As per Future Market Insights’ (FMI) latest report, the global Food Packaging Market value is forecast to rise from US$ 353.7 billion in 2023 to US$ 592.8 billion by 2033. Over the projection period from 2023 to 2033, global sales of food packaging sales are likely to soar at 5.3% CAGR.
The food sector is exploring new ways and designs to present the product and packaging. Flexible packaging such as laminates and multi-layered high-barrier films, offers an array of customized options that makes it easy for brands to adopt according to the customer demands.
The need for packaged food is being fuelled by changing consumer demand patterns, favorable government policies, and stockpiling. Similarly, rising consumption of processed food products and growing focus of companies on improving shelf life of products are expected to boost the market.
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Demand remains particularly high for flexible food packaging due to its applications across various sectors. The target segment is expected to dominate the global food packaging industry during the assessment period.
Market Scenario:
- Market Growth and Size:
- The food packaging market has been steadily growing due to several factors, including population growth, urbanization, changing consumer preferences, and the need for convenience and food safety.
- The market is substantial, and its size varies by region. In 2021, the global food packaging market was estimated to be worth hundreds of billions of dollars.
- Key Drivers:
- Consumer Preferences: Consumer demands for convenient, sustainable, and visually appealing packaging have driven innovation in food packaging materials and designs.
- Food Safety: Ensuring the safety and freshness of food products remains a top priority, prompting advancements in packaging technologies like barrier films and active packaging.
- Sustainability: Sustainability concerns have led to a focus on eco-friendly packaging materials, reduced packaging waste, and increased recyclability and biodegradability.
- Types of Food Packaging:
Food packaging comes in various forms, including:
- Flexible Packaging: Such as pouches, bags, and wraps.
- Rigid Packaging: Like bottles, jars, and cans.
- Paperboard and Cardboard Packaging: For cereal boxes, cartons, and folding cartons.
- Plastic Packaging: Including bottles, containers, and trays.
- Metal Packaging: Such as canned foods.
- Glass Packaging: Commonly used for certain beverages and sauces.
- Applications:
- Food packaging serves a wide range of applications, including fresh produce, dairy products, meat and poultry, baked goods, beverages, and frozen foods.
- Regional Market Trends:
- Market trends and preferences vary by region. For example, in North America and Europe, there’s a strong focus on sustainable and recyclable packaging. In Asia-Pacific, the demand for convenience packaging and single-serve portions has been growing.
- Competitive Landscape:
- The food packaging market is highly competitive, with numerous global and regional players. Competition often revolves around cost, quality, and innovation in materials and designs.
- Challenges:
- Challenges in the food packaging market include regulatory compliance, ensuring food safety, reducing food waste, and addressing consumer concerns about the environmental impact of packaging.
- Future Outlook:
- The food packaging market is expected to continue evolving in response to changing consumer preferences and regulatory requirements.
- Trends like smart packaging (with features like QR codes for information access) and the use of advanced materials for improved food preservation are expected to gain prominence.
Market Players:
- Mondi Group
- Berry Global Group
- Tetra Laval International SA
- Amcor plc
- DS Smith plc
- Stora Enso Oyj
- Plastipak Packaging Inc.
- Crown Holdings Inc.
- Graham Packaging Company
- Sealed Air Corporation
- Westrock Company
- Ball Corporation
- International Paper Company
- Constantia Flexibles Group GmbH
- Smurfit Kappa plc
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Key Takeaways from Food Packaging Market:
- The global food packaging industry is expected to reach a valuation of US$ 592.8 billion by 2033.
- By packaging type, flexible food packaging segment is estimated to hold 1/2 value share of the market during the forecast period.
- Based on application, dairy products segment is projected to thrive at 5.7% CAGR through 2033.
- South Asia food packaging industry is predicted to account for about 26% of the worldwide market share during the forecast period.
- The United States food packaging industry is predicted to reach a valuation of US$ 73.5 billion by 2033.
- India food packaging industry is likely to create an incremental opportunity of US$ 26.1 billion during the assessment period.
Recent developments:
In June 2023, Mondi plc in collaboration with Syntegon announced the development of new recyclable paper-based packaging.
Key Countries Covered:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan Countries & Baltic Countries
- Middle East & Africa
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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