NEWARK, Del, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The food packaging film market valuation is expected to reach US$ 115.0 billion by 2034. The market is projected to grow at a CAGR of 6.6% over the forecast period.
Innovations in film technologies are continuously needed to enhance consumers' convenience. Moreover, growing environmental awareness has boosted the demand for eco-friendly packaging solutions that align with sustainability preferences, such as recyclable and biodegradable films.
Advancements in packaging films, including barrier coatings and modified atmosphere packaging, play a vital role in extending the shelf life of perishable food products, reducing food waste, and improving freshness. Despite the industry's challenges, such as environmental concerns and resistance to change from traditional packaging methods, the food packaging film market remains dynamic.
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The rise of online food retail, the globalization of the food trade, and the increasing emphasis on brand differentiation through visually appealing and informative packaging films are some of the factors driving the market. However, supply chain disruptions, regulatory constraints, and the difficulty in customization for specific food products also impact the market. A major driver for adopting advanced packaging materials is stringent regulations and standards for food safety, ensuring industry compliance.
Flexible food packaging films, especially those made from polyethylene, dominate the market due to their versatility, adaptability to different shapes, and consumer-friendly features such as resealability. Polyethylene's cost-effectiveness and strong barrier properties make it a preferred choice for manufacturers.
“The market is driven by consumer preferences, sustainability efforts, and technological innovation. The integration of smart packaging features contribute to the continued growth of the food packaging film market,” says Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study
- The flexible film type dominates the global food packaging film market, expanding at a 6.4% CAGR over the forecast period.
- Polyethylene leads the food packaging film market, growing at a 6.3% CAGR over the forecast period.
- The market in South Korea is predicted to rise at an 8.0% CAGR through 2034.
- The food packaging film food packaging film market is predicted to grow at a CAGR of 6.6% through 2034.
- The food packaging film market in the United Kingdom is predicted to grow at a CAGR of 7.7% through 2034.
- The market in China is predicted to rise at a whopping 6.8% CAGR through 2034.
- The market in the United States has the potential to increase at a 6.7% CAGR through 2034.
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Competitive Landscape
Recent advancements in the food packaging film market include a strong emphasis on sustainability, with companies exploring bio-based materials, recyclable options, and technologies that minimize environmental impacts.
- Amcor has been at the forefront of innovation in sustainable food packaging solutions. Amcor's advancements include mono-material films, simplifying the recycling process, and barrier technologies to enhance product protection and shelf life.
- Sealed Air focuses on technologies that actively interact with the food environment, such as modified atmosphere packaging (MAP) and vacuum packaging, to extend the freshness of perishable goods.
- DuPont's emphasis on high-performance materials, such as ethylene copolymers, contributes to developing films that meet stringent food safety requirements and improve overall packaging performance.
- Berry Global enhances film properties to maintain product integrity while aligning with circular economy principles.
Key Companies in the Market
- Amcor Plc
- AEP Industries Inc.
- Bemis Company Incorporation
- Berry Plastics Group, Inc.
- Coveris Group
- Crown Holdings, Inc.
- Charter NEX Films Inc.
- Constantia Flexibles Group GmbH
- DS Smith and Packaging
- ExxonMobil Chemical Company
- Graphic Packaging Holding Company
- Linpac Packaging Limited
- Mondi Group
- Plastipak Incorporation
- Stora Enso Inc.
- Sealed Air Corporation
- Sonoco Products Company
- Tetra Oak International S.A.
- The Dow Chemical Company
- Wipak Walsrode GmbH & Co. KG
Recent Developments
- Wentus launched WENTOPRO SkinTight 20 UHT and UHT-M skin films on March 28, 2023, meeting U.S. FDA oxygen transmission rate regulations, which provide enhanced product safety and compliance in packaging.
- Nova Chemicals Corp. and Pregis Corp. jointly developed a sustainable food packaging solution using recycled polyethylene for stand-up pouches, fitment pouches, and lay-flat bags on July 7, 2023.
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Market Segmentation
By Type:
- Flexible
- Rigid
By Material:
- Polyethylene
- Polypropylene
- Polyethylene Terephthalate
- Polyester
- Polyamide
- PVC
- Others
By Application:
- Fruits & Vegetables
- Bakery & Confectionery
- Medical and Pharmaceutical
- Consumer Products
- Industrial Packaging
- Meat, Poultry & Seafood
- Convenience Foods
- Dairy Products
- Others
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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