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Market Research Future (MRFR)’s new report confirms that the food packaging market 2023 can advance steadily at a rate of 6% between 2022 and 2030 (forecast period).
Top Drivers and Main Restraints
The packaging industry is highly resilient in nature, which works in its favor especially in the wake of the recent COVID-19 outbreak. This is the time marked with high levels of uncertainly, which is prompting investors to place higher value in strong markets within packaging sector, one of which is food packaging. The food and beverage industry has been reevaluating its approach towards the use of reusable items that can induce germs transmission. The current lockdown situation has led to more number of retailers and consumers opting for pre-packaged goods, as such packaging is perceived to be conducive of hygiene, integrity and safety of the food products.
The food packaging industry can note higher growth in the near future, given the evolving buying habits of customers. The lockdown has resulted in the closing of various retail stores, which has boosted online orders since retailers are striving to maintain their product sales. The e-commerce segment is observing incredible demand as retailers that did not have an online presence are now turning towards the online medium for survival. At present, the main focus in the retail sector is on the safe delivery of the food product to the consumers, which increases the packaging’s importance in offering protection to the goods. Longer shelf-life, combined with the ability to prevent content contamination is what makes packaging a highly sought-after component in the food industry.
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Important macroeconomics factors that are also boosting the market growth include the expanding worldwide population, increasing disposable income across developing regions and shrinking households. Today’s consumers prefer customized and innovative solutions for their food items and are known for their heightened degree of price sensitivity. As a result, they are now resorting to material substitution, which induces major expansion of the food packaging market.
Material, type and application are the top segments considered in the report, as per which the market study for food packaging has been conducted.
Material-wise dissection of the market includes paper and paperboard, glass, metal, plastic and more.
The types of food packaging are cans, bottles, boxes, pouches, and others. The box type notes an impressive demand in the food packaging market compared to other segments, since it offers extreme sturdiness to the food items. Pouches can also evoke high demand in the market, since they offer more design flexibility to the manufacturers and facilitate optimum use of shelf space.
The top applications of food packaging are meat, dairy, bakery & confectionery, fruits & vegetables, and others. The meat industry makes maximum demand for packaging and is therefore the most lucrative application segment in the market. With the expanding population of consumers going for protein-rich food, the consumption of seafood and meat has soared considerably all over the world. The report cites this as the chief reason for the segmental growth in the market. Another growth inducer is the consumers’ busy lifestyle that boosts the demand for frozen foods such as meat and seafood.
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The chief markets for food packaging outlined in the report include APAC or Asia Pacific, Europe, MEA or the Middle East & Africa as well as North America.
North American can be one of the top ranking markets for food packaging, trailed by Europe and APAC. However, MRFR anticipates that the region can soon reach the maturity stage in the market. Over the coming years, the market can exhibit better growth since the region is extremely regulated with prominent agencies like the U.S. Food and Drug Administration or FDA implementing strict regulations pertaining to the use of food packaging types. The region is making massive strides when it comes to deployment of sustainable food packaging solutions including thermoplastics and bio-based plastics, which drives the market growth.
With that said, the APAC market, backed by developing nations like India and China can seize the top spot from North America during the evaluation period. The region is expanding at a rapid pace and is touted to be the fastest growing market on account of the rampant demand for nutritious food products among the rising health-conscious population. The increasing preference for packaged food among consumers and the surge in innovations can also instrumental in the market growth. The market growth is also warranted by the increasing foreign direct investments in the food sector along with the mounting number of government regulations concerned with the quality and safety of the food products.
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Renowned Market Contenders
Some of the renowned market contenders studied in the report are D.S. Smith Plc. (U.K.), Amcor Limited (Australia), Mondi Plc (Austria), Silgan Holdings Inc. (U.S.), International Paper Company (U.S.), Coveris Holdings S.A (Luxembourg), Bemis Company, Inc. (U.S.), E. I. du Pont de Nemours and Company (U.S.), The Smurfit Kappa Group plc (Republic of Ireland), RockTenn Company (U.S.), to list a few.
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