The Snack food packaging market was projected to have been valued at a global market value that accounts for USD 37 Billion during the historic forecast period that had ended in 2019. For the ongoing forecast period of 2021-2028, the global market is expected to witness a CAGR of around 5.5% during the forecast period and hence, attain a substantial revenue figure by the end. The Global Snack food Packing market size is anticipated to be increasing at a good market scale during the ongoing forecast period that will be ending in 2028. It has been projected that the global market has been witnessing significant growth in the past couple of years.
The market trends suggest that there will be substantial growth in the demand for snack food packaging. The demand is expected to be driven by an increase in consumption of ready-to-eat food followed by the rising consumer awareness regarding the healthy lifestyles prevalent in the global market premises. Such factors have resulted in helping the market to grow at an excellent rate by adopting and implementing measures like the consumption of snack food. This is driving the growth of the snack food packaging market across the globe.
The onset of the novel coronavirus pandemic has been a major cause of concern for the manufacturers, dealers, and retailers of the snack food packaging market since 2020. The arrival of the pandemic has created issues and forced the global governments of the participating regions to impose functional restrictions and both temporary and permanent lockdowns to stop the sudden and fatal spread of the virus on the international market scale. Also, the reduced availability of raw materials, resources, and skilled labor is further, hampering the market from growing, and hence, some issues await to be resolved.
Also, the market trends suggest that there is an urgent need for the market to return to normalcy. Hence, the governments are not only understanding this but also taking qualitative steps like the reduction of restrictions and helping the market to opt for an elaborated functioning to meet the rising needs of the target audience.
The Key Players in the Global Snack Food Packaging industry that are helping in the enhancement of the market size followed by the increase in the ability of the market to rise as per the set predictions for the period are mentioned as follows:
The target consumers that are a part of the global market are noted to have been craving healthier snack food products and they are being disinclined to sacrifice the flavor as these are now trends in the overall snack food market gaining momentum during the ongoing forecast period of 2021-2028. Also, it has been suggested that the market trend of eating snacks in between meals has led to the incredible demand for the global market size in the global market premises. There has been an increase in the number of isolated families that are being coupled with the increasing disposable incomes. This has given rise to the birth of unwrapped observing opportunities for the ready-to-eat snack foods; which, in turn, is likely to drive the growth for the global snacks food packaging market during the forecast period of 2021-2028.
The packaging industry is home to several ingredients that make use of various kinds of materials for packaging and plastic is one of them. With the global rising environmental concerns like climate change, there has been a major issue in using plastic in the snack food packaging market share dealings. This is likely to hamper the market from growing in the international market scenario. There is a dire need for the market for the development of alternatives in the form of packaging materials and reduced investment is another issue that might hamper the market growth during the forecast period.
The global snack food packaging market value has been witnessing trends that support its size in the global market functioning. The snack food packaging market growth during the ongoing market trends for the forecast period can be attributed to the rising employment of technology. There has been a growing penetration of franchise food organizations followed by rising factors like the increasing out-of-home food consumption in urban areas along with the growing retail industry. These are the reliable factors that are increasing the adoption of processed and convenience food alternatives amongst the global target audience. All these factors are likely to drive the market snack food packaging in the global market towards exemplary growth during the period that ends in 2028.
The global snack food packaging market value will increase in the market as it has been segmented based on Material, Packaging Type, Application.
The global snack food packaging market has been segmented in the form of rigid packaging and flexible packaging. The flexible packaging segment held the largest market share of the global market of snack food packaging during the historic forecast period in 2019.
The global market has been segmented based on the material and includes plastic, paper, metal, and others. The plastic segment has further been segmented as Bopp, polypropylene, polyethylene, LLDPE, polyester, and others
The global snack food packaging market has been segmented as bakery snacks, candy & confections, savory snacks, nuts, and dried fruits amongst others. The savory snacks segment was projected to have held the largest market share.
Based on the geographical bifurcation of the market, there are 5 major participating regions across the global market premises. The North American region is expected to witness substantial growth in the snack food packaging market value that is projected to rise during the forecast period that will be ending in 2028. The region is home to countries like the US and Canadian region that benefit from the presence of tier 1 Snack food packagings manufacturers. The list of the manufacturers includes Bemis Company, Inc., Amcor, Sealed Air Corporation, and others like Berry Global, Inc. These market players are likely to play an active role in strengthening their market position through strategic alliances for the expansion of their global presence and further, develop new packaging solutions for their target customers in the global market premises.
The report discusses the scope of the global snack food packaging market growth during the forecast period of 2021-2028. The global market report conducts deep market analysis and shows the market relevance and the factors that wish to push the market towards international growth and customer expansion. The report highlights the use of prominent market resources by the market segments to meet the rising needs of the market audience and hence, help the market cover the losses that have been incurred during the forecast period.
|CAGR||5.5% CAGR (2022-2030)|
|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||Packaging Type , Material and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sonoco Products (US), Graham Packaging Holdings (US), Bemis Company (US), Amcor (Australia), Swiss pack private limited (India), Sealed Air Corporation (US), American Packaging (US), Bryce Corporation (US), Clondalkin Group (the Netherlands), Huhtamaki Global (Finland), ProAmpac (US), and Modern-Pak Pte Ltd (US).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
A 5.5% CAGR is estimated to accelerate market development in the forecast period.
The steady rise in consumption of ready to eat food is estimated to stimulate the market.
The establishment of strict guidelines related to plastic packaging is projected to hold back the market potential.
The APAC region is expected to have the upper hand in the overall market development.
The contenders like Clondalkin Group (the Netherlands), Bryce Corporation (US), Huhtamaki Global (Finland), and ProAmpac (US) are estimated to compete with each other in the market.
The global market had attained a final revenue of USD 37 billion.