Food Packaging Market Research Report - Forecast to 2030

Food Packaging Market Information by Material (Glass, Paper & Paperboard, Plastic, Metal), Type (Bottles, Cans, Pouches, Boxes), Application (Bakery & Confectionery, Dairy, Meat, Fruits & Vegetables) and Region - Forecast to 2030

ID: MRFR/PNT/1554-HCR | February 2021 | Region: Global | 113 pages

Food Packaging Market Overview


Food Packaging 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.


For increasing the shelf life of the food and ensuring the protection of food for travel and home delivery purpose, the market plays a vital role. Good food packaging protects the food and attracts more customers, which increases the market for market in the global market. An increase in the changing lifestyle also resulted in the worldwide market’s market growth. These days, people prefer processed food or packed food as it can be stored for an extended period and are easy to use. With the changing shift from rural to urban areas, the market is expected to grow more.


COVID 19 Analysis


The situation of the global pandemic of COVID 19 has adversely affected the lives of the people. One has to deal with financial crises along with health issues simultaneously. The outbreak of global pandemic has pushed the economies towards forced recession, owing to which financial crises have occurred in various countries. The situation of lockdown and post lockdown period resulted in the shutdown of various manufacturing units all across the globe, which resulted in the downfall of revenues and decreased profit margin.


It is expected that the market will recover from this global pandemic situation by the end of the second quarter in the coming year during the forecasted period. Some of the businesses have even shut down their operations permanently. The businesses are recovering from the losses slowly with the help of various government policies made in their favor and to support them in this tough time.


Competitive Landscape


The most prominent major key players in the food packaging market in the global market are as follows:



  • Amcor Limited (Australia)

  • Coveris Holdings S.A. (Luxembourg)

  • The Smurfit Kappa Group plc (Republic of Ireland)

  • I. du Pont de Nemours and Company (U.S.)

  • Mondi Plc (Austria)

  • Bemis Company, Inc. (U.S.)

  • International Paper Company (U.S.)

  • S. Smith Plc. (The U.K.)

  • Silgan Holdings Inc. (U.S.)

  • Rock-Tenn Company (U.S.)


These most prominent market players use various strategies and policies for expanding their customer base by establishing new units in the potential market by doing collaborations, mergers and acquisitions and partnerships, development of new products, development in the production process.


Market Dynamics


Drivers


The market is growing at an accelerating rate owing to various factors like changing trends towards specialty and advancement in materials, changing trends towards processed food, adoption of various kinds of strategies that help in the growth of the market in the global market. Owing to the increasing advancement in the technology sector, the growth of the market is increasing. Now, the changing lifestyle, and more demand for packed food results in more demand for the market in the global market.


Opportunities


The market is growing at an alarming rate owing to various growth opportunities available in the market in the global market during the forecasted period, with the growing advancement in the food packaging technology owing to the use of antimicrobial packaging technique which helps in increasing the shelf life of the packed foods and even of perishable food items. Also, owing to the increasing competitive strategies among key players in the emerging countries, Itduethe market shows various growth opportunities during the forecasted period.


Restraints


The market is increasing tremendously in the global market but some factor restrains the growth of the market in the global market like the fluctuating prices of raw material that is used in the food packaging industry. The higher cost of raw material hence hinders the growth rate. Also, the main material used in the food packaging industry is plastic which is non-biodegradable material and the government has issued strict regulations regarding the use of the market in various emerging countries to restrict the growth of the packaging market.


Value Chain Analysis


The market is growing at a tremendous rate owing to various benefits associated with it like it protects the food from outside dust and also increases the shelf life of the food. The packed food also improves the hygiene factor. The packed food also contains all the vital information regarding product manufacturing and expiry and an ingredient list, which will also help create awareness about the items they are eating.


Market Segmentation


The food packaging market in the global market has been divided based on the application and type.


Based on Application


The market in the global market has been divided based on the application into meat, dairy, bakery and confectionery, fruits and vegetables, and many others. Amongst these, the largest share in the market in the global market is held by the meat industry owing to the increasing demand for protein-rich food which results in an increased demand for seafood and meat by the customers. Owing to the changing lifestyle and growing demand for frozen foods also drives the demand for the meat industry in the application dividend.


Based on Type


The market in the global market has been divided based on the type into pouches, bottles, boxes, cans, and many others. Amongst these, the largest share in the market in the global market is held by the boxes industry as it provides very strong tertiary packaging and is generally made up of corrugated paper in the food packaging industry. Also, for providing flexibility in design plastic-made pouches for increasing the shelf space in the market.


Regional Analysis


The food packaging market  in the global market has been divided based on the region into the North America region, Asia-Pacific region, Europe region, the Middle East and Africa region, and the rest of the world. The largest share in the market in the global market is held by the North American region owing to its subsidized growth at the maturity stage of the product during the forecasted period.


The second-largest share in the market in the global market is held by the Asia-Pacific region owing to the presence of emerging countries like China and India. It is also observed that the Asia-Pacific region can come ahead of the North America region during the forecasted period as this region is the fastest-growing region. Another contributing reason for the growth of the Asia-Pacific region is the growing population in the region along with an increase in the foreign direct investment in the food industry followed by the Europe region.


Recent Developments



  • In August 2019, the lightweight PET bottles have been designed by Amcor in Brazil for pasteurized beer will replace glass bottles for increasing the customer base in the North American region.

  • In June 2019, a full-recyclable polypropylene packaging has been developed by Mondi Group that will reduce the carbon footprint by 23% that will retain all the other functions same as other packet products.

  • In May 2019, automated packaging system Inc. has been acquired by the sealed air corporation for increasing the manufacturing base for automated bagging systems and high reliability for USD 510 million.

  • In April 2019, for reducing the pack’s carbon footprint, Amite Ultra Recyclable had been launched by Amcor to make the company’s revolutionary high-barrier polyolefin film product that will be sustainable.

  • With the growing concern about environmental issues, now customers demand biodegradable packaging and hence many competitive key players are going for manufacturing of environmental-friendly and biodegradable food packaging.


  • 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.




Report Overview


The food packaging global market research report consists of the following elements:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This global market research report contains the factors that drive the market in the global market along with the factors that restrict the market. This report also contains various opportunities available in the market during the forecasted period. The impact of the global pandemic is also mentioned. The future growth rate of the market in the global market is also estimated and mentioned.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: USD 466.91 Billion
  • 2030 : Significant value
  •   CAGR   6.17% CAGR (2022-2030)
      Base Year   2021
      Forecast Period    2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Material, Type, and Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Amcor Limited (Australia), Coveris Holdings S.A. (Luxembourg), The Smurfit Kappa Group plc (Republic of Ireland), I. du Pont de Nemours and Company (U.S.), Mondi Plc (Austria), Bemis Company, Inc. (U.S.), International Paper Company (U.S.), S. Smith Plc. (The U.K.),Silgan Holdings Inc. (U.S.), Rock-Tenn Company (U.S.)
      Key Market Opportunities

  • Growing advancement in the food packaging technology
  • New product launches and R&D amongst major key players
  •   Key Market Drivers

  • Changing trends towards specialty and advancement in materials
  • Changing trends towards processed food
  • Adoption of various kinds of strategies


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    Frequently Asked Questions (FAQ) :


    The Food Packaging market will be expanding based on the factors such as such as trend of consumers shifting towards specialty & processed food, progress in materials used for packaging of food products, implementation of different marketing strategies by key players increasing demand for food packaging materials as well as increasing consumer awareness towards the necessity of good quality food packaging.

    The global Food Packaging market will be gaining a CAGR of 6.17% in the forecast period

    The Food Packaging market will be spanning during the period of 2020-2027.

    North America, Europe, Asia Pacific, and the Middle East & Africa are the key regions mentioned in the study of the Food Packaging market.

    Coveris Holdings S.A (Luxembourg), Amcor Limited (Australia), E. I. du Pont de Nemours and Company (U.S.), The Smurfit Kappa Group plc (Republic of Ireland) are the key players of the market.