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 global food packaging industry is poised for substantial growth as the production and consumption of packaged food products continue to rise. With evolving consumer lifestyles and preferences, packaged food has become increasingly popular due to its convenience and longer shelf life.
This trend is driving the demand for innovative and sustainable food packaging solutions across the globe. As manufacturers strive to meet the increasing demands of the food industry, the food packaging sector is expected to experience significant expansion, offering opportunities for market players to innovate and cater to evolving consumer needs.
Request a Sample Report! https://www.futuremarketinsights.com/reports/sample/rep-gb-14837
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 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.
“With changing lifestyles and increasing work hours, food consumption patterns of consumers are shifting which will help the target market to thrive rapidly. Companies are focusing on continuous innovation and redesigning of food packaging to keep the product fresh for a longer duration,” – comments a lead FMI Analyst
Get in Touch with Our Sales Team to Secure Your Copy of the Report Now!
https://www.futuremarketinsights.com/checkout/14837
Rising Consumption of Dairy and Ready-to-Eat Products Fueling Market Growth:
In 2022, the ready-to-eat meals market generated about US$ 505.4 billion in revenue. The market is predicted to increase at a rate of 6.20% per year (CAGR 2022 to 2027). By 2027, volume in the ready-to-eat meals market is predicted to reach 90,989.0 kg.
In 2023, the ready-to-eat meals segment is predicted to rise by 3.6% in volume. In 2022, the average volume per person in the ready-to-eat meals segment was around 10.3 kg. As this segment grows, customer will need reliable packaging which keeps the material inside safe and is easy to open and have a great shelf life.
The dairy market worldwide was estimated at around US$ 720 billion, which is projected to rise to US$ 1,032 billion by 2024. This including with increase in the consumption of several other food items such as seafood and meat will drive the food packaging industry.
Who is Winning?
DS Smith plc, Berry Global Group, Mondi Group, Ball Corporation, Tetra pak, Amcor plc, Stora Enso, Westrock Company, Plastipak, Crown Holdings Inc., International Paper Company, Graham Packaging Company, Sealed Air Corporation, Constantia Flexibles Group GmbH, and others are prominent manufacturers of food packaging profiled in the report. The Tier 1 players in the market hold 15% to 20% share in the food packaging industry.
These key food packaging companies are innovative to introduce novel packaging solutions such as intelligent packaging and antimicrobial packaging to meet evolving end user demand. They are also forming partnerships, alliances, and collaborations as well as implementing merger & acquisition strategy to gain profits.
Recent developments:
- In June 2023, Mondi plc in collaboration with Syntegon announced the development of new recyclable paper-based packaging.
Food Packaging Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global food packaging market based on material (plastic, paper, metal, glass), 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.))), application (ready-to-eat meals, dairy products, bakery & confectionery products, fresh produce products, meat seafood & poultry, sauces dressings & condiments, other food products), and regions.
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube