The global food packaging market size is expected to reach USD 463.65 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. The increasing demand for high-quality food products and evolving lifestyles of consumers will influence growth of the market during the forecast period, states Fortune Business Insights, in a report, the market size stood at USD 304.98 billion in 2019.
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The report on food packaging marketemphasizes:
- Comprehensive analysis of the food packaging industry
- Valuable insights into the market
- Latest industry trends
- Present and future projections of the market
- COVID-19 impact on the industry
Heavy Demand for Ready-to-eat Food to Aid Expansion
The increasing popularity of convenience food owing to its longer shelf life, easy portability and variety will foster healthy growth of the market during the forecast period. The various type of convivence food involve snacks, frozen food, finger food, candy, beverages, and others. These products are served hot and require less time for perpetration compared to other products. The increasing demand for ready-to-eat snacks can be a critical factor in spurring opportunities for the food packaging market in the forthcoming years. Similarly, the busy lifestyle of people has resulted in inflated demand for packaged food, which, in turn, will boost the market. The increased disposable income in developing nations will contribute positively to the growth of the market. Additionally, the surge in the working population is expected to create lucrative opportunities for the market. The growing shift towards healthy packaged foods such as canned salmon packaged hard-boiled eggs, pre-cooked packaged grains, and others will propel the growth of the market.
Consumer Inclination towards Safe Packaged Food to Incite Development During COVID-19
The food packaging industry has witnessed an immense rise in business and operations amid the global pandemic. The growing need for packaging materials in the food industry has simultaneously improved scenarios for the grocery sector, therefore prompting restocking of shelves and aiding development. The growing consumer proclivity towards healthy and safe packaged food during coronavirus has positively impacted the market. The evolving shift in preferences such as -packaged items mainly fruits & vegetables will further create opportunities for the market in the coming days.
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Rising Urban Population to Augment Growth In Asia Pacific
The market in Asia Pacific is expected to dominate the global market during the forecast period owing to increased retail infrastructure development in the region. The rising urban population levels in China, Japan, and India will influence the growth of the market in Asia Pacific. The increasing disposable income and consumer demand for eco-friendly food packaging solutions will have a positive effect on the market. The presence of various manufacturers in china is expected to accelerate revenue in the region. Moreover, the inflated demand for frozen food can be an essential factor fostering the growth of the market. The market in North America is expected to exhibit a significant CAGR during the forecast period owing to the growing awareness regarding a healthy lifestyle. The booming food packaging in the U.S. will enable expansion of the market in North America.
October 2019: Ball Corporation, an American manufacturing company built a new manufacturing plant of aluminum cups in Georgia with an investment of USD 200 million. This plant will cater to the high demand for sustainable beverage packaging in the US.
The Report Lists the Key Companies in the Market:
- Mondi Group (Austria)
- Amcor plc (Australia)
- Berry Global Inc. (U.S.)
- BALL CORPORATION (U.S.)
- Stora Enso (Finland)
- Constantia Flexibles (Austria)
- Plastipak (U.S.)
- Tetra Pak International S.A. (Switzerland)
- DS Smith (UK)
- ExxonMobil Chemical (U.S.)
- Other Key Players