Food packaging is a vital part of the supply chain of food manufacturers for attracting customers at supermarkets and malls. It is used in influencing the customer purchasing behavior and modeled after considerable research. The global food packaging market report by Market Research Future (MRFR) covers the latest trends and opportunities for the period of 2018 to 2023 (forecast period). It also contains the impact of the COVID-19 pandemic and the rise of sustainable packaging during this period.
The global food packaging market is expected to grow at a CAGR of 4% during the forecast period. Visual appeal and convenience of packaging are two major drivers of the market. This is attributed to its transparency from glass shelves and counters when placed in supermarkets and grocery stores. The shift from rural to urban areas and advances in materials and food processing can drive the market.
The COVID-19 pandemic has heightened the need for food safety and the need for secure food packaging. The offers of essential services to the homeless and the daily laborers unable to get access to food can drive its demand in countries of India, Italy, and the U.S. Changing lifestyles of consumers and preference of processed foods can drive the market demand exponentially. The demand can take a hit during the pandemic and may experience an upswing after 2020.
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The global market is segmented on the basis of geography in the regions of Asia Pacific, North America, Europe, and the Middle East & Africa.
North American region is projected to contribute majorly to the the food packaging market followed by Europe and Asia Pacific region. However, this region is projected to be at a maturity stage in the food packaging market, which would further subsidize the growth of this market. In Asia Pacific region, the developing countries of China and India are expected to exhibit huge growth over the forecast period. It is projected to be the fastest growing economic region owing to the increase in demand for healthy food products which is fueled by the growing population in the developing countries of this region. The increase in consumer preference for packaged foods in this region is expected to increase the food packaging market over the forecast period. The growth will be further driven by development of new technologies and innovations in food packaging. The increase in foreign direct investments (FDI) in the food industry and the heavy consumption of the consumers along with stringent government regulations focused on the health, safety and quality of the food products is further driving the growth of the market.
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