NEWARK, Del, Aug. 07, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights’ (FMI) latest report, the global Food Packaging Market value is forecast to rise from US$ 353.7 billion in 2023 to US$ 592.8 billion by 2033. Over the projection period from 2023 to 2033, global sales of food packaging sales are likely to soar at 5.3% CAGR.
Demand remains particularly high for flexible food packaging due to its applications across various sectors. The target segment is expected to dominate the global food packaging industry during the assessment period.
The food sector is exploring new ways and designs to present the product and packaging. Flexible packaging such as laminates and multi-layered high-barrier films, offers an array of customized options that makes it easy for brands to adopt according to the customer demands.
The need for packaged food is being fuelled by changing consumer demand patterns, favorable government policies, and stockpiling. Similarly, rising consumption of processed food products and growing focus of companies on improving shelf life of products are expected to boost the market.
Consumers in developing economies are switching from unpackaged to packaged foods as a result of the increasing food safety crisis. They are increasingly choosing packaged products with a longer shelf life due to rising health consciousness and awareness about the importance of eating fresh food.
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Demand for convenience foods is on the rise as customers' disposable income rises at the same time as they don't have enough time to prepare their meals.
Because packaged and processed meals are simple and quick to prepare, the worldwide packaged and processed food business is expected to increase significantly in the coming years. This in turn is likely to uplift food packaging demand and create lucrative opportunities for packaging companies.
Convenience foods are also improving in terms of quality and variety. The rapidly rising urban population is expected to have a substantial impact on the business which will eventually bolster food packaging sales.
High emphasis on food safety is another key factor expected to boost the food packaging industry during the assessment period.
A recent study carried out by the Tetra Pack Index says that almost 50% of consumers believe that improving food safety is the responsibility of the manufacturers. This has emphasized the rethinking of food production and finding solutions that benefit the players starting from farmers to the customers throughout the supply chain.
The companies need to focus on developing packaging solutions that can protect food during storage and transportation. Combining innovation and technologies, food manufacturers and packaging companies need to enhance food safety by managing the supply chain and ensuring profitability in the competitive market.
Key Takeaways from Food Packaging Market
- The global food packaging industry is expected to reach a valuation of US$ 592.8 billion by 2033.
- By packaging type, flexible food packaging segment is estimated to hold 1/2 value share of the market during the forecast period.
- Based on application, dairy products segment is projected to thrive at 5.7% CAGR through 2033.
- South Asia food packaging industry is predicted to account for about 26% of the worldwide market share during the forecast period.
- The United States food packaging industry is predicted to reach a valuation of US$ 73.5 billion by 2033.
- India food packaging industry is likely to create an incremental opportunity of US$ 26.1 billion during the assessment period.
“With changing lifestyles and increasing work hours, food consumption patterns of consumers are shifting which will help the target market to thrive rapidly. Companies are focusing on continuous innovation and redesigning of food packaging to keep the product fresh for a longer duration,” – comments a lead FMI Analyst
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Rising Consumption of Dairy and Ready-to-Eat Products Fueling Market Growth:
In 2022, the ready-to-eat meals market generated about US$ 505.4 billion in revenue. The market is predicted to increase at a rate of 6.20% per year (CAGR 2022 to 2027). By 2027, volume in the ready-to-eat meals market is predicted to reach 90,989.0 kg.
In 2023, the ready-to-eat meals segment is predicted to rise by 3.6% in volume. In 2022, the average volume per person in the ready-to-eat meals segment was around 10.3 kg. As this segment grows, customer will need reliable packaging which keeps the material inside safe and is easy to open and have a great shelf life.
The dairy market worldwide was estimated at around US$ 720 billion, which is projected to rise to US$ 1,032 billion by 2024. This including with increase in the consumption of several other food items such as seafood and meat will drive the food packaging industry.
Identify the Main Participants for Food Packaging Market
- DS Smith plc,
- Berry Global Group,
- Mondi Group,
- Ball Corporation,
- Tetra pak,
- Amcor plc,
- Stora Enso,
- Westrock Company,
- Plastipak,
- Crown Holdings Inc.,
- International Paper Company,
- Graham Packaging Company,
- Sealed Air Corporation,
- Constantia Flexibles Group GmbH,
- others
are prominent manufacturers of food packaging profiled in the report. The Tier 1 players in the market hold 15% to 20% share in the food packaging industry.
These key food packaging companies are innovative to introduce novel packaging solutions such as intelligent packaging and antimicrobial packaging to meet evolving end user demand. They are also forming partnerships, alliances, and collaborations as well as implementing merger & acquisition strategy to gain profits.
Recent developments:
- In June 2023, Mondi plc in collaboration with Syntegon announced the development of new recyclable paper-based packaging.
Food Packaging Market Segmentations:
By Material:
- Plastic
- Paper
- Metal
- Glass
By Packaging:
- Flexible Food Packaging
- Bags & Pouches
- Films & Wraps
- Labels
- Stick Pack & Sachets
- Others (Tubes, etc)
- Rigid Food Packaging
- Bottles & Jars
- Boxes & Cartons
- Cans
- Trays
- Cups & Tubs
- Clamshells
- Others (Blisters, etc)
By Application:
- Ready-to-Eat Meals
- Dairy Products
- Bakery & Confectionery Products
- Fresh Produce Products
- Meat, Seafood and Poultry
- Sauces, Dressings and Condiments
- Other Food Products
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Food Packaging Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global food packaging market based on material (plastic, paper, metal, glass), packaging type (flexible food packaging (bags & pouches, films & wraps, labels, stick pack & sachets, others (tubes, etc.)), rigid food packaging (bottles & jars, boxes & cartons, cans, trays, cup & tubs, clamshells, others (blisters, etc.))), application (ready-to-eat meals, dairy products, bakery & confectionery products, fresh produce products, meat seafood & poultry, sauces dressings & condiments, other food products), and regions.
About the Packaging Division at Future Market Insights (FMI)
Future Market Insights' (FMI) packaging division provides in-depth historical research and estimates for the next ten years, as well as a unique dashboard perspective of the competitive landscape. Future Market Insights (FMI) offers an extensive database for various market verticals, ranging from packaging materials to packaging machines to package designs and formats, providing clients with unique research services and strategic suggestions.
With a library of over 1,000 reports, the team has thoroughly examined the packaging sector in more than 50 nations. The team assesses each node of the value chain and delivers end-to-end research and consulting services; contact us to learn more about how we can assist.
Explore Research-Related Reports of Packaging:
Food Packaging Equipment Market Overview: The global food packaging equipment market is expected to expand on the backdrop of growing food processing industries across the globe. Variety of food products are now available in the market which required different packaging.
Antimicrobial Packaging Ingredients for Food Packaging Market Share: The global antimicrobial packaging ingredient for food packaging market is expected to garner a market value of US$ 2,810 million in 2023. By 2033, it is expected to accumulate a market value of US$ 4,281 million
Meat, Poultry and Seafood Packaging Market Size: The growing population and rising GDP along with improved living standard and growing demand for ready to eat meals in emerging economies is expected to drive the growth of the global meat, poultry and seafood packaging.
Disposable Food Containers Market Scope: The global disposable food containers sales totalled US$ 16.9 billion in 2022 and are likely to reach a valuation of US$ 17.76 billion in 2023. The global disposable food containers market size is projected to grow at 5.1% CAGR during the forecast period of 2023 and 2033.
Sandwich Containers Market Demand: the global sandwich containers market is expected to grow at a CAGR of 5.8%. The market value is projected to increase from US$ 255.9 million in 2023 to US$ 449.7 million by 2033.
Food Bags Market Trends: The global food bags market size is expected to increase from US$ 824.0 million in 2023 to US$ 1,594.3 million by 2033. Over the assessment period from 2023 to 2033, global food bag sales are likely to soar at 6.8% CAGR.
Frozen Food Packaging Machines Market Growth: The frozen food packaging machines market size is projected to be worth US$ 1,638.5 million in 2023. The market is likely to surpass US$ 2,618.6 million by 2033 at a CAGR of 4.8% during the forecast period.
Plant Based Meat Packaging Market Values: The plant based meat packaging market size is projected to be worth US$ 424.6 million in 2023. The market is likely to surpass US$ 987.0 million by 2033 at a CAGR of 8.8% during the forecast period.
Beverage Cartoners Market Analysis: Rising demand for extended shelf life, bolsters the overall scope for beverage cartoners market, which is projected to grow at a CAGR of 4.9% between 2023 and 2033, totaling around US$ 1.1 billion by 2033.
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