SAN FRANCISCO, Sept. 5, 2022 /PRNewswire/ -- The global food packaging market size is expected to reach USD 562.3 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% from 2022 to 2030. Increasing food delivery services globally and high demand for single-serve and portable food packs are expected to propel the industry growth over the next few years.
Key Industry Insights & Findings from the report:
The paper and paper-based material segment are expected to expand at a lucrative CAGR of 6.4% during the forecast period due to the increasing demand for biodegradable and more sustainable packaging solutions. Increasingly stringent environmental regulations have led to a ban on single-use plastic in major economies across the globe, thus positively contributing to the growth of paper and paper-based food packaging material.
By type, flexible packaging products are expected to witness the highest growth from 2022 to 2030 as they occupy lesser space during transportation, consume less plastic material, and present a better sustainability profile in comparison to their rigid counterparts.
The bakery and confectionery application segment account for the largest share of over 25.0% in 2021 owing to the high demand for cakes, candies, and frozen ready-to-eat bakery products.
The rigid type segment accounted for the second-largest revenue share in 2021. High adoption of rigid packaging products such as bottles and jars, trays and containers, and caps and closure by food and beverage companies owing to their durability and property of offering high protection to food products contribute to the segment growth.
Asia Pacific is expected to exhibit the fastest CAGR from 2022 to 2030. The market is expected to grow due to the increasing penetration of retail chains, online grocery delivery services, and online food ordering services. Increasing disposable income of consumers in the region has led to an increase in demand for convenient foods, thereby benefiting industry growth.
The market is highly fragmented with the presence of large-sized companies as well as small- and medium-sized domestic players. With the rising regulations on excessive plastic packaging along with growing awareness regarding sustainability among consumers, the market has been steadily moving toward sustainable packaging.
Read 195-page market research report, 'Food Packaging Market Size, Share & Trends Analysis Report By Type (Rigid, Flexible, Semi-rigid), By Material (Paper & Paper-based, Plastic, Metal, Glass), By Application, By Region, And Segment Forecasts, 2022 - 2030', published by Grand View Research.
Food Packaging Market Growth & Trends
Rising concerns among consumers regarding contamination and food safety are predicted to bolster the demand for effective packaging solutions. In addition, an increasing number of retail chains globally, especially in developing economies such as China, India, and Brazil, is anticipated to propel the sales of packaged food, consequently driving the market.
Packaging products made of plastic are affordable and they feature strong barrier properties, which contribute to their wide use in the food & beverage industry. Government interventions in plastic product production have prompted producers operating in the plastic food packaging industry to use eco-friendly and sustainable raw materials in their products.
The global market is expected to be buoyed by the introduction of new and innovative packaging types and technologies, including modified atmosphere packaging (MAP), active packaging, and printing technologies. Additionally, players are investing in lightweight materials and materials with a high performance, which is further expected to benefit industry growth.
The hectic work schedules of consumers and the increased demand for convenient food options drive the market for packaged food items in North America. Moreover, the flourishing e-commerce industry in different countries of the region such as Canada and Mexico is fueling the sales of packed food items across the region.
Food Packaging Market Segmentation
Grand View Research has segmented the global food packaging market based on type, material, application, and region:
Food Packaging Market - Type Outlook (Revenue, USD Billion, 2017 - 2030)
Food Packaging Market - Material Outlook (Revenue, USD Billion, 2017 - 2030)
Paper & Paper-based
Food Packaging Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)
Bakery & Confectionery
Fruits & Vegetables
Meat, Poultry, & Seafood
Sauces & Dressings
Food Packaging Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Central & South America
Middle East & Africa
List of Key Players in the Food Packaging Market
Sonoco Products Company
Berry Global, Inc.
Cheer Pack North America
Evanesce Packaging Solutions Inc.
Pacmoore Products Inc.
Check out more related studies published by Grand View Research:
Fresh Food Packaging Market - The global fresh food packaging market size is expected to reach USD 181.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2021 to 2028. Increasing demand for fresh dairy products from developing countries is expected to be the key driver for the market over the forecast period.
Micro-perforated Food Packaging Market - The global micro-perforated food packaging market size is projected to reach USD 1.96 billion by 2025 expanding at a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. Rapid growth of the retail sector is one of the key factors driving market growth.
Green Packaging Market - The global green packaging market is expected to reach USD 441.41 Billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 6.1% from 2020 to 2028. The market for green packaging is projected to be driven by the growing consumer demand for environment-friendly alternatives to non-sustainable packaging products.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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