Food Packaging Market worth USD 466.91 billion by 2027, registering a CAGR of 6.17% – Report by Market Research Future (MRFR)
New York, July 19, 2021 (GLOBE NEWSWIRE) — Food packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Food packaging Market Research Report, Material, Type, Application and Region – Forecast till 2027” the market is projected to be worth USD 466.91 billion by 2027, registering a CAGR of 6.17% during the forecast period (2021 – 2027), The market was valued at USD 310.8 billion in 2020.
COVID-19 Impact on Food Packaging Market
The shutdown of many restaurants, imposition of several strict regulations and rules, and prohibition on transportation taken up by the government has impacted the food packaging market during the pandemic. The food industry is set in experiencing a few changes in 2021 for the increased consciousness of consumers in selecting food products. The inclination towards sustainable, regenerative, plant-based food and need for beverages and foods with immunity boosting ingredients is driving the demand for such products and their constituents. Do it Yourself (DIY) trend has seen big momentum during coronavirus times and is likely to continue in 2021.
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Key Players
Eminent players profiled in the global food packaging industry report include:
- D.S. Smith Plc. (U.K.)
- Amcor Limited (Australia)
- Mondi Plc (Austria)
- Silgan Holdings Inc. (U.S.)
- International Paper Company (U.S.)
- Coveris Holdings S.A (Luxembourg)
- Bemis Company Inc. (U.S.)
- E. I. du Pont de Nemours and Company (U.S.)
- Smurfit Kappa Group plc (Republic of Ireland)
- RockTenn Company (U.S.)
The global food packaging market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers, including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, & more. For instance, Unilever has entered into a joint venture with Nextek’s global NEXTLOOPP project that aims in creating food-grade recycled rPPP (recycled polypropylene) from post-consumer packaging waste. The two with other partners in the project are all set in embarking on the challenge for producing rPP through conventional mechanical recycling infrastructure which meets the regulatory standards for use in food packaging.
Browse In-depth Market Research Report (113 pages) on Food Packaging
https://www.marketresearchfuture.com/reports/food-packaging-market-2086
Industry Updates
US giant ProAmpac has acquired Ultimate Group, a food packaging specialist. This combination will help them better serve their customers with an improved offering of recyclable and compostable solutions. Together they will extend their collective market leadership and offer tremendous value to their customers.
Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global food packaging market share.
Food Packaging Market Drivers/Food Packaging Market Trends
Growing Demand for Packaged Food to Boost Market Growth
The growing demand for packaged food by consumers due to quickening pace of life coupled with changing eating habits will boost the food packaging market value over the forecast period. The product provides extended and stable shelf-life, safety, and high barrier properties, thus boosting market growth.
Opportunities
Innovative Packaging Solutions to offer Robust Opportunities
Innovative packaging solutions like reclosing packs, plastic films, and modified atmosphere packaging that are used for preserving the aroma, physical freshness, juiciness, and appearance of food items may offer robust opportunities for the market in the forecast period.
Restraints
Volatility in Prices to act as Market Restraint
The high volatility observed in prices of raw materials may act as market restraint over the forecast period.
Challenges
Costly Skilled Manpower to act as Market Challenge
The costly skilled manpower will act as a market challenge over the forecast period. Rapid changes in technologies need high skilled labour to work upon. Experienced and highly knowledgeable workers are needed to manufacture packaging materials.
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Market Segmentation
By Application
By application, the meat industry will lead the market over the forecast period owing to the growing demand for protein-rich food that results in an increased demand for seafood and meat by the customers. Due to the changing lifestyle and increasing demand for frozen foods is driving the need for the meat industry in the application dividend.
By Type
By type, the boxes segment will dominate the market over the forecast period as it offers very strong tertiary packaging and is generally made from corrugated paper in the food packaging industry.
Regional Analysis
North America will Head the Food Packaging Market
North America will head the food packaging market over the forecast period. The presence of prominent agencies that are implementing strict regulations related to the use of food packaging types, deployment of sustainable food packaging solutions including bio-based plastics and thermoplastics, and the presence of a well-established food processing industry are adding to the global food packaging market growth in the region.
APAC to Have Healthy Growth in Food Packaging Market
The Asia Pacific region is predicted to have healthy growth in the market over the forecast period. The presence of various emerging countries like India and China, growing population, increase in foreign investments in the food industry, rampant need for nutritious food products among rising health-conscious population, the rising preference for packaged food among consumers, surge in innovations, and mounting government regulations concerned with the safety and quality of food products are adding to the global food packaging market growth in the region.
Segmentation of Market covered in the research:
Information by Material (Glass, Paper & Paperboard, Plastic, Metal), Type (Bottles, Cans, Pouches, Boxes), Application (Bakery & Confectionery, Dairy, Meat, Fruits & Vegetables) and Region (North America, Europe and Asia-Pacific)
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