Enjoy complimentary customisation on priority with our Enterprise License!
The Food Packaging Market size is estimated to grow by USD 79.41 billion between 2022 and 2027 accelerating at a CAGR of 4.32%. The growth of the market depends on several factors, including the prevention of food counterfeiting, the need to avoid food wastage, and the growing demand for convenient packaging and processed food.
This food packaging market report extensively covers market segmentation by product (flexible plastic, rigid plastic, glass, metal, and others), application (bakery and confectionery, dairy products, poultry meat and seafood, fruits and vegetables, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Food packaging is a process of packing, storing, and protecting various food products against contamination and tampering, thus ensuring a long shelf life.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Prevention of food counterfeiting is a major food packaging market driver. Food counterfeiting poses a significant challenge for both food manufacturers and consumers, resulting in substantial financial losses for the global food industry. Manufacturers can adopt various measures to mitigate the risk of food fraud. For instance, in the US, close collaboration between food manufacturers and customs officials helps identify counterfeit products, although these options have limitations and depend on government support.
Packaging plays a crucial role in combating food counterfeiting. Food traceability is a key solution that enables tracking of products throughout the supply chain. Technologies like barcodes and RFID tags are utilized to track food items. Therefore, effective packaging is essential for implementing these technologies. The use of barcode labels on packaged products enhances product integrity and significantly reduces the risk of counterfeiting during the forecast period.
Growing sales of food products on e-commerce platforms is an ongoing food packaging market trend. Food products have expanded their presence into the realm of e-commerce, necessitating durable primary packaging to maintain product quality and freshness during shipping. Efficient secondary packaging is also crucial for safe product delivery, as improper packaging can damage products, impacting brand reputation and leading to financial losses. The demand for secondary packaging has consequently increased.
Furthermore, the demand for healthy food options, including nutritious snack bars, is on the rise. Online grocery sales in the US account for a significant share of the overall e-commerce market, with various channels available such as delivered baskets, click-and-collect, fresh delivery, and meal kits. Major companies like Amazon offer convenient online grocery delivery services, such as next-day delivery through Amazon Fresh, subscribe and save options, and the Amazon Dash button. These factors contribute to the growth of the market during the forecast period.
Volatility in raw material prices is a major food packaging market challenge. The different types of packaging materials used for the packaging of food include plastic, glass, metals, and paper. For example, cartons used in food packaging are produced either from recycled fiber mills or virgin fibers. The prices of both recycled fiber mills and virgin fibers constantly fluctuate, which is a major concern for end-users like carton producers. The instability in the price of raw materials will result in the reduction of profit margins of vendors due to the increasing production cost. Hence, vendors are forced to increase their product pricing due to fluctuating raw material prices. The price of virgin fiber seems to be more stable when compared with recycled fiber.
The prices of packaging raw materials such as paper and paper products that are used to manufacture corrugated packaging solutions are expected to fluctuate during the forecast period. Hence, companies are expected to increase the prices of corrugated packaging in response to the increase in raw material prices. In addition, aluminum, a key raw material used for food can manufacturing, is exhibiting price fluctuations that hamper the growth of the market during the forecast period.
The market share growth by the flexible plastic segment will be significant during the forecast period. Flexible plastic comes in a variety of forms, including bags, pouches, liners, wraps, and sachets. Due to its many advantages over other types of packaging materials, the flexible plastic packaging market is predicted to expand. Flexible plastic packaging offers a variety of creative possibilities in terms of shapes and sizes, enabling packaging customization. It is reusable, and a wide variety of printing options are supported. Additionally, it is simple to ship because the material is light in comparison to other packaging options.
Get a glance at the market contribution of the End User segment Request Free Sample
The flexible plastic segment was valued at USD 144.30 billion in 2017 and continued to grow until 2021. Due to its advantages in terms of weight, cost, and ease of shipping, flexible plastic packaging is increasingly being used in the consumer goods sector. As a result, it has become a widely used packaging type across industries. A recent development in product marketing is the use of packaging techniques that improve the visual appeal and aesthetics of the product. As a result, vendors have consistently developed innovative solutions for customers, which helps the flexible plastics market. Hence, all the above-mentioned factors are anticipated to drive the growth of the market during the forecast period.
Based on application, the bakery industry is the largest sector among processed food industries in India, with bread and biscuits accounting for about 82% of total bakery products. With a market size of 49.5 billion tons, the bakery market in India is the third largest in APAC, following Japan and Australia. Packaging materials used include cellophane, known for its gas barrier properties and heat sealability, as well as Biaxially Oriented Polypropylene film (OPP). OPP monofilm is used for less demanding applications, while duplex OPP or OPP combinations like OPP/PE and OPP/PET are used for higher quality products. The growing demand for bakery products will drive the growth of the bakery and confectionery segment in the forecast period. These factors contribute to the overall market growth.
APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The APAC market is expected to experience positive growth during the forecast period due to improved economic conditions in countries like China, India, Indonesia, and Australia. This has led to increased investments across various sectors. The demand for food packaging in the region is driven by urbanization and changing lifestyles, resulting in higher demand for fast food and ready-to-eat meals.
The growth of e-commerce is also a significant factor contributing to the expansion of the APAC market. Consumer preferences are shifting towards packaged foods due to rising incomes, busy lifestyles, time constraints, and the availability of packaged food options. Online platforms offer convenience, prompt delivery, and attractive discounts, further boosting the demand for packaged food products. This has led to innovations in the food packaging sector, driving industry growth in the forecast period. Therefore, these factors will drive the growth of the regional market.
The COVID-19 pandemic had a negative impact on the regional market in 2020. However, as lockdown restrictions are being lifted and vaccination efforts are underway in APAC countries, businesses, including food processing, are gradually resuming operations. This trend is expected to continue, resulting in the expansion of the regional market during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Tatasteel- The company offering food packaging solutions under its brand CRYOVAC.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The food packaging market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Food Packaging Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
187 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.32% |
|
Market growth 2023-2027 |
USD 79.41 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
3.52 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 56% |
|
Key countries |
US, China, India, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Amcor Plc, Ardagh Group SA, Ball Corp., Berry Global Inc., BWAY Corp., CANPACK SA, COFCO Corp., DS Smith Plc, International Paper Co., Kian Joo Can Factory Bhd, Metal Packaging Europe, O I Glass Inc., Orora Ltd., Sealed Air Corp., Silgan Holdings Inc., Tata Steel Ltd., Tetra Laval S.A., Toyo Seikan Group Holdings Ltd., Crown Holdings Inc., and Huhtamaki Oyj |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
