New York (US), May 23, 2023 (GLOBE NEWSWIRE) -- Food Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Food Packaging Market Information by Type, Material, Application, and Region - Forecast till 2030”, Food Packaging Market could thrive at a rate of 6% between 2022 and 2030. The market size will be reaching around USD 530 Billion by the end of the year 2030
Market Synopsis
The food packaging market involves the use of packaging materials and technology to protect food products during transport, storage, and consumption. The market is driven by several factors such as the growing demand for convenient food packaging options, increasing awareness regarding food safety, and the growing preference for sustainable and eco-friendly packaging materials.
One of the major drivers of the food packaging market is the increasing demand for convenient food packaging options. The busy lifestyles of consumers have led to a shift towards on-the-go food options, which in turn has led to a rise in demand for food packaging that is portable, convenient, and easy to use. This has led to the development of a wide range of packaging materials and designs that are tailored to meet the needs of on-the-go consumers.
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Market Competitive Landscape:
The affluent companies in the Food Packaging industry include
- Amcor Limited
- Coveris Holdings S.A.
- The Smurfit Kappa Group plc
- Du Pont de Nemours and Company
- Mondi Plc
- Bemis Company, Inc.
- International Paper Company
- Smith Plc.
- Silgan Holdings Inc
- Rock-Tenn Company
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 530 Billion |
| Compound Annual Growth Rate (CAGR) | 6.00% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Changing trends towards specialty and advancement in materials Changing trends toward processed food Adoption of various kinds of strategies |
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February 2022
Coveris, a leading global packaging manufacturer, announced its plans to expand production capacity for stretch and shrink hoods made from recycled materials for industrial applications.
Market USP Covered:
Market Drivers:
One driver of the food packaging market is the increasing demand for convenient and ready-to-eat food products. This demand is driven by changing lifestyles, increasing urbanization, and rising disposable incomes, which are leading to more people seeking out pre-packaged and on-the-go food options. This trend is particularly strong in developing countries where busy lifestyles and long working hours make it difficult for people to prepare meals at home. As a result, food packaging companies are innovating and expanding their product lines to offer a wide range of convenient, pre-packaged food options that meet the needs of these consumers.
Market Restraints:
One restraint of the food packaging market is the growing concern among consumers and governments about the environmental impact of packaging waste. The use of non-biodegradable and single-use plastics in food packaging has come under increased scrutiny, with many governments implementing regulations and policies to reduce plastic waste. This is forcing food packaging companies to explore and invest in sustainable and eco-friendly packaging solutions. However, the transition to more sustainable packaging options can be costly, and the development of new materials and technologies can be time-consuming, which may hinder the growth of the food packaging market in the short term.
COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the food packaging market. The pandemic led to disruptions in supply chains and increased demand for packaged food products as consumers stocked up on essential items. This resulted in a surge in demand for food packaging materials and products such as paper and plastic containers, bags, and wraps.
However, the pandemic also brought about a shift in consumer preferences toward sustainable and eco-friendly packaging solutions. With more people becoming aware of the impact of packaging waste on the environment, there is now a growing demand for packaging materials made from renewable and biodegradable sources. Additionally, the pandemic also led to a temporary ban on the use of reusable bags and containers in some countries as a precautionary measure to prevent the spread of the virus, which increased the use of single-use packaging products.
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Market Segmentation
By Material
The material in the market includes Glass, Paper & Paperboard, Plastic, Metal), Type (Bottles, Cans, Pouches, and Boxes.
By Application
By Application the segment includes Bakery & Confectionery, Dairy, Meat, Fruits & Vegetables
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Regional Insights
The North American food packaging market is driven by factors such as the increasing demand for convenient and packaged food products, growing awareness about sustainable packaging, and the rising adoption of biodegradable and eco-friendly materials for packaging. The US is the largest market for food packaging in the region, followed by Canada. Further, in Europe, the food packaging market is driven by factors such as the increasing demand for convenience food products, growing awareness about the environmental impact of packaging waste, and the implementation of stringent regulations for food packaging. The UK, Germany, and France are the major markets for food packaging in the region.
Additionally, the Asia Pacific food packaging market is driven by factors such as the growing population and urbanization, increasing demand for processed and packaged food products, and the adoption of innovative packaging technologies. China, Japan, and India are the major markets for food packaging in the region.
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