OTTAWA, December 23, 2020 (GLOBE NEWSWIRE) – Global food packaging market size is estimated at $ 305.29 billion in 2019 and is expected to reach $ 464.98 billion by 2027, and is poised to grow at a compound annual growth rate (CAGR) of 5.4% over the projected period 2020 .until 2027.
A modern food packaging solution provides unauthorized mixing and biosecurity, complete protection and resistance to counterfeiting. It often contains nutritional information on the label, as well as additional facts about the product offered for sale. The advent of labels or packaging has helped retailers catch potential buyers. Packaging further plays a vital role in ensuring customer satisfaction along with the transfer of information. Food packaging instructs customers on how the product should be used, recycled, transported, disposed of and many other important information.
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The food packaging market is projected to show significant growth during the analysis period with the emergence of various production facilities aimed at catching up with the latest market trends. In addition, rapid changes in people’s lifestyles, along with a shift in consumers ’food preferences towards packaged foods, were expected to boost market growth over the projected period. Furthermore, the growing preference of people for processed food due to the shift of population dynamics from rural to urban areas also encourages the growth of the food packaging market.
The market has been further driven by a number of factors including the reorientation of consumer preferences for processed and specialty foods, the adoption of different marketing strategies by key players in the industry, advances in food packaging materials, growing demand for food packaging, and increased awareness of consumers according to the need for quality food packaging, especially in developing countries. Introduction to various technologies for the production of packaging solutions for processed food products, as well as the introduction of different types of packaging solutions for food packaging, further stimulate market growth.
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- The Asia-Pacific market is estimated to be the dominant market, followed by North America and Europe, accounting for about 40% of the total share in 2019.
- High consumption of packaged food by consumers, an advanced retail sector and the presence of numerous producers are key factors that project the growth of the market in North America.
- The paper-based paper and materials segment led the global market and accounted for almost 32% in 2019 due to high adoption in an attempt to replace non-degradable packaging solutions
- Plastic food packaging expected significant growth thanks to increasing adoption due to low cost, as well as increasing use of plastic foils in secondary food packaging
- Rigid packaging is increasingly used because of its properties that include a high barrier to moisture, light and oxygen that prevent food contamination
- Flexible packaging that is expected to be the fastest growing type due to its ability to create lighter, thinner and more compact packaging solutions
- Bakery and confectionery products usually need packaging with high protection against moisture in order to extend their shelf life, which significantly contributes to the growth of application.
- Increased consumer preference for dairy products in smaller packages due to declining households expected to boost dairy market growth
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The Asia-Pacific region should lead the global food packaging market, followed by North America and Europe. In addition, the region has reached its maturity which is projected to subsidize the region’s growth in the food packaging market. India and China are projected to be the most lucrative regions among other Asian countries and have been analyzed to dominate the market over the forecast period. This is mainly due to the increase in demand for healthy food driven by growing population growth.
Moreover, the growing demand for packaged food is due to the positive impact of Western culture on eating habits, along with technological developments and innovations in packaging material, along with techniques expected to drive overall market growth in the coming years. Also, the increase in foreign direct investment (FDI) in the food industry, together with significant consumption of packaged food among consumers, was expected to further boost market growth.
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Key players and strategies
Global players in the food packaging market are mainly concentrated in North America and the European region; however, they focus primarily on expanding their reach into the Asia-Pacific market to capture unexplored opportunities.
In addition, market players offer extensive product customization with the goal of increasing revenue share on the global platform. They seek to substitute harmful materials for biodegradability in accordance with government standards.
Some of the key players operating in the market are Berry Plastics Group, Amcor Plc, Sigma Plastics Group, Sealed Air Corporation, DS Smith PLC, American Eagle Packaging, Ball Corporation, Crown Holdings, Inc., Huhtamaki Oyj. And the Ardagh Group. others.
- Paper and paper
- The others
According to the application
- milk products
- Bakeries and patisseries
- Fruits and vegetables
- Sauces and dressings
- Meat, poultry and seafood
- The others
- North America
- Asia Pacific
- north korea
- The rest of the world
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