Global Food Packaging Market to Reach US$ 611.6 Billion by 2032, Impelled by Increasing Consumption of Ready-To-Eat Products

March 01, 2023 | Packaging

According to the latest report by IMARC Group, titled "Food Packaging Market Report by Packaging Type (Flexible, Paper and Paperboard, Rigid Plastic, Glass, Metal, and Others), Application (Bakery, Confectionary, Pasta, and Noodles, Dairy Products, Sauces, Dressings, and Condiments, Snacks and Side Dishes, Convenience Foods, Meat, Fish, and Poultry, Fruits and Vegetables, and Others), and Region 2024-2032," the global food packaging market size reached US$ 385.1 Billion in 2023. Food packaging involves the utilization of various materials and processes to contain, protect, preserve, handle, distribute, and sell food products. The packaging materials and systems provide a protective barrier against the environment and contamination while maintaining the food quality and ensuring its safety. It also provides information to consumers related to its nutrition and safety labels, as well as serving size and storage instructions. Additionally, it aids to promotes food products, increases their value, and extends their shelf life. Some of the commonly used food packaging materials include paper and board, plastics, aluminum, glass, and composites. Its processing comprises aseptic packaging, modified atmosphere packaging, vacuum packaging, and other forms of packaging. As the technology used for food packaging is constantly evolving, this has impelled the packaging industry to develop more efficient and cost-effective packaging solutions, further propelling the market.

Global Food Packaging Market Trends:

Significant growth in the food and beverage sector majorly drives the global market. This can be supported by the rising consumption of fast food, ready-to-eat products, and convenience food due to hectic lifestyles and inflating disposable income levels of individuals. Coupled with this, consumers are increasingly seeking out convenient and on-the-go packaging solutions that allow them to access their food quickly and easily, which is driving the demand for food packaging that is both lightweight and easy to open while also providing a secure way to keep food fresh. In addition, the increasing demand for sustainable packaging solutions involving recyclable and biodegradable materials that maximize the use of space while reducing pollution levels is significantly supporting the market. Apart from this, numerous manufacturers are developing packaging solutions that are efficient and cost-effective to minimize costs while providing high-quality packaging, thereby impacting the market favorably. This has encouraged key players to introduce novel packaging solutions comprising interactive and augmented reality packaging, which is providing a thrust to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 611.6 Billion by 2032, exhibiting a CAGR of 5.1% during 2024-2032.

Market Summary:

  • On the basis of the packaging type, the market has been segmented into flexible, paper and paperboard, rigid plastic, glass, metal, and others. Currently, the flexible packaging segment holds the largest market share.
  • Based on the application, the market has been classified 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 exhibits the leading share in the market.
  • On the basis of the region, the market has been segregated 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Packaging Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Amcor PLC, Crown Holdings Incorporated, Owens-Illinois Inc.,Tetra Pak Ltd.,American Packaging Corporation and Ball Corporation
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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Global Food Packaging Market to Reach US$ 611.6 Billion by 2032, Impelled by Increasing Consumption of Ready-To-Eat Products
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