New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Food Packaging Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Food Packaging Market Information By Material, Type, Application and Region - Forecast till 2030”, the market is estimated to grow at a 6% CAGR to reach USD 520 Billion by 2030.
Market Scope:
The food packaging sector is essential for the transportation and delivery of perishable foodstuffs to consumers' homes. Having food pre-packaged also makes them cleaner. Information on the product's manufacturing and expiration dates, as well as an ingredient list, are prominently shown on the packaging of the food item, which would hopefully increase consumers' vigilance over the safety of the foods they purchase. This is expected to propel the scope of the market over the assessment period.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 520 Billion |
| CAGR | 6% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Changing trends towards specialty and advancement in materials |
| Owing to the increasing advancement in the technology sector, the growth of the market is increasing. |
Competitive Dynamics:
The most prominent major key players in the food packaging market in the global market are as follows:
- Amcor Limited (Australia)
- Coveris Holdings S.A. (Luxembourg)
- The Smurfit Kappa Group plc (Republic of Ireland)
- du Pont de Nemours and Company (U.S.)
- Mondi Plc (Austria)
- Bemis Company, Inc. (U.S.)
- International Paper Company (U.S.)
- S. Smith Plc. (The U.K.)
- Silgan Holdings Inc. (U.S.)
- Rock-Tenn Company (U.S.)
These major market players use a wide range of strategies and policies, including as joint ventures, mergers and acquisitions, strategic partnerships, the introduction of innovative new goods, and improvements to the manufacturing process, to attract and retain a larger consumer base.
Market USP:
Market USP:
High-quality food packaging not only protects the food but also attracts more customers, which in turn directly affects the growth of the global market. Changing consumer preferences are driving expansion in the international market. These days, most people opt for processed or packaged goods since they are convenient and easy to keep on hand. As people move from rural to urban regions, the market is expected to grow even further. A number of causes, including shifting consumer preferences toward specialized products and improved materials, rising demand for processed foods, and the implementation of new types of marketing methods, are contributing to the market's rapid expansion. Due to technological progress, the market is expanding. Demand in the global market has increased as a result of people's shifting preferences and the rising popularity of pre-packaged foods.
Growth in the market is anticipated as a result of a number of factors in the next years, including shifting consumer preferences for specialized products, technological advancements in materials, the rising popularity of processed foods, and other tactics. Also, progress in technology is fueling market expansion.
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Market Restraints
Fluctuating raw material costs are a potential market growth inhibitor for the food packaging industry. Moreover, plastic, which cannot be broken down in the environment, is widely utilized in food packaging. As a result of the global epidemic of COVID-19, several governments have established strict limitations on the use of the material in many emerging countries, limiting the spread of the market. Constantly, people are hit with a double whammy of health and money problems. Financial crises have arisen in a number of countries as a direct result of the global pandemic epidemic, which has imposed recession. The lockdown and subsequent period caused the closing of several production facilities around the world, which in turn led to a drop in revenue and a narrowing of the profit margin.
By the conclusion of the second quarter of the upcoming year, the market is predicted to have recovered from this worldwide pandemic crisis. Some of the companies have even permanently closed their doors. Businesses are making a sluggish but steady comeback from their losses, helped along by a variety of government measures designed to aid them during this difficult period.
Market Segmentation:
By Application
As people want to eat more protein, the demand for meat and fish has surged and now accounts for the majority of the global food market. The need for meat production in the application dividend is boosted by people's growing penchant for frozen meals and other lifestyle shifts.
Based on Type
As very sturdy tertiary packaging, typically composed of corrugated paper, boxes have amassed the largest proportion of the global market in the food packaging sector. Plastic pouches provide for more creative freedom in packaging design, which translates to more market exposure for your product.
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Regional Analysis:
Due to its subsidized growth at the product's maturity stage during the anticipated period, North America holds the greatest share of the global market. Beyond Meat, AMY's Kitchen Inc., and Morning Star Farms are all companies that have seen significant growth over the past few years, aiding the expansion of the market, and their success suggests that the trend toward meat alternatives will continue to create new opportunities for the food packaging industry.
Due to the presence of developing nations like China and India, the Asia-Pacific region controls the second-largest portion of the global market. Since Asia-Pacific is the fastest-growing region, it is also expected to overtake North America within the predicted period. The region's expanding population is a key factor, as is the rise in FDI in the food business there and elsewhere in Asia and the Pacific. Europe comes in second. A combination of China's massive population and booming economy makes it the world's largest consumer. The growing number of Chinese in the middle class and their disposable income indicate rapid expansion of the Chinese market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
