USD 343.3 billion
Report ID: SQSG30I2011 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 97 | Figures: 76
Global Food Packaging Market size was valued at USD 343.3 billion in 2021 and is poised to grow from USD 362.9 billion in 2022 to USD 562.3 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).
Growing consumer demand for packaged goods as a result of changing dietary preferences and altering lifestyles may have a critical influence on the industry. Due to their high barrier qualities, shelf lives, and consumer safety, products will be in greater demand as the population and per capita income rise. Foods that are natural, of excellent quality, barely processed or unprocessed, free of preservatives, and with a longer shelf life are in higher demand. Food that has been packaged is used for convenience, barrier and contamination protection, and portion control, among other things. Food safety concerns are addressed through sustainable packaging, which guards against chemical contamination, food-borne illnesses, and loss reduction while maintaining food quality.
US Food Packaging Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 343.3 billion
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The Global Food Packaging Market is segmented based on Materials, Product Type, Application, and Region. Based on the Materials, the Food Packaging Market is segmented as Glass, Metals, Paper & Paperboard, Wood, and Plastics. Based on the Product Type, the Global Food Packaging Market is segmented as Rigid, Semi-Rigid, and Flexible. Based on the Application, the Global Food Packaging Market is segmented as Fruits & Vegetables, Bakery & Confectionery, Dairy Products, Meat, Poultry & Seafood, Sauces, Dressings & Condiments, and Others. Based on Region Food Packaging Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Food Packaging Market Analysis by Product Type
Due to its growing use in vegetables, fruits, and other readily crushable food goods, rigid packaging has the biggest market share among these packaging types. Demand for products will be boosted by consumer lifestyle changes and rising consumption of bread, sausages, and other snacks, particularly in China, India, Germany, and the United Kingdom. The growing number of food retail stores that are launching cutting-edge products might expand the industry and increase its size. Plastics and cardboard make up semi-rigid packaging, which is mostly used to shield food goods from hostile conditions like humidity and rot. These materials are mostly utilized for microwaveable uses, are lightweight, non-corrodible, shock-resistant, and heat-sealable.
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In 2020, Asia Pacific had the largest market share worldwide. In 2020, the Asia Pacific market was worth USD 112.65 billion. Due to growing urban population levels and the development of retail infrastructure, which is anticipated to support the expanding demand for packaged goods in China, Japan, and India, this region is likely to stay the biggest during the projection period. The demand in the region may be driven by rising disposable income and customer need for inexpensive, easily handled packaging that is also environmentally benign. Because there are many factories there and there is a growing market for frozen foods, China is a significant user of packaging.
Due to rising demand from the food and beverage sector, Europe, where a significant portion of the market was held, is predicted to experience significant expansion. The change in consumer lifestyle, particularly in Germany, the U.K., and Italy, as well as the rising need for packaging and processed food, will support regional growth. Key drivers of regional expansion are frantic lives, rising buying power parity, easy access to packaged foods, and time restraints for meal preparation.
The Middle East and Africa are predicted to have significant market expansion because of rising demand for dairy products, meat, poultry, and seafood applications. The increase in western culinary culture and food service in the area is a sign of rising consumer demand, which will fuel industry expansion.
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Food Packaging Market Driver
Rising Demand for Convenience Food
Food Packaging Market Restraint
Rapid Changing Technologies and Rising Cost of Raw Materials
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The Global Food Packaging market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Food Packaging Market Top Player's Company Profiles
Food Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Food Packaging Market Analysis, top packaging companies are deliberately investing in bolstering their positions in the expanding food packaging market. The expansion of the worldwide market is being hampered by trade barriers and supply chain disruptions. The market is expected to expand faster as a result of mitigation measures taken by packaging providers and regional government aid packages to revive the economy.
|Market size value in 2021||USD 343.3 billion|
|Market size value in 2030||USD 362.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Food Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Food Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Food Packaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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