New York, March 13, 2023 (GLOBE NEWSWIRE) -- The global food packaging market was valued at around USD 358.3 billion in 2022 and is expected to reach approximately USD 592.8 billion in 2032, growing at a CAGR of slightly above 5.3% between 2023 and 2032. People are adopting healthier lifestyles and consuming more convenience foods. Thus the demand for these items is increasing. The industry will benefit from convenience and high-performance materials which increase efficiency in preventing contamination and longer shelf lives. Growth will be seen due to factors like disposable income, shrinking households, and an expanding population.
Get additional highlights on major revenue-generating segments; request a global food packaging market sample report at https://market.us/report/food-packaging-market/request-sample/
Key Takeaway:
- By Product, rigid packaging holds the largest market share in 2022.
- Based on Material, the market can be divided into four segments: paper, plastics, glass, and metals. The largest market share belongs to the paper and board category.
- By Application, the bakery & confectionary application segment has dominated the market with 25% of the share.
- In 2022, Asia-Pacific dominated the market with the highest revenue share of approximately 34.8%.
- Europe has held a 28% revenue share in 2022.
- Asia-Pacific will drive expanding demand from 2023-2032.
Due to this growing demand for fast food in our society, convenience food producers have responded by creating products with higher nutritional values and fewer adverse effects on the body. This market expansion can be attributed to the convenience food producers are creating. They are developing products with more beneficial nutrition for customers while lessening adverse reactions in their bodies.
Plastic is one of the primary raw materials used in food packaging. Natural resources are utilized to produce synthetic polymers like polypropylene and polyethylene. They are then used by manufacturing industries in plastic packaging. Unfortunately, the packaging industry is facing increasing costs from shifting raw material costs. The governments' resource conservation laws are also driving up these costs further.
Factors affecting the growth of the Food Packaging industry
Numerous factors can impact the growth of the food packaging market industry. Some of these include:
- Plastic is a key raw material in food packaging. Synthetic polymers such as polypropylene and polyethylene are produced from natural resources to create plastic packaging.
- Technological Advances: Shelf life is one of the key aspects of domestic and international food industry competition.
- Growing Awareness of Environmental Friendly Packaging Trends: The market has been shaped by a trend toward eco-friendly packaging.
- Government Support and Funding: Governments around the world are increasingly providing financial assistance and funding for eco-friendly packaging, which is fueling growth in this industry.
- The high demand for convenience foods drives up the demand for food packaging, propelling the market's expansion.
- Food product manufacturers are investing a considerable amount of money in research and development of cutting-edge packaging methods like nanotechnology in an effort to provide more cost-effective options.
- Cardboard is the most easily recyclable packaging material, followed by plastic, metal, and glass.
- Consumer preference for products with extended shelf lives is growing due to increasing health awareness and an appreciation of fresh food's importance.
To understand how our Food Packaging Market report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/food-packaging-market/#inquiry
Top Trends in Global Food Packaging Market
There is room for expansion in the market due to the growing innovations in packaging. Food safety and quality are both greatly aided by packaging over the course of its shelf life. Innovative product solutions greatly benefit from plastic packaging. Cling film made of plastic is one type of plastic packaging that is used a lot today.
The market is being shaped by the move toward eco-friendly packaging and advanced cling film packaging innovations.
There are a lot of different ways to package this innovation: nanocomposites, edible/biodegradable packaging, intelligent packaging, active packaging, and various design options for packaging. These packaging solutions increase market availability, control inventory, educate consumers, extend food product shelf life, and even guarantee food product quality and safety. Due to its longer shelf life, active packaging is an excellent option for numerous applications in the food industry, thereby reducing food waste.
Nanotechnology is a new method that can prevent food from spoiling. It can also extend the shelf life of food, repair packaging tears, guarantee food safety, alleviate the food shortage problem, and improve consumer health.
Market Growth
Accommodation food is significantly utilized because of simple movability, the long time span of usability, and the prepared-to-eat. Snacks, frozen foods, finger foods, candy, beverages, and other types of food fall under this category. These items are typically served hot and in ready-to-eat containers, requiring less preparation time.
The convenience food market is expected to expand due to the rising sedentary lifestyle demand for ready-to-eat snacks. Additionally, the primary driver of market expansion is rising disposable income per capita and an expanding workforce. The majority of consumers are moving toward food that is easy to eat, which will boost the food packaging market.
There has been an increasing demand for fast food items in today's society as a result of consumers' fast-paced lifestyles. Convenience food manufacturers have developed products that have a higher nutritional value and fewer negative effects on the body as a result of this high demand. The market's expansion is aided by the fact that the high demand for convenience foods directly drives up the demand for food packaging.
Green packaging is increasingly being used to achieve sustainability. They contribute to the reduction of pollution in the environment and offer a wide range of benefits, such as reducing the use of plastic, increasing recycling, conserving energy, and making transportation more effective, which has led to an increase in industry expansion.
Regional Analysis
During the forecast period, it is anticipated that the Asia-Pacific market will contribute the most revenue. The customers of the area have seen significant increases in their discretionary income, which has raised both their capacity to spend and the standard of living for the locals. Food packaging is in high demand in this region due to the growing urban populations of China and India.
The market's expansion is being driven by exports of fruits and vegetables to the Asia-Pacific region. Fruit and vegetable imports have increased by 17.6% globally and by an astonishing 51.6% from the Asia-Pacific region. In addition, the food packaging industry is embracing packaged food boxes more and more in nations like India, where online meal ordering is on the rise.
The North American market is anticipated to experience steady revenue growth as a result of an increase in the consumption of packaged foods. Fast food is being replaced by healthier, higher-quality packaged foods by consumers. Biodegradable and sustainable packaging, for instance, are environmentally friendly options that people prefer to use.
Competitive Landscape
This market has a diverse mix of small, medium, and large businesses which makes it highly competitive. Due to the shift toward sustainable packaging. Major players in this space must compete against both local and international firms. Furthermore, numerous smaller players offer customized goods for customers.
Recent advances in packaging technologies are the result of leading packaging companies' ongoing investments in research and development programs. Temperature-controlled packaging, retort packaging, child and elderly-friendly packaging, as well as modified atmosphere packaging (MAP), are some of the most commonly employed packaging techniques.
Have Queries? Speak to an expert, or To Download/Request a Sample, Click here.
Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 358.3 billion |
| Market Size (2032) | USD 592.8 billion |
| CAGR (from 2023 to 2032) | 5.3% |
| Asia-Pacific Revenue Share | 34.8% |
| Europe Revenue Share | 28% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Packaged food takes time to reach consumers around the world. By the time it gets there, it may not be fresh or have lost its flavor and smell. Thus, food spoilage is much greater than any potential benefit from preservation methods. Food processing industries invest heavily in new packaging technologies and methods, such as engineering science, intelligent packaging, and other innovative packaging strategies to combat this. Doing so helps extend product shelf life.
Customer satisfaction is of the utmost importance for any company. It can have a lasting effect on its reputation and market value. Cardboard packaging is the most recyclable type; followed by plastic, metal, and glass. Health awareness and the importance of fresh food are increasing among consumers. They are increasingly opting for products with extended shelf lives.
Due to this growing need for fast food in our society, convenience food producers have responded by creating products with higher nutritional values and fewer negative side effects on the body. This market expansion can be attributed to their efforts.
Market Restraints
Plastic is one of the primary raw materials used in food packaging. Natural resources are utilized to produce synthetic polymers such as polypropylene and polyethylene, which are then utilized to make plastic packaging. Unfortunately, the packaging industry is being negatively impacted by changes in raw material costs.
Government and other organizations' resource conservation laws are driving up the cost of these raw materials, causing inflation in the market. Technological innovation in packaging solutions is hindered by a lack of readily accessible raw materials. Many advanced packaging technologies are becoming prohibitively expensive due to rising raw material prices. Furthermore, businesses using conventional packaging has an adverse effect on both economy and the environment.
Market Opportunities
An opportunity exists for market expansion due to advances in packaging. Plastic cling film is just one example of the many varieties of plastic packaging still used today, and its use is being driven by cutting-edge developments and an eco-friendly trend. Nanocomposites, intelligent packaging, active packaging, edible/biodegradable packaging, and many design options for packaging are just some of the innovations provided by this innovation - which increase market accessibility, inventory management efficiency, consumer education initiatives, and longer shelf lives for food products while assuring food product quality assurance assurances.
Grow your profit margin with Market.us - Purchase This Premium Food Packaging Market Report at https://market.us/purchase-report/?report_id=12988
Report Segmentation of the Food Packaging Market
Product Type Insight
The food packaging market can be divided into three categories based on product: flexible, semi-rigid, and rigid. Rigid packaging dominates this sector due to its easy crushing resistance; however, changes in consumer behavior such as an increase in bread consumption (particularly in China, India, and Germany) could expand market demand even further. Furthermore, innovative retail outlets may further boost this sector's size.
Semi-rigid packaging is commonly used to protect food products from humidity, rotting, and harsh environments. Constructed out of cardboard and plastic, these lightweight yet shockproof, corrosive-resistant, and heat-sealable materials find applications in microwaveable applications.
Material Insight
Material-wise, there are four segments to this market: paper and board; these products can be recycled and are beneficial for the environment as well as having many uses that reduce carbon dioxide production. As a result, the paper has become an increasingly popular packaging material in various foodstuffs like beverages or fresh vegetables. With the growing demand for paper in these applications, the market share continues to grow steadily.
Glass bottles have a long life and can be reused or recycled to store and package food products. As they can be recycled entirely, glass has become widely used - it even holds GRAS (US FDA) certification! With its non-reactive nature, milk and dairy companies are increasingly opting for glass packaging; thus the market size for such items will likely expand significantly over time.
Application Insight
Bakery and confectionery was the industry with the highest revenue share of more than 25.0% in 2022. High moisture barrier packaging is typically used to extend the shelf life of bakery and confectionery products. Flexible packaging is frequently used for the aforementioned purpose due to its advantages over paper cartons and tins, such as its cost-effectiveness, lightweight, and printability. Additionally, the appealing packaging of confectionary products is anticipated to support the segment's expansion.
Recent Development of the Food Packaging Market
- In June 2022, Walki, a Finish manufacturer of packaging materials, introduced a new line of frozen food-specific recyclable packaging materials.
- In May 2022, High-performance retort pouches with improved food packaging sustainability have been introduced by ProAmpac, a US-based packaging and material science company. These pouches contain recycled materials from post-consumer sources.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/food-packaging-market/request-sample/
Market Segmentation
By Product Type
- Rigid
- Semi-rigid
- Flexible
By Material
- Paper
- Metal
- Plastic
- Glass
By Application
- Bakery & Confectionery
- Dairy Products
- Fruits & Vegetables
- Meat & Seafood
- Other Applications
By Geography
North America
- US
- Canada
- Mexico
Western Europe
- Germany
- UK
- France
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Spain
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of Asia-Pacific
Latin America
- Brazil
- Argentina
- Colombia
- Chile
- Costa Rica
- Rest of South America
MEA
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players
- Mondi Group
- Amcor PLC
- Constantia Flexibles
- Plastipak
- Tetra Pak International S.A.
- DS Smith
- Crown Holdings, Inc.
- Pactiv LLC
- Coveris Group
- Winpak LTD
- Alpha Packaging
- Other Key Players
Browse More Related Reports:
- Biodegradable Food Packaging Market value of US$ 216.35 billion in 2023 and is expected to garner a valuation of US$ 355 billion by exhibiting a CAGR of 5.08% in the forecast period 2023 to 2033
- Pet Food Packaging Market is estimated to be worth USD 11,520 million in 2021 and will grow at a 5.2% compound annual growth rate over the forecast period.
- PVDC Coating Food Packaging Market was valued at US$ 362.60 Mn in 2021 and is expected to reach US$ 561.13 Mn by 2029, at a CAGR of 5.61% during a forecast period.
- Fresh Food Packaging Market stood at US$ 98,124 million. The market is estimated to grow at a CAGR of 5% between 2023-2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn | Facebook | Twitter
Our Blog:
