Food packaging plays a vital role in preserving the taste and quality of food items during transportation and storage. It also helps in preventing the food products from spillage and tampering, protecting the content from moisture and toxins, and retaining their shape, texture or flavor. It also provides essential information to consumers regarding the nutritional content, expiry date, price and origin of the packaged products. It further acts as a modern marketing medium for sellers and serves as a tool for identification and branding. According to IMARC Group, the global food packaging market size reached US$ 2.2 Billion in 2018.
The thriving fast-food industry has resulted in the increased consumption of processed and packaged food products, which is the primary factor driving the global food packaging industry. Apart from this, owing to the rising trend of on-the-go food consumption, individuals now prefer convenient packaging formats that can be easily carried, used and stored in the refrigerator without the additional hassle of transferring into containers. Besides this, with growing environmental awareness among the masses, there has been a shift toward sustainable packaging options such as thermoplastics or bio-based plastics that can be easily recycled, reused and renewed. Also, with advancements in technology, several companies are now introducing innovative packaging solutions. For instance, American Food Packaging is offering roll stocks, overwraps, premade bags and pouches, by using flexographic and rotogravure printing for virtually any food product application. Moreover, the leading firms are investing in research and development (R&D) operations for developing anti-microbial packaging materials to enhance the product shelf-life. Looking forward, the market is projected to reach a value of US$ 11.3 Billion by 2024, expanding at a CAGR of 31% during 2019-2024.
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At present there as both small and large players in the food packaging industry across the globe. The profiles of the leading players are discussed below:
Food Packaging Companies:
Amcor is a global provider and developer of packaging solutions based in Australia. It offers packaging solutions for food and beverage, pharmaceutical, personal- and home-care, medical and other products. The company is focused on the development of lightweight, reusable and recyclable packaging as well as on products made from recycled content. The company generates an annual sales revenue of about US$ 13 Billion, with 48,000 employees working at 250 locations in more than 40 countries.
Crown Holdings, Inc., founded in 1927, is a global leader in the designing, manufacturing and selling of packaging products and equipment for consumer and industrial products. Headquartered in Yardley, Pennsylvania, the company delivers innovative packaging solutions that offer significant value to brand owners, retailers and consumers alike. Moreover, their packaging includes steel and aluminum cans for food, beverages, household and other consumer products, glass bottles for beverages, and metal vacuum closures and steel crowns sold through Crown's sales organization to the soft drink, food, citrus, brewing, household products, personal care and various other industries.
Owens-Illinois, Inc., founded in 1903, is headquartered in Perrysburg, Ohio. With around 26,500 employees, the company manufactures and sells glass containers for food and beverage manufacturers primarily in America, Europe, and Asia Pacific. Additionally, it produces glass containers for alcoholic beverages such as beer, spirits, and wine. Besides this, the company is also involved in the production of glass packaging for food items like soft drinks, teas, and juices. It also offers glass containers in a range of sizes, shapes, and colors.
Tetra Pak Inc., founded in 1977, offers food processing and carton packaging solutions across the globe. The company also provides a wide range of carton packaging solutions for refrigerated, non-refrigerated, and particulate foods, processing and distribution equipment and offers automation, environmental, improvement, installation, maintenance and training programs.
American Packaging Corporation
American Packaging Corporation (APC), established in 1902, is a family-owned business that offers packaging services to its clients. The company is a renowned leader in the North American packaging industry which provides printing and lamination services as well as the manufacturing of pouches and bags. Besides this, it serves the labeling, medical, personal care, household, pet food, agricultural chemical, lawn and garden, and food and beverage markets.
Ball Corporation, founded in 1880, supplies innovative as well as sustainable packaging solutions for beverage, personal care and household products customers, as well as aerospace and other technologies and services to commercial and governmental customers. The main business segments of the company include beverage packaging, North and Central America; beverage packaging, Europe; beverage packaging, South America; food and aerosol packaging; aerospace, and other.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the food packaging industry, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
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