PackEx India 2023
Let's talk numbers- An insight into the food packaging market
Photo - Pixabay
By - FoodTechBiz Desk
In 2022, the global food packaging market size reached US$ 363.8 Billion. Going by the future insights, by 2028, the market is expected to reach US$ 512.0 Billion, exhibiting a growth rate (CAGR) of 5.94% during 2023-2028. Various factors are influencing the global packaging market. Some of these include consumers' rising concern for the environment. This is fostering the adoption of eco-friendly food packaging, made using biodegradable materials that can be easily recycled, reused, and renewed, is primarily driving the global food packaging market.
Market segmentation
Based on the application, the global food packaging market can be bifurcated into bakery, confectionery, pasta, noodles, dairy products, sauces, dressings, condiments, snacks and side dishes, convenience foods, meat, fish, and poultry, fruits and vegetables, and others. Among these, the bakery, confectionery, pasta, and noodles segment dominates the market.
Based on the packaging type, the global food packaging market can be segregated into flexible, paper and paperboard, rigid plastic, glass, metal, and others. Currently, flexible packaging holds the largest market share.
Geographically, the market can be divided into regions such as Asia Pacific, North America, Europe, the Middle East, Africa, and Latin America. Owing to the well-established food processing industries in North America, the region represents the largest food packaging market globally.
Food Packaging Market Analysis
According to reports, the Food Packaging Market is anticipated to register a CAGR of 5.5% during 2017-2027.
Due to the rise in the working population and the movement of people from rural to urban areas, the preference for processed food is increasing, which drives the packaging market.
Better for the environment packaging is made by companies using biodegradable materials that can be recycled, renewed, and used again.
The market is expected to remain highly regulated, with strict rules from the FDA and the European Commission about the types of food packaging and the materials that come into contact with food.
The pandemic impacted the food packaging industry globally and the Russia-Ukraine war had an impact on the overall packaging ecosystem.
Asia-Pacific is projected to be the fastest-growing food packaging market due to the increasing disposable income of the population, interest in healthy meals, exports of fruits and vegetables, and extensive urbanization.
Leading players operating in the market
Various small and large manufacturers compete in the global food packaging market, offering a range of prices and quality. Leading players in the industry include Amcor, Crown Holdings, Owens-Illinois, Tetra Pak, American Packaging Corporation, and Ball Corporation.
Forecast
The rise in disposable income is steering Asia-Pacific towards positive growth in the food packaging market and is estimated to witness significant growth in the future. The market is growing due to the rise in exports of fruits and vegetables to the Asia-Pacific region. A rise in the interest in packaged food is observed due to rising interest in healthy food and beverage. Consumers are willing to experiment with new products, providing more opportunities for the food packaging industry. This pushes the small, medium, and large packaging businesses to work towards fulfilling the current urban and convenience-oriented customers' current demands.
References
https://www.imarcgroup.com/food-packaging-market
https://www.mordorintelligence.com/industry-reports/food-packaging-market
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