What is the global market size of Food Packaging Market?

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).

Global Food Packaging Market Size, Share, Growth Analysis, By Materials(Glass, Metals), By Product Type(Rigid, Semi-Rigid), By Application(Fruits & Vegetables, Bakery & Confectionery) - Industry Forecast 2024-2031

Report ID: SQSG30I2011 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 97 | Figures: 76

Global Food Packaging Market Regional Insights

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.

Global Food Packaging Market Report Snapshots

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Global Food Packaging Market size was valued at USD 343.3 billion in 2019 and is poised to grow from USD 362.9 billion in 2023 to USD 562.3 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

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. 'Amcor Limited', 'Ball Corporation', 'Berry Global Inc.', 'Crown Holdings Inc.', 'DS Smith Plc', 'International Paper Company', 'Mondi Group', 'Owens-Illinois Inc.', 'Sealed Air Corporation', 'Sonoco Products Company', 'Tetra Pak International S.A.', 'WestRock Company', 'Huhtamaki Oyj', 'Bemis Company Inc.', 'Coveris Holdings S.A.', 'Silgan Holdings Inc.', 'AptarGroup Inc.', 'Greif Inc.', 'Ardagh Group S.A.', 'Smurfit Kappa Group plc'

The demand for ready-to-eat snacks is expected to rise due to sedentary lifestyles, which will lead to the growth of the convenience food business. Additionally, an increase in the working population and per capita disposable income is the main factor driving market expansion. The market for food packaging will develop as a result of consumers' swift shift to consumable foods. Due to consumers' more active lives, there has been an increase in the demand for fast food items in recent years. Because of the rising demand, makers of convenience foods have developed products with better nutritional value and less harmful health effects. The rising demand for convenience foods, which quickly raises the demand for food packaging, supports the market's expansion.

Rising packaging technologies offer a chance for market expansion. For the duration of the shelf life, the packaging is essential for maintaining food quality and ensuring food safety. Plastic packaging is excellent for developing creative product solutions. Plastic cling film is one of the many types of plastic packaging that is still used today. The market is being shaped by the trend toward environmentally friendly packaging and cutting-edge advances in cling film packaging.

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Global Food Packaging Market Size, Share, Growth Analysis, By Materials(Glass, Metals), By Product Type(Rigid, Semi-Rigid), By Application(Fruits & Vegetables, Bakery & Confectionery) - Industry Forecast 2024-2031

Global Food Packaging Market Regional Insights

Global Food Packaging Market Report Snapshots

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