Pune, Aug. 10, 2023 (GLOBE NEWSWIRE) -- As per the SNS Insider report, “The Snack Food Packaging Market reached a valuation of $18.53 billion in 2022. Projections indicate that it is poised to attain a value of $25.55 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast duration spanning from 2023 to 2030”.
Market Report Scope
Snack food packaging plays a pivotal role in the modern consumer landscape, serving as a visual and functional gateway to a delectable world of treats. It encompasses the art and science of enclosing various snack products within a protective, visually appealing, and convenient exterior. Beyond merely containing the contents, snack food packaging has evolved into a strategic tool that communicates brand identity, product information, and a captivating narrative to consumers. Environmental considerations have also steered the evolution of snack food packaging. With the increasing awareness of sustainability, brands are shifting towards eco-friendly materials and responsible packaging practices.
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Market Analysis
In recent years, the snack food packaging market has experienced significant growth, driven by a combination of evolving consumer preferences, technological advancements, sustainability concerns, and changing lifestyles. This growth trajectory is expected to continue as various factors converge to shape the future of the industry. The rise of e-commerce has redefined the way snacks are purchased. Online shopping requires packaging that not only protects the product during transit but also offers a memorable unboxing experience. Brands are investing in packaging designs that are not only functional but also visually appealing, enhancing the online shopping journey. Globalization has expanded consumers' palates, leading to a growing demand for exotic and culturally diverse snack options. Packaging that reflects the authenticity of the product's origin, while also providing clear information about flavors and ingredients, appeals to consumers' curiosity and desire for new taste experiences.
Snack Food Packaging Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 18.53 billion |
| Market Size by 2030 | USD 25.55 billion |
| CAGR | CAGR of 4.1% from 2023-2030 |
| Key Segments | by Raw Material (Plastic, Metal, Paper, Others), by Packaging (Rigid, Flexible), by Application (Bakery snacks, Candy & confections, Savory snacks, Nuts & dried fruits, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Impact of Recession
An economic recession significantly impacts the snack food packaging market. Companies need to navigate changes in consumer behavior, preferences, and spending patterns while finding innovative ways to balance cost-efficiency, branding, sustainability, and supply chain stability. Adapting to these challenges can help businesses not only survive but also position themselves for success in the long run.
Impact of Russia-Ukraine War
The Russia-Ukraine war's impact on the snack food packaging market is multifaceted. From supply chain disruptions to changes in consumer behavior and the increased emphasis on sustainability and innovation, the packaging industry is navigating a complex landscape. Adaptability, creative problem-solving, and a focus on meeting evolving consumer needs will be key factors in how snack food packaging companies weather the challenges posed by this geopolitical situation.
Key Regional Development
In North America, convenience and on-the-go consumption are significant drivers for snack food packaging market. With busy lifestyles, consumers demand packaging solutions that are resealable, portable, and easy to carry. European consumers place a strong emphasis on food safety and quality. As a result, packaging innovations that extend the shelf life of snack foods while maintaining their freshness are crucial in this region. In the Asia-Pacific region, a diverse range of cultures and tastes influence snack food preferences and packaging. Traditional flavors and unique textures are often celebrated, leading to innovative packaging designs that highlight the cultural appeal of the snacks.
Key Takeaway from Snack Food Packaging Market Study
- The market is witnessing a dynamic interplay between the Plastic Segment and the Bakery Snacks Segment. Their ability to adapt to changing consumer preferences, integrate cutting-edge technology, and embrace sustainable practices positions them at the forefront of the industry.
- As consumers continue to seek convenience, taste, and sustainability in their snack choices, these two segments are poised to not only dominate the market but also inspire the evolution of packaging practices across the board.
Recent Developments Related to Snack Food Packaging Market
- In a strategic move that's set to redefine the snacking industry landscape, Kellogg Company has announced the name of its eagerly anticipated snack business spin-off: 'Kellanova'.
- Paxiom, a leading innovator in packaging solutions, has recently unveiled its latest breakthrough in the world of food packaging with the introduction of an impressive Large Format Food Packaging Machine.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Snack Food Packaging Market Segmentation, By Raw Material
8.1 Plastic
8.2 Metal
8.3 Paper
8.4 Other
9. Snack Food Packaging Market Segmentation, By Packaging
9.1 Rigid
9.2 Flexible
10. Snack Food Packaging Market Segmentation, By Application
10.1 Bakery snacks
10.2 Candy & Confections
10.3 Savory snacks
10.4 Nuts & dried fruits
10.5 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 The Middle East & Africa
11.6 Latin America
12. Company Profile
12.1 Sonoco Products (US)
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Products/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Modern-Pak Pte Ltd (US)
12.3 Graham Packaging Holdings
12.4 ProAmpac (US)
12.5 Huhtamaki Global, Bemis Company (US)
12.6 Amcor (Australia)
12.7 Clondalkin Group
12.8 Swiss pack private limited
12.9 Bryce Corporation (US)
12.9.5 The SNS View
12.10 Sealed Air Corporation (US)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases and Best Practices
15. Conclusion
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