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Global Food Packaging Market to Grow at 5.85% During 2022-2027, Spurred by Increasing Demand for Frozen Meals

Published on Nov 25, 2021

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 size reached a value of US$ 345.3 Billion in 2021. Food packaging plays a pertinent role in the containment, handling and delivery of food products to the end-consumer without compromising the taste and quality. It provides protection to the contents from moisture and toxins while minimizing the chances of spillage and spoilage of the packed product. Some of the commonly used materials in the manufacturing of food packaging include glass, plastic, paper, cardboard, metal and wood. These packaging solutions also comprise detailed nutritional and ingredient information with convenience and tamper indication and improved traceability.

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 majorly driven by the increasing preference for specialty and packaged food products. This can be attributed to the shifting dietary preferences of the masses and their inflating disposable income levels. Moreover, with rapid urbanization and the widespread popularity of convenience food products, there has been an escalating demand for frozen foods and meals across the globe, which is providing an impetus to the market growth. Furthermore, the growing demand for single-serve packs due to the on-the-go consumption patterns of the masses is also creating a positive outlook for the market. Apart from this, numerous key players in the market are investing in research and development (R&D) activities in an attempt to develop food packaging solutions that improve the shelf life of the packaged products. They are also introducing anti-microbial food packaging materials in the market, which is gaining widespread prominence among the masses. Some of the other factors contributing to the market growth include the launch of biodegradable food packaging solutions and the significant expansion of e-grocery services on the global level. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.85% during the forecast period (2022-2027).

Market Summary:

  • On the basis of the packaging type, flexible packaging exhibits a clear dominance in the market. Other types of food packaging include paper and paperboard, rigid plastic, glass, metal and others.
  • Based on the application, the market has been divided into dairy products; bakery, confectionery, pasta, and noodles; snacks and side dishes; sauces, dressings, and condiments; meat, fish, and poultry; convenience foods; fruits and vegetables; and others. Amongst these, the bakery, confectionery, pasta, and noodles segment dominates the market.
  • Region-wise, North America holds the leading position in the market. Other major regions include Europe, Latin America, Asia Pacific, and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Crown Holdings, Amcor, Owens-Illinois, Ball Corporation, American Packaging Corporation and Tetra Pak.

 

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