What is the global market size of Food Packaging Market?

Global Food Packaging Market size was valued at USD 343.3 billion in 2021 and is poised to grow from USD 362.9 billion in 2022 to USD 562.3 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Food Packaging Market?

The Global Food Packaging market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'Amcor Limited', 'Ball Corporation', 'Berry Global Inc.', 'Crown Holdings Inc.', 'DS Smith Plc', 'International Paper Company', 'Mondi Group', 'Owens-Illinois Inc.', 'Sealed Air Corporation', 'Sonoco Products Company', 'Tetra Pak International S.A.', 'WestRock Company', 'Huhtamaki Oyj', 'Bemis Company Inc.', 'Coveris Holdings S.A.', 'Silgan Holdings Inc.', 'AptarGroup Inc.', 'Greif Inc.', 'Ardagh Group S.A.', 'Smurfit Kappa Group plc'

What is the key driver of Global Food Packaging Market?

The demand for ready-to-eat snacks is expected to rise due to sedentary lifestyles, which will lead to the growth of the convenience food business. Additionally, an increase in the working population and per capita disposable income is the main factor driving market expansion. The market for food packaging will develop as a result of consumers' swift shift to consumable foods. Due to consumers' more active lives, there has been an increase in the demand for fast food items in recent years. Because of the rising demand, makers of convenience foods have developed products with better nutritional value and less harmful health effects. The rising demand for convenience foods, which quickly raises the demand for food packaging, supports the market's expansion.

What is the key market trend for Global Food Packaging Market?

Rising packaging technologies offer a chance for market expansion. For the duration of the shelf life, the packaging is essential for maintaining food quality and ensuring food safety. Plastic packaging is excellent for developing creative product solutions. Plastic cling film is one of the many types of plastic packaging that is still used today. The market is being shaped by the trend toward environmentally friendly packaging and cutting-edge advances in cling film packaging.

Which region accounted for the largest share in Global Food Packaging Market?

In 2020, Asia Pacific had the largest market share worldwide. In 2020, the Asia Pacific market was worth USD 112.65 billion. Due to growing urban population levels and the development of retail infrastructure, which is anticipated to support the expanding demand for packaged goods in China, Japan, and India, this region is likely to stay the biggest during the projection period. The demand in the region may be driven by rising disposable income and customer need for inexpensive, easily handled packaging that is also environmentally benign. Because there are many factories there and there is a growing market for frozen foods, China is a significant user of packaging.

Food Packaging Market Size, Share, Growth Analysis, By Materials(Paper & board, Metal, Rigid plastic, Flexible plastic), By Types(Rigid, Semi-rigid, Flexible), By Application(Bakery, Confectionery, Convenience foods, Dairy products), By Region - Industry Forecast 2024-2031

Report ID: SQSG30I2011 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 97 | Figures: 76

Food Packaging Market Regional Insights

North America stands out as the dominating region in this market. This high prevalence can be explained by many factors like packaged food consumption, high technological developments in packaging, and safety measures required by law for consumable products. United States and Canada owe a favourable block for packaged food production and distribution channel added to the retail selling outlets commonly available in different parts of the world.

Asia Pacific is estimated to be the largest market. Asia Pacific accounted for more than 38.0% of the total market revenue in 2022. The food packaging industry is expected to drive from rising per capita income, growing population and increasing in developing countries such as India and Japan. The food packaging industry in China is expected to grow significantly due to the expanding middle class and growing purchasing power.

Food Packaging Market Report Snapshots

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Global Food Packaging Market size was valued at USD 361.4 Billion in 2022 and is expected to grow from USD 382 Billion in 2023 to reach USD 595.2 Billion by 2031, at a CAGR of 5.7% during the forecast period (2024-2031).

The food packaging market is fiercely competitive, with the need to meet evolving consumer needs and stringent regulatory standards. Tetra Pak, a global leader in food processing and packaging solutions, partners with The Coca-Cola Company to develop and implement innovative packaging. This collaboration focuses on products that used in packaging that increases storage, reduces environmental impact and fulfills Coca- Cola’s sustainability commitments by Coca-Cola will also use its market knowledge to has led all companies to adopt environmentally friendly packaging. 'Amcor plc (Switzerland)', 'Sealed Air (USA)', 'Sonoco Products Company (USA)', 'Berry Global, Inc. (USA)', 'WestRock Company (USA)', 'Mondi (Austria)', 'Genpak LLC (USA)', 'Pactiv LLC (USA)', 'Chantler Packages (Canada)', 'WINPAK LTD. (Canada)', 'Alpha Packaging (USA)', 'BE Packaging (USA)', 'Cheer Pack North America (USA)', 'Evanesce Packaging Solutions Inc. (USA)', 'Pacmoore Products Inc. (USA)', 'Innovative Fiber (USA)', 'Emmerson Packaging (Canada)', 'PakTech (USA)', 'Tradepak (USA)', 'ProAmpac (USA)'

Increasing consumer demand for convenience and ready meals is a major driver for the food packaging market. Busy lifestyles have increased the demand for innovative packaging solutions that offer convenience, durability and ease of handling.

Sustainability is becoming a priority in the food packaging market. Companies are increasingly investing in biodegradable, recyclable and compostable materials to meet consumer demand for environmentally friendly packaging. Innovations such as plant-based plastics, reduced packaging, and environmentally conscious policies are driving the market towards sustainable practices, aiming to reduce environmental impact and overcoming increasing regulatory pressure.

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Food Packaging Market Size, Share, Growth Analysis, By Materials(Paper & board, Metal, Rigid plastic, Flexible plastic), By Types(Rigid, Semi-rigid, Flexible), By Application(Bakery, Confectionery, Convenience foods, Dairy products), By Region - Industry Forecast 2024-2031

Food Packaging Market Regional Insights

Food Packaging Market Report Snapshots

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What is the global market size of Food Packaging Market?

Who are the key vendors in the Food Packaging Market?

What is the key driver of Food Packaging Market?

What is the key market trend for Food Packaging Market?

Which region accounted for the largest share in Food Packaging Market?

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