Food Packaging Market Research Report - Forecast to 2030

Impact of COVID-19 on the Global Food Packaging Market

The food packaging market has witnessed a dual impact on the product demand in recent months owing to the lockdowns imposed in the majority of the countries due to the outbreak of the COVID-19 pandemic in December 2019. Several countries, including Italy, the U.S., and India, among others, witnessed curfew-like situations where all businesses (except essential services) were not allowed to operate. The uncertainty surrounding the situation resulted in consumers engaging in impulse buying and stockpiling groceries and essential products, including food products with longer shelf lives. The increasing demand for food packaging can also be attributed to several groups and organizations offering aid to people who did not have access to essential services or had lost their source of income and could not afford food. Food packaging ensures the protection of food products and improves the shelf-life of the products thereby, attracting more customers. The food packaging market is expected to grow significantly over the forecast period due to the advent of numerous production facilities and their need to catch up with the latest trends in the market. Also, rapid changes in the people’s lifestyles and food preferences of consumers, along with the growth in population, particularly in developing countries, is expected to drive the growth of the market over the forecast period. The increasing preference of people for processed food due to shifts in population dynamics from rural to urban areas is also driving the growth of the food packaging market.

The market is further driven by various factors such as the trend of consumers’ shifting preference towards specialty & processed food, advancements in the materials used for packaging of food products, the adoption of different marketing strategies by key players in the market, the increasing demand for food packaging materials, and increasing consumer awareness regarding the quality of food packaging in developing economies. The introduction of different technologies for manufacturing processed food packaging products and the introduction of various kinds of food packaging types has further driven the growth of the market. The increasing consumption of convenience foods owing to the rapidly changing lifestyles of consumers is driving the growth of the food packaging market. The key players in the market have incorporated convenience features such as easy opening, portability, and single-use packaging in the packaging of food which is driving innovation in the packaging of processed foods. The two aspects which drive the growth of the food packaging market are visual appeal and convenience. The demand for food packaging is anticipated to increase in the coming months as several governments prepare to ease the lockdowns in a phased manner. However, the stockpiling of food products during the pandemic is expected to negatively impact the demand for food products in the coming few months. Therefore, the demand for food packaging is anticipated to be moderate and is likely to increase in the long term. The food packaging industry is anticipated to rebound in the fourth quarter of 2020 and grow at a significant CAGR over the next five years.

Global Packaged Food Sales (USD Billion)