The global food packaging market size is expected to reach USD 456.6 billion by 2027, according to a report by Grand View Research, Inc. The industry is projected to advance at a CAGR of 5.2% over the forecast period. The shift towards healthy lifestyle and alternative eating habits has caused a growing demand for convenience food products, which is expected to bolster the market growth. The rapid growth in the urban population, coupled with a preference for ready-to-eat meals by consumers, is expected to spur the demand for food packaging. Food packaging has evolved from just performing its basic function, to becoming more environment- and technology friendly in recent years, aided by numerous innovations on the manufacturers’ part. Rising concerns of consumers regarding contamination and food safety is expected to bolster the demand for effective packaging solutions in the coming years.
The rising number of retail chains across the globe is poised to propel packaged food sales, which will lead to increased demand for packaging solutions. Furthermore, online food delivery and takeout food are trends that have positively impacted the food packaging industry, with brands such as DoorDash, Uber Eats, and Grubhub having established themselves in the food delivery ecosystem. A growing inclination towards environment-friendly and sustainable packaging has also compelled packaging manufacturers to innovate their products, which is creating a positive environment for industry growth. Emergence of new and innovative packing types and technologies including Modified Atmosphere Packaging (MAP), active packaging, and printing technologies are expected to boost the global industry scenario. Market players, both new and established, have insisted on investing in the development of cost-effective, lightweight, and high-performance materials. However, low recycling awareness, coupled with environmental issues such as overcrowded landfills and greenhouse gas emissions caused by plastic disposal, are expected to hamper the growth of the packaging industry to a certain extent.
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Further key findings suggest:
• Factors such as convenience and use of high-performance material, along with improved shelf-life and better efficiency in prevention of food contamination, are expected to boost the growth of the food packaging industry
• Based on type, the flexible packaging segment is expected to register the highest CAGR of 6.0% in terms of revenue through 2027, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers
• The paper and paper-based packaging material segment is estimated to show fastest growth at a CAGR of 6.1% through 2027 in the food packaging market, owing to its low cost and sustainability parameters
• The bakery and confectionary application segment recorded a market size of USD 82.6 billion in 2019 in the food packaging industry, owing to a sustained rise in demand for cakes, candies, and frozen ready-to-eat bakery products
• The COVID-19 pandemic has heavily influenced the growth of the food packaging sector, as continued lockdowns and ban on social gatherings have resulted in a drastic growth of food delivery and takeout services globally; furthermore, consumer focus on hygiene and safety has led to numerous innovations in the packaging aspect, thus impacting industry growth
• The food packaging industry is characterized by the presence of a number of notable players, such as Amcor Plc., Ball Corporation, Berry Plastic Group, and DS Smith PLC. These companies are involved in capacity expansions and innovative product launches, as a means to gain an edge over their competitors
• In March 2021, Amcor came out with a prototype KitKat wrapper, which is Australia’s first soft plastic food wrapper made with recycled content. For this purpose, Amcor collaborated with Nestlé, CurbCycle, iQ Renew, Licella, Viva Energy Australia, LyondellBasell, REDcycle, and Taghleef Industries
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Food Packaging Market Segmentation
Grand View Research has segmented the global food packaging market on the basis of type, material, application, and region:
Food Packaging Type Outlook (Revenue, USD Billion, 2016 - 2027)
• Rigid
• Semi-rigid
• Flexible
Food Packaging Material Outlook (Revenue, USD Billion, 2016 - 2027)
• Paper & Paper-based Material
• Plastics
• Metal
• Glass
• Others
Food Packaging Application Outlook (Revenue, USD Billion, 2016 - 2027)
• Bakery & Confectionary
• Dairy Products
• Fruits & Vegetables
• Meat, Poultry, & Seafood
• Sauces & Dressings
• Others
Food Packaging Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• The U.K.
• Italy
• France
• Asia Pacific
• China
• India
• Japan
• Australia
• Central and South America
• Brazil
• Middle East & Africa
• Saudi Arabia
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About Grand View Research
Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's expansive database offers in-depth analysis across a range of industries such as chemicals, F&B, energy, healthcare, and technology, among others.
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