The worldwide food packaging market was esteemed at around US$ 319 Bn in 2021, enlisting Y-o-Y development of 4.8%. Food packaging deals are projected to increment at a sound CAGR of 5.3% to arrive at a valuation of US$ 563 Bn toward the finish of 2032.
As per Future Market Insights, the demand in the food packaging market is driven by rising need for packaged food and stringent government policies regarding packaging. Hence, end users in developing economies are switching from unpackaged to packaged foods. Consumption of packaged products with a longer shelf life is surging due to rising health consciousness and awareness about the importance of eating fresh food.
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With demand for convenience foods on the rise, the sales in food packaging market are expected to reach US$ 319 Bn by 2022. As packaged and processed meals are simple and quick to prepare, the worldwide packaged and processed food business is expected to increase significantly in the coming years.
Key Takeaways from Food Packaging Market
- The food packaging market is expected to grow by ~1.7x its current value, surpassing US$ 563 Bn by 2032.
- Based on packaging type, the flexible food packaging market is estimated to dominate the market throughout the forecast period.
- Dairy product is expected to remain top item in food packaging market and estimated to grow by 1.7x.
- South Asia food packaging market is predicted to account for roughly 26% of the worldwide market share during the forecast period.
“With increasing workhours food behaviour of consumers are shifting which will help the market to grow. To capitalize on this trend, key players re focusing on innovation and redesigning of food packaging to keep the product fresh for a longer duration will be essential to be in the market.” comments FMI Analyst
Food Packaging Market Landscape
Mondi Group, Berry Global Group, Tetra pak, Amcor plc, DS Smith plc, Stora Enso, Plastipak, Crown Holdings Inc., Graham Packaging Company, Sealed Air Corporation, Westrock Company, Ball Corporation, International Paper Company, Constantia Flexibles Group GmbH
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Food Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for food packaging market by material (plastic, paper, metal, glass) by packaging type (flexible food packaging (bags & pouches, films & wraps, labels, stick pack & sachets, others (tubes, etc.)), rigid food packaging (bottles & jars, boxes & cartons, cans, trays, cup & tubs, clamshells, others (blisters, etc.))), by application (ready-to-eat meals, dairy products, bakery & confectionery products, fresh produce products, meat seafood & poultry, sauces dressings & condiments, other food products).
Competitive Landscape
Due to the presence of leading competitors such as Mondi Group, Amcor Plc, and DS Smith Plc, among others, the competitive battle in the food packaging market is fierce. These companies provide high-quality packaging solutions using sustainable and cutting-edge technology, customised finishing and decorative processes, and a variety of materials.
Strategic alliances, R&D, and mergers and acquisitions are some of the strategies adopted by key players to expand their market footprint. For instance,
- February 2022 – Mondi & Henkel announced their collaboration to launch fully recyclable mono-material refill pouch for Pril.
- October 2021 – Amcor first to offer cooking oil bottles made entirely from recycled content in Colombia
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