Pune, India, June 23, 2021 (GLOBE NEWSWIRE) -- The global food packaging market size is expected to gain momentum by reaching USD 463.65 billion by 2027 while exhibiting a CAGR of 5.9% bet41ween 2020 to 2027. Its report titled “Food Packaging Market Size, Share & COVID-19 Impact Analysis, By Materials (Glass, Metal, Paper & Paperboard, Wood, and Plastics [Polypropylene, Polyethylene, PET, and Others]), By Product (Rigid, Semi-Rigid, and Flexible) By Application (Fruits & Vegetables, Bakery & Confectionery, Dairy Products, Meat, Poultry & Seafood, Sauces, Dressings and Condiments, and Others), and Regional Forecast, 2020-2027, “Fortune Business Insight mentions that the market stood at USD 304.48 billion in 2019.
The rising disposable income due to the major working population has led people to spend more on convenience food. Moreover, the availability of sustainable packaging materials is also expected to fuel market growth in upcoming years.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. However, the packaging industry is expected to do well owing To changing demand patterns, governments measure and stockpiling of packaged food for longer shelf life is likely to propel the market.
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Based on material type, the market is divided into glass, metal, paper, paperboard, wood, and plastic. By the product, the market is segmented into rigid, semi-rigid, and flexible. On the basis of its application the market is segmented into fruits, vegetables, bakery& confectionery, dairy products, meat, poultry & seafood, sauces, dressing & condiments, and others.
Based on application, bakery & confectionery held a major global share of 37.58% in 2020. This is attributable to the rising demand for baked cookies, cakes and sauces. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
What does the Report Provide?
The global market for food packaging report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Increasing Demand for Packaged Food to Aid the Market Growth
In recent times, due to the hectic and busy schedules of a major population, there has been increased demand for packaged food and snacks. Thus, its high demand lets manufacturers develop innovative food products that would add nutritional value and taste. This high demand for convenience food increased the demand for packaging, thus supporting the growth of this market.
On the other hand, plastic is one of the main raw materials used for food packaging. The plastic packaging is made from synthetic polymers, which are causing a harmful effect in the environment as they are non-biodegradable. This is the major restraint to the food packaging industry.
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Asia Pacific to Dominate Backed by Support of Government Agencies
Asia Pacific is expected to hold the highest position in the food packaging market share during the forecast period. This is ascribable to the rising urban population and changing lifestyle of consumers as per the market trends. For instance, there is increased demand for frozen food in China. The region’s market stood at USD 90.21 billion in 2018 and USD 95.40 in 2019.
Europe is also expected to hold a significant market share owing to increased demand for baked food in this region.
The market is consolidated by the presence of major companies that are striving to maintain their position by focusing on popularizing sustainable packaging. For instance, Mondi Group developed 102 production facilities for manufacturing packaging materials that are eco-friendly in more than 33 countries. Moreover, other key players are adopting proactive strategies such as new product launches, mergers, and facility expansion to favor the market's growth in the forthcoming years
Key Industry Development
August 2019: Amcor developed lightweight PET bottles for the packaging of pasteurized beer. These bottles are a replacement for glass packaging and can also withstand high temperatures during the pasteurization process.
List of the Key Players Profiled in the Global Market for Food Packaging;
- Mondi Group
- Amcor plc
- Berry Global Inc.
- BALL CORPORATION
- Stora Enso
- Constantia Flexibles
- Tetra Pak International S.A.
- DS Smith
- ExxonMobil Chemical
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