Strategic Initiatives Fueling the Global Food Packaging Market Growth 2023-2030

Posted on 2024-05-15 by researchinsights in Internet & Online // 0 Comments

Food Packaging Industry | Forecast 2030

Grand View Research’s food packaging industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.

The economic value generated by the food packaging industry was estimated at approximately USD 346.5 billion in 2021. This economic output is an amalgamation of businesses that are involved in the manufacturing of food packaging products, distribution & supply, and application of the product in the end-use industry.

Access the Global Food Packaging Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

The value chain of the food packaging market depicts the whole value creation process. This value chain is characterized by significant value added by manufacturers with varying distribution margins across various regions. Asia Pacific and Europe accounted for the largest markets for food packaging in 2020 owing to an increase in food consumption, especially convenience food in the regions. In Asia, the demand for food packaging is on a constant rise, thereby prompting key players to set up their manufacturing units in proximity to the growing market.

Fresh Food Packaging Market Insights

The global fresh food packaging market size was estimated at USD 123.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2021 to 2028. Increasing demand for organic fresh food products like fruits, vegetables, and dairy from diet and health-conscious consumers is expected to have a positive impact on the market over the forecast period. Furthermore, ever-increasing foodservice operators and retail chains in North American and European economies are projected to switch from plastic packaging to a sustainable solution to attract an environment-conscious consumer base in the region. Thus, the aforementioned factors are expected to drive the demand for eco-friendly fresh food packaging.

The U.S. is one of the largest markets for packaging products around the globe with a total market exceeding USD 177 billion as of 2019, according to the Flexible Packaging Association. It is one of the largest producers and exporters for the application industries including dairy products, eggs, meat, and fruits and vegetables which has created a huge demand for fresh food packaging products in the country.

Order your copy of the Free Sample of “Food Packaging Industry Data Book – Flexible Food Packaging, Fresh Food Packaging, Food Container and Micro-perforated Food Packaging Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

Food Container Market Insights

The global food container market size was valued at USD 145.6 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. The market growth is expected to be driven by the growing demand for packaged food products across the globe. Moreover, the convenience offered by these containers in packaging, carrying, and transporting food products is another major factor driving the product demand in the global industry. Packaged foods primarily include Ready-To-Eat (RTE) meals, RTE convenience foods, frozen meals, cake mixes, snacks, and desserts, among others. The growing demand for these products is expected to force manufacturers to enhance production capacities, which, in turn, will fuel the demand for food containers over the forecast period. Due to the COVID-19 pandemic, the market witnessed sluggish growth in 2020.

Raw material shortage due to supply chain disruption resulted in the reduced production of food containers. Several major players witnessed a decline in their annual revenue in 2020. For instance, the annual turnover of Amcor plc reduced by approximately 6% in 2020 compared to 2019.

Go through the table of content of Food Packaging Industry Data Book to get a better understanding of the Coverage & Scope of the study

Micro-perforated Food Packaging Market Insights

The global micro-perforated food packaging market size was estimated at USD 1.26 billion in 2017. Rapid growth in retail chains, coupled with rising consciousness regarding healthy food intake, is expected to drive product demand over the forecast period.The market is poised to register a CAGR of 5.7% from 2018 to 2025.

Micro-perforated food packaging is used for perishable food products, aiming to extend shelf life and improve moisture retention of the products. This is employed in various applications, including fruits and vegetables, bakery and confectionery, ready-to-eat meals, and meat and seafood packaging. Leading players in the market have capitalized on their prominent position and have been investing in long-term supply agreements with key food makers.

The food packaging industry, which considers micro-perforated materials as active packaging, is governed by various regulatory bodies globally. The framework specifies regulations for active and intelligent materials that come into contact with food. Some of the government bodies include the U.S. Food and Drug Administration (FDA) and the Japan Hygienic Olefin and Styrene Plastics Association. Furthermore, these regulations demand appropriate product labelling, which enables identification of non-edible parts by consumers.

Competitive Insights

The food packaging market is characterized by intense competition, with both public and private companies focusing on product development and innovations. Public companies with established production bases, expanded product portfolios, and distribution channels are gaining a competitive edge in the market. Key public companies present in the market include Berry Global Inc. Amcor Plc, and DS Smith. Along with food packaging, companies also provide packaging solutions for healthcare, cosmetics, food service, and industrial sectors.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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