The food packaging market is probably the largest application in the packaging sector and accounts for one third of the global packaging market. From an international point of view, the food packaging market is in an exciting stage while developed countries have reached a point of stagnation, and evolving countries are quickly adapting to new technologies and supply chain management.
Global Food Packaging Market is expected to grow at CAGR 4.62% by 2027 owing to Government Initiatives Towards Sustainable Food Packaging: Says Absolute Markets Insights
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The need for food packaging will increase as the number of health conscious consumers and preference for packaged foods increases compared to foods sold publicly, which will have a positive impact on the growth of the global food packaging market during the forecast period. It's possible. Various developments are witnessed in packaging standards and smart packaging technologies designed to improve food quality. This will allow consumers to spend on premium products and is expected to lead the growth of the food packaging market over the next few years. However, strict government regulations and concerns about food safety and health safety for consumers can hinder future growth of the food packaging market.
Prominent example of adoption of environment friendly packaging is by Nestle, a food and beverage manufacturer. The company, is constantly striving to improve its packaging performance by making food packaging recyclable and reusable. In 2019, Nestle started rolling out all plastic straws in phased manner. This was the next step towards the company’s flagship program which focused on development of 100% sustainable and reusable packaging materials. Hence, such sustainable initiatives undertaken collectively by organizations and regulatory authorities are estimated to propel the growth of food packaging market over the forecast period.
Food packaging technologies are developing consistently and distinct food packaging technologies are being introduced in food packaging market. In this regard, technologies such as Modified Atmosphere Packaging (MAP) and Nanotechnology have been incorporated as a significant area of innovative food packaging. Nanoparticles which are being used in food packaging have unique physical and chemical properties such as improved strength, reduced weight, increased resistant to heat, gases and UV radiations. Simultaneously, MAP replaces the air inside the packaging, thus extending the shelf life of packaged food products. Hence, the increased demand for a higher shelf life of products both, by consumers as well as manufactures, have led to rise in adoption of aforementioned technologies, thus attributing to the growth of food packaging market.
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In terms of revenue, the global food packaging market stood at US$ 950.29 Bn in 2018 and is anticipated to reach US$ 1421.22 Bn by 2027, expanding at a CAGR of 4.62% during the forecast period.
The detailed research study provides qualitative and quantitative analysis of the global food packaging market. The food packaging market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
Key Findings of the Report:
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Global Food Packaging Market
By Packaging Material
- In terms of revenue, global food packaging market is expeced to reach US$ 1421.22 Billion by 2027 owing to stringent government policies regarding sustainable food packaging combined with huge demand by consumers for environment friendly food packaging.
- On the basis of packaging material, recyclable food packaging material is expected to grow exponentially over the forecast period.
- Based on the application, meat and seafood packaging is projected to hold substantial market share over the forecast period.
- Some of the prominent players operating in the food packaging market include AmeriPak, Inc. Berry Plastics, ConAgra Foods, Tetra Pak and PepsiCo amongst others.
Food Packaging Market By Type
- Recyclable Packaging
- Paper & Board
- Non-Recyclable Packaging
Food Packaging Market By Region:
- By Application
- Meat & Seafood
- Bakery and Confectionary
- Fruits & Vegetables
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About Absolute Markets Insights:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Company: Absolute Markets Insights
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