Snack food Packaging Market to Grow at a CAGR of 5.5% during 2021-2028
Research Reports
Oct 18, 2022
Market Overview
With a predicted forecast period of 2021 to 2028, the Snack food Packaging Market was estimated with a global market value of $38.77 billion in 2019. The market trends suggest substantial growth in its forecast period. There is a constant demand for packaged food due to the convenience of it being used while traveling and for other purposes. With the change in the lifestyle of people, packaged food is being preferred more by potential consumers.
There have been so many factors that have driven the market dynamics. The rising demand among the people for packaged food items due to their easy use has been one of them. This has brought about a shift in the eating habits of people. Packaged food provides high-quality natural and unprocessed food that usually offers a longer shelf life. Packaged food also offers a list of other advantages, like contamination protection and portion control. The Snack food Packaging Market is majorly driven by isolated families due to their disposable incomes. As a result of which, the demand for packaged food has also increased in the global market. However, plastic being one of the packaging materials, has restrained the market growth and development in the global dynamics. The use of plastic has given rise to many concerns from the consumer’s side. Also, there has been a dire production of alternatives in the market, which has reduced the substantial investment from the potential key players.
The market also faced a major setback during the pandemic due to the rules and impositions imposed by the government. The supply chain of the market was also disrupted, leading to a hamper in the import and export of raw materials. With all the driving and restraining factors, the market is expected to show steady economic growth. With a CAGR constant of 5.5%, the Snack food Packaging Market is expected to stand at $37 billion at the end of its forecast period.
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Market Segmentation
The Snack food Packaging Market is majorly segmented into its packaging type, materials and its application.
The market is divided into flexible packaging and rigid packaging based on its packaging type. By its material type, the market is again segmented into metal, plastic, paper and others. The application division of the market consists of bakery snacks and candies, and confections.
Regional Analysis
The North American region accounts to hold the maximum share of the Snack food Packaging Market. This includes areas like Mexico and Chicago. The market is also spread across areas like India, Japan and South Korea, as well as Saudi Arabia and South Africa.
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Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
Continue…
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Recent Developments
Some of the major key players of the market functioning in the market dynamics are Sonoco Products, Graham Packaging, Bemis Company, Amcor, Swiss Pack Private and Clondalkin Group. There were many developments that drove the market dynamics. Some of the recent developments were prominent like:
- In Sept 2017: One of the prominent market firms, IMA, announced a complete collaboration with Zola Predosa and this collaboration targeted producing machines that could produce automated food packages.
- In Aug 2017: Another firm MULTIVAC, expanded its market space with a market investment of $2.7 million.
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