Food Packaging Market size was valued at USD 350 Billion in 2022. The market is projected to grow from USD 410 Billion in 2023 to USD 530 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023–2030).
The Food Packaging Market is expected to grow at a CAGR of 6.00% 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 for processed foods can drive the market demand exponentially. The demand can take a hit during the pandemic and may experience an upswing after 2023.
Amcor Limited, Coveris Holdings S.A., The Smurfit Kappa Group plc, I. du Pont de Nemours and Company, Mondi Plc, Bemis Company, Inc., International Paper Company, S. Smith Plc., Silgan Holdings Inc, Rock-Tenn Company
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By material, it is segmented into metal, plastic, glass, paper & paperboard, and others.
By type, it is segmented into boxes, cans, pouches, bottles, and others. Amongst these, boxes type food packaging accounted for the highest revenue contributor over the forecast period. Boxes are usually made up of corrugated paper and provide very strong tertiary packaging to food products. Also, pouches are usually made of plastic, which gives better design flexibility for food packaging manufacturers and allows optimum utilization of shelf space.
On the basis of the application, the market is segmented into fruits & vegetables, bakery & confectionery, dairy, meat, and others. Amongst these, the meat industry is the most attractive application for the food packaging market. The increasing preferences of the consumer for protein-rich food are in turn, leading to the increase in the consumption of meat and seafood. The busy lifestyle of consumers is driving the demand for frozen foods. Thus, meat food is an attractive application segment for market players in the food packaging market.
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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 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 the 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.
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
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3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
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