The global food packaging market reached a value of US$ 289.5 Billion in 2018. Food packaging plays a vital role in preserving and transporting food items to their desired location without affecting the taste or quality. It protects the contents from moisture and toxins, prevents the food products from spillage and tampering, and helps retain their shape and quality. Food packaging has also gained traction as a means of information transmission, such as the nutritional content, expiry date, price and origin of the packaged products. It also acts as a modern marketing medium for sellers to attract consumers worldwide.
A rapid change in the food preferences of consumers, coupled with the expanding food retail sector across the globe, is one of the major factors catalyzing the growth of the market. In addition, the surging working population, rising disposable incomes and hectic lifestyles have led to the rising consumption of fast food and ready-to-eat products. Owing to this, the leading companies are investing in research and development (R&D) operations to enhance product shelf-life and develop anti-microbial packaging materials. They are also introducing lightweight solutions to reduce transportation costs and related emissions. Moreover, with the rising environmental concerns, manufacturers are adopting eco-friendly food packaging made using materials that are biodegradable or can be easily recycled, reused and renewed. Owing to these factors, IMARC Group projects the market value to reach US$ 372.8 Billion by 2024, expanding at a CAGR of 4.3% during 2019-2024.
Breakup by Packaging Type:
Currently, flexible packaging is the most popular type, accounting for the majority of the global market share.
Breakup by Application:
Amongst these, the bakery, confectionery, pasta, and noodles segment dominates the market, holding the largest market share.
On the geographical front, North America represents the largest food packaging market globally, on account of the well-established food processing industry in the region
The competitive landscape of the market characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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