Food Packaging Market Growth & Trends
The global food packaging market size is expected to reach USD 562.3 billion by 2030, expanding at 5.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Increased diverse eating habits and lifestyle changes have driven the demand for convenience food products which is expected to bolster the growth of the global food packaging industry.
The food packaging industry exhibits rapid growth for portable and single-serve food packs. Rising global per capita income is expected to increase the purchasing power of buyers further driving the demand for packaged foods products. Although real wages witnessed a decline in 2022, according to the Observatory of Economic Complexity (OECD), by the end of 2023, real wages are projected to stop declining. This is attributed to the extensive rollout of support initiatives by governments across the globe to cushion the effects of food prices and high energy on households. This is expected to increase the consumer spending capacity thereby driving the demand for packaged food & beverages.
The high volatility observed in the prices of raw materials is expected to restrain the food packaging industry’s growth. However, the introduction of sustainable packing materials by major food packaging manufacturers, coupled with increasing awareness and notable consumption volume by buyers, is expected to propel the food packaging industry over the forecast period.
Growing concerns regarding food safety and contamination are predicted to support the demand for effective packaging solutions. In addition, sales of packaged foodstuff are anticipated to propel due to the increasing number of retail food chains opened by big food brands, consequently driving demand for packaging material. The surge in demand for food delivery services such as Uber Eats, Zomato, DoorDash, and Grubhub among others is also expected to have a positive impact on the food packaging industry.
The growing food sector has attracted food packaging manufacturers to invest in increasing their production capacities. For instance, in April 2023, UAE-based Hotpack Global announced its intent to build a specialized food packaging project in Saudi Arabia. The project is expected to be valued at USD 266.0 million and will be developed jointly with the Saudi Ministry of Industry.
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Food Packaging Market Report Highlights
- Flexible packaging is expected to register the highest CAGR of 6.3% in terms of revenue from 2023 to 2030, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers
- Paper & paper-based packaging is estimated to be the fastest growing segment, exhibiting a CAGR of 6.4% from 2023 to 2030, owing to its low cost and sustainability
- The bakery and confectionary segment is anticipated to be the largest application, which recorded a market value of USD 100.6 billion in 2022, due to growing demand for cakes, candies, and frozen ready-to-eat bakery products
- Asia Pacific is expected to dominate the food packaging industry in 2022 and is expected to continue its dominance on account of a growing population, increasing urbanization, and rising disposable income of consumers
- The food packaging industry is highly fragmented and is characterized by the presence of a large number of players. Key players comprise Amcor Plc., Ball Corporation, Berry Plastic Group, and DS Smith PLC
- In May 2023, Amcor plc inked a definitive agreement to acquire New Zealand-based Moda Systems. This acquisition is expected to help Amcor expand its existing film portfolio and offer an end-to-end packaging solution incorporating even the sales of packaging machines
Food Packaging Market Segmentation
Grand View Research has segmented the global food packaging market based on type, material, application, and region:
Food Packaging Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Rigid
- Semi-rigid
- Flexible
Food Packaging Material Outlook (Revenue, USD Billion, 2018 – 2030)
- Paper & Paper-based Material
- Plastics
- Metal
- Glass
- Others
Food Packaging Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Bakery & Confectionary
- Dairy Products
- Fruits & Vegetables
- Meat, Poultry & Seafood
- Sauces & Dressings
- Others
Food Packaging Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players in the Food Packaging Market
- Amcor plc
- Sealed Air
- Sonoco Products Company
- Berry Global, Inc.
- WestRock Company
- Mondi
- Genpak LLC
- Pactiv LLC
- Chantler Packages
- WINPAK LTD.
- Alpha Packaging
- BE Packaging
- Cheer Pack North America
- Evanesce Packaging Solutions Inc.
- Pacmoore Products Inc.
- Innovative Fiber
- Emmerson Packaging
- PakTech
- Tradepak
- ProAmpac
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