned foods.
Increasing demand for dairy products and meat, poultry, and seafood is expected to fuel growth in the Middle East & Africa markets.
Competitive Landscape-
New Packaging Solutions Strengthen Market Position for Key Players
North America and Europe are the market's two largest producers. Mondi Group, Amcor plc, Berry Global Inc., and Ball Corporation are some of the major market players. Mondi provides sustainable packaging, manufacturing companies and develops industrial and consumer packaging products, and produces plastic films, pulp, and paper.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/food-packaging-market-101941
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments: Acquisition, Collaboration, Strategic Partnership, and Joint Venture
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the COVID-19 impact
- Potential Opportunities due to COVID-19 impact
- Global Food Packaging Market Analysis, Insights and Forecast – By Material, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Glass
- Metals
- Paper & Paperboard
- Wood
- Plastics
- Global Food Packaging Market Analysis, Insights and Forecast – By Product Type, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Rigid
- Semi-Rigid
- Flexible
- Global Food Packaging Market Analysis, Insights and Forecast – By Application, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Fruits & Vegetables
- Bakery & Confectionery
- Dairy Products
- Meat, Poultry & Seafood
- Sauces, Dressings and Condiments
- Others
- Global Food Packaging Market Analysis, Insights and Forecast – By Region, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
Notable Industry Development-
Constantia Flexibles Announced a Collaboration with Sappi
October 2019: Constantia Flexibles announced a collaboration with Sappi to develop paper-based packaging materials. To increase its collaboration across the value chain, the company partnered with Sappi driving the innovation for sustainable packaging.
Drivers & Restraints-
Rising Demand for Convenience Food to Aid Market Growth
The convenience food market is expected to grow due to rising consumption for ready-to-eat snacks as a result of sedentary lifestyles. Furthermore, rising per capita disposable coupled with increasing working population is the primary driver of market growth. The majority of consumers are shifting toward easily digestible foods, which is fueling the expansion of the food packaging market. However, regulations set up by the government and associations regarding resource conservation are driving up the price of these raw materials, impeding the food packaging market growth.
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Read Related Insights:
Flexible Packaging Market Size, Share and regional forecast 2022-2029
Rigid Packaging Market Size, Share and Regional Forecast 2022-2029
Glass Packaging Market Size, Share and Regional Forecast, 2020-2027
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