Will the rapidly expanding demand for convenience food create a market for food packaging?
Category: Packaging Published Date : October 2022 ID: CVC-00228 Format: PDF Pages: 320
Food Packaging Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Food Packaging Market was worth US$ 336.6 Bn and is expected to grow at a CAGR of 5.2% over the forecast period. The market is expected to hit US$ 505.0 Bn by 2030 end.
Food and drink packaging meets the protective, tamper-resistant, and unique physical, chemical, or physical requirements of the food and drink contents. Additionally, food packaging promotes nutrition, ensures efficient and dependable food delivery across the value chain, and lowers post-harvest losses.
The consumption of convenience meals is driving the market for food packaging. Food packaging innovation for processed foods is driven by convenience characteristics, including simple opening, portability, and single-use packaging. The food packaging market is expanding due to convenience and aesthetic appeal.
THE GROWTH IN THE DEMAND FOR CONVENIENCE FOOD WILL DRIVE THE MARKET
Increasing consumer demand for convenience, increased consumer awareness of health issues, developing innovative packaging materials, expanding infrastructure for recycling packaging materials, and brand development in the retail sector are some of the other key factors driving the business.
One of the main drivers of the food packaging industry is the trend for clean room and hygienic packaging for consumable goods. Utilizing technologically advanced packaging forms like modified atmospheric packaging (MAP) and vacuum atmospheric packaging, manufacturers are taking extra steps to safeguard food goods’ quality and shelf life.
By Packaging Type:
By Region and Country:
Which material segment expected to dominate the market during the forecast period?
In 2021, the plastic material category became dominant, with a revenue share of nearly 35.0%. The food and beverage sector makes substantial use of plastic packaging goods such as trays, containers, tubs, wraps, pouches, and others to package convenience foods, frozen meals, carbonated and non-carbonated beverages, and snacks.
Which packaging type is Food Packaging projected to have a larger market share during the forecast period?
Over 40.0% of the total revenue in 2021 came from the flexible sector, which is predicted to rise significantly over the next ten years. Due to reducing home sizes and rising snacking, the food business has benefited from developing flexible packaging materials, including peel-off foil, plastic, and peel-off paper.
End-user businesses prefer flexible packaging over rigid packaging since the latter uses fewer resources and is thus more ecologically friendly. Examples of flexible packaging include bags. Over the projected period, this tendency is anticipated to hasten the expansion of bags and pouches as a favored packaging style.
Which application of Food Packaging is projected to have a larger market share during the forecast period?
In 2021, the segment with the highest revenue share, more than 25.0%, was bakery and confectionery. High moisture barrier packaging is typically used to increase the shelf life of bakery and confectionery items.
Due to its benefits over paper cartons and tins, such as lightweight, printability, and cost-effectiveness, flexible packaging is frequently utilized for food packaging. Additionally, the category development is anticipated to be aided by the confectionary items’ appealing packaging.
Which region is expected to expand the fastest during the forecast period?
In 2021, the Asia-Pacific area had the highest revenue share of more than 35.0%. Population growth, rising per capita income, and expanding demand in developing nations like China, Japan, and India in the Asia Pacific are anticipated to propel the market.
With its enormous population and expanding economy, China is the biggest consumer. Due to its burgeoning middle class and growing purchasing power, China’s market is anticipated to increase at a rapid rate.
To keep a competitive advantage in the market, the major competitors make significant investments in the growth of their companies and the creation of novel food packaging materials. It was noted that the major companies preferred new joint ventures, partnerships, collaborations, and expansions as tactics to improve their production facilities and increase their market share.
Some of the key developments that have taken place in the Food Packaging Market include:
A list of some of the key suppliers present in the market are:
Global Food Packaging Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Material, Packaging Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|