Food Packaging Market Size to Grow by USD 592.8 billion by 2032 | Grow by 5.3% Y-O-Y
WHAT WE HAVE ON THIS PAGE
Market Overview
The food packaging market refers to the materials and products used to protect, store, and transport food items. The packaging is designed to maintain the freshness, safety, and quality of food products while also providing convenience to consumers. The market includes a wide range of materials such as paper, plastic, metal, glass, and others. Changed lifestyles and alternative eating habits are predicted to drive demand for convenience food products, positively influencing the industry demand. Factors such as convenience and high-performance materials will drive growth in this sector. Furthermore, improved shelf life coupled with enhanced efficiency in preventing content contamination is expected to accelerate industry expansion. Furthermore, factors like rising population numbers, rising disposable income levels, and shrinking households all have an encouraging effect on industry expansion.
[250+ market report pages] The Worldwide Global Food Packaging Market size is expected to grow from USD 358.3 billion in 2022 to USD 592.8 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
In recent years, the food packaging market has experienced tremendous growth due to an uptick in demand for packaged and processed food items, increased consumer awareness about food safety and hygiene standards, as well as growth in e-commerce sales and home delivery services. The market for packaging materials and designs is expected to experience steady growth in the coming years, driven by factors such as urbanization, changing lifestyles, and technological advancements in packaging materials and designs. The demand for sustainable and eco-friendly packaging materials is on the rise due to growing concerns about packaging waste on the environment. There is also an emerging trend toward using smart and intelligent packaging solutions that can extend food product shelf lives and boost their safety.
Scope
The food packaging market covers a range of products, such as fruits and vegetables, meat, seafood, bakery & confectionery items, frozen food items, etc. Asia Pacific is projected to be the leading region in 2020 with more than 40% market share. Middle East & Africa are anticipated to experience rapid growth due to increasing demand for packaged foods within these regions.
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Market USP
High-quality food packaging not only safeguards food but also attracts more customers – which in turn influences the global market growth. Shifting consumer preferences are fueling expansion within this space. These days, many people prefer processed or packaged goods due to their convenience and portability. As more people move from rural to urban areas, the market for processed and packaged goods is expected to expand even further. A variety of factors, such as shifting consumer preferences towards specialized products and improved materials, rising demand for processed foods, and the implementation of new marketing tactics are contributing to the market’s rapid growth. Thanks to technological progress, demand in the global market has grown due to people’s shifting tastes and the rising popularity of pre-packaged foods.
Growth in the market is expected due to a variety of factors over the coming years, such as shifting consumer preferences for specialized items, technological advancements in materials, an uptick in processed foods and other tactics. Furthermore, progress in technology is fueling market expansion.
Key Takeaways
- The global food packaging market is expected to grow at a CAGR of 5.3%.
- Sustainable and eco-friendly packaging materials are in high demand due to growing concerns about packaging waste.
- The Asia Pacific region is the largest market for food packaging, while the Middle East and Africa are the fastest-growing markets.
Driver
- Increasing demand for convenience food products
- Rising awareness regarding food safety and hygiene
- Growing demand for sustainable and eco-friendly packaging materials
- Technological advancements in packaging solutions
Restraint
- Stringent government regulations regarding packaging materials
- Volatility in the prices of raw materials used in packaging
- Challenges related to the recyclability of certain packaging materials
Opportunity
- Development of new and innovative packaging materials
- Growing demand for smart and intelligent packaging solutions
- Expansion of the e-commerce industry and online food delivery services
Challenge
- High cost associated with the development and implementation of sustainable packaging solutions
- Limited availability of raw materials for certain types of packaging
- Limited recycling infrastructure in certain regions
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Market Key Players
Listed below are some of the most prominent industry players.
- Mondi Group
- Amcor PLC
- Constantia Flexibles
- Plastipak
- Tetra Pak International S.A.
- DS Smith
- Crown Holdings, Inc.
- Pactiv LLC
- Coveris Group
- Winpak LTD
- Alpha Packaging
- Ball Corporation
- Berry Global Inc.
- Smurfit Kappa Group PLC
- Other Key Players
Recent Developments
- In June 2022, Walki introduced new recyclable packaging materials for frozen food products with the goal of making all packaging 100% recyclable in the paper stream. Their two products – Walki EVO Seal and Opti Seal – are paper-based recyclable packaging solutions made specifically for pillow pouches of frozen food items.
- At Anuga FoodTec 2022 in Cologne, Germany, Mondi unveiled innovative packaging options for the food sector. Two trays products offer producers recyclable options and reduce food waste. High-barrier protection will be provided by PerFORMing Monoloop and Mono-Formable PP; underscoring how important packaging plays throughout the supply chain.
- In December 2021, Nestlé announced plans to invest CHF 1.5 billion (USD 1.6 billion) in sustainable packaging solutions by 2025.
- In November 2021, Amcor announced the launch of a new range of fully recyclable polypropylene (PP) packaging solutions for the food industry.
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Market Segmentation
Based on Type
- Rigid
- Semi-rigid
- Flexible
Based on Material
- Paper
- Metal
- Plastic
- Glass
Application Based
- Bakery & Confectionery
- Dairy Products
- Fruits & Vegetables
- Meat & Seafood
- Other Applications
Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 358.3 billion |
| Revenue forecast by 2032 | USD 592.8 billion |
| Global Market Growth Rate (2023 to 2033) | CAGR of 5.3 % |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Frequently Asked Questions
1. What are the major driving forces in the food packaging market?
The primary drivers of the food packaging market include increasing demand for convenience food products, growing awareness about food safety and hygiene standards, rising preference for sustainable and eco-friendly packaging materials, as well as technological advancements in packaging solutions.
2. What is the largest market for food packaging?
Asia Pacific is projected to be the world’s leading food packaging market, accounting for more than 40% of the global market share.
3. What challenges confront the food packaging market?
The food packaging market faces numerous challenges, such as high costs associated with developing and implementing sustainable packaging solutions, limited raw material availability for certain types of packaging, and inadequate recycling infrastructure in some regions.
4. What are the potential growth areas in the food packaging market?
The food packaging market presents several promising opportunities, such as the development of new and innovative materials, increasing demand for smart and intelligent packaging solutions, and the expansion of e-commerce businesses and online food delivery services.
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