Food Packaging Market earned USD 349.3 billion in 2022 and to reach USD 28.0 billion in 2030, expanding at a CAGR of 5.3% | Size & Industry Growth
Research Reports
Sep 02, 2023
Food Packaging Market size reached USD 349.3 billion in 2022 and is expected to reach USD 28.0 billion in 2030, with the market growing at a CAGR of 5.3% from 2023 to 2030, owing to rising demand for convenience foods and changing customer lifestyles.
Food Packaging Market Trends and Drivers
The surge in demand for convenience food products, the increase in the number of food service suppliers around the world, changes in consumer eating habits, and improvements in the food packaging solutions are the major factors driving the food packaging market. Global employment rates have risen dramatically throughout the years. According to recent predictions, about 3.3 billion people would be employed in 2021. As employment rates rise, consumers become more involved in work-related activities. Due to time constraints, they prefer cat food items that take less preparation time and have a long shelf life, which drives demand for convenience food products. Furthermore, smart packaging is gaining momentum in the food packaging sector since it aids in the preservation of food quality and complementing the food packaging market growth.
Online food delivery services have transformed the food industry. Online meal delivery services has increased demand for food and beverages by providing convenient payment methods and offering discounts, encouraging them to purchasing food items through online. As customers’ acceptance of online shopping grows, so will the need for food, creating attractive prospects for food packaging producers to develop their business.
The growing consumer preference for sanitary packaging and clean room packaging solutions is propelling the food packaging industry forward. Manufacturers are focusing on using technology-based packaging forms, such as vacunan atmospheric packaging, to extend the shelf life and maintain the quality of food items. Furthermore, rising demand for water-soluble packaging and edible packaging for food and beverage products, rising popularity of green packaging solutions, and increased company adoption of cutting-edge packaging technologies are some of the factors driving the growth of the eco-friendly food packaging market. Rising consumer per capita earnings, rising worldwide population growth rates, and smaller household size are predicted to benefit the food packaging business.
However, the food packaging market is highly regulated, as various agencies around the world, such as the Food and Drug Administration (US), imposed strict rules and regulations related to the food packaging, along with variations in raw material prices and the high cost of employing skilled labor, are some of the factors limiting the food packaging market’s growth.
The Rigid Plastic segment is expected to have the greatest market share in terms of material.
Plastic packaging products such as containers, pouches, and wraps are used by businesses to package a variety of products such as frozen meal items and carbonated beverages. Furthermore, paper-based packaging solutions is rapidly growing in the food packaging business as a result of increased customer desire for eco-friendly food packaging solutions and severe environmental requirements imposed by governing bodies.
According to type, the Flexible Packaging sector is expected to dominate the market.
Flexible packaging solutions are increasingly being used by businesses since they use fewer resources than rigid packaging and are more environmentally friendly. Furthermore, shrinking household sizes and increased demand for various snacks are encouraging the flexible packaging solutions materials such as peel-off plastic.
The Asia Pacific region will have the biggest market share.
The Asia Pacific food packaging market is being driven by the region’s vast population, increased demand for convenience foods in developing countries, and rising per capita earnings. Furthermore, rising urbanization in the Asia-Pacific region has increased demand for fruit and vegetable powder in the food and beverage industry as these ingredients help in preserving original flavors and assisting in cooking final goods, which is augmenting market growth.
Key Players
Sealed Air, Toyo Seikan Group Holdings, Ball Corporation, EasyPak, Crown, Silgan Holdings, Amcor plc, Ltd, Tetra Pak International S.A., Owens-Illinois Inc., Inc., and WestRock Company are among the significant participants in the food packaging sector.
Market Segmentation
Segmentation by Material
o Rigid Plastic
o Paper & Board
o Glass
o Flexible plastic
o Metal
o Other packaging material
Segmentation by type
o Flexible packaging
o Rigid packaging
o Semi – rigid packaging
Segmentation by application
o Bakery & confectionary
o Dairy products
o Fruits & vegetables
o Convenience food
o Sauces, dressings, & condiments
o Meat , fish , & poultry
o Other food products
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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