According to the latest report by IMARC Group, titled "Food Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global food packaging market reached a value of US$ 345.3 Billion in 2021. Food packaging refers to the enclosing of food items to preserve the quality and protect it from contamination or tampering for the shelf-life duration. It plays a vital role in guaranteeing food safety, portion control and preventing food decay by physical, chemical, or biological sources. Besides this, it assists in providing effective inventory control and displaying the vital information, including the nutritional content, price, expiry date, and manufacturing date, on the packaging labels, as a means of information transmission. Innovative food packaging solutions with attractive illustrations also serve marketing purposes for attracting a large consumer base.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Food Packaging Market Trends:
The global market is primarily driven by the rising preference for convenience food among the masses. This can be attributed to the hectic lifestyles led by the working population and the increasing food safety concerns amid the pandemic. In line with this, the widespread demand for unprocessed or minimally processed healthy food items focusing on sustainable packaging is also propelling the market growth. The growing utilization of eco-friendly, reusable and biodegradable packaging materials is further creating a positive outlook for the market. Furthermore, the advent of smart food packaging with modified atmosphere packaging techniques, including embedded sensor technology that identifies pathogen and toxic elements and provides precise quality reports of the inside product, is gaining traction across the globe. Moreover, the flourishing online retail channels are resulting in substantial product sales, thereby leading to the higher uptake of flexible packaging across the globe. Some of the other factors that are significantly contributing to the market include the inflating disposable income levels of the masses, the introduction of smart packaging technologies and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 483.4 Billion by 2027, exhibiting a CAGR of 5.85% during 2022-2027.
- On the basis of the packaging type, the market has been segmented into flexible, paper and paperboard, rigid plastic, glass, metal and others. Currently, flexible packaging accounts for the majority of the total market share.
- Based on the application, the market has been segregated into bakery, confectionery, pasta, and noodles, dairy products, sauces, dressings, and condiments, snacks and side dishes, convenience foods, meat, fish, and poultry, fruits and vegetables and others. Among these, the bakery, confectionery, pasta, and noodles segment is dominating the global market.
- On the basis of the regional insights, the market has been divided into Asia Pacific, North America, Europe, the Middle East and Africa and Latin America. Presently, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Amcor PLC, Crown Holdings Incorporated, Owens-Illinois Inc., Tetra Pak Ltd., American Packaging Corporation and Ball Corporation.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800