ID: MRFR/PNT/7230-HCR | February 2021 | Region: Global | 107 pages
Market Synopsis: Global Snack food Packaging Market
The Global Market for Snacks Packing Covers has been witnessing significant growth in the past couple of years. The demand for snack food packaging is expected to be driven by an increase in consumption of ready to eat food and consumer awareness regarding healthy lifestyles. Such factors have resulted in the growth in the consumption of snack food, driving the growth of the snack food packaging market across the globe.
The growing penetration of franchise food organizations and increasing out of home food consumption in urban areas along with the growing retail industry are factors that are driving the demand for ready to eat snacks. Busy lifestyles, aging population, and increasing awareness about nutritional value, safety, variety, and product appeal are factors that are increasing the adoption of processed and convenience food alternatives. All these factors are likely to drive the market snack food packaging in the global market. However, stringent regulation regarding plastic packaging is estimated to hamper market growth.
Global Snack Food Packaging Market was valued at USD 37 Billion in 2018 and is expected to witness a CAGR of around 5.5% during the forecast period.
Global Snack food Packaging Market: Regional Analysis
The Global Snack Food Packaging Market has been segmented, based on region, into Asia-Pacific, Europe, the Middle East & Africa, North America, and South America. In 2018, Asia-Pacific held the dominant market share in the global snack food packaging market, followed by North America and Europe; it is expected to continue its dominance until 2025. The higher consumptions of snack food in the region, mainly in developing countries such as India, Indonesia, China, and Malaysia, is one of the major factors, which is expected to raise the demand for snack food packaging in the region during the forecast period.
North America is expected to witness substantial growth in the chips packing market. The region benefits from the presence of tier 1 Snack food packagings manufacturers, such as Bemis Company, Inc., Amcor, Sealed Air Corporation, and Berry Global, Inc. These market players are actively strengthening their market position through strategic alliances to expand their global presence and develop new packaging solutions for their customers. For instance, in June 2019, Amcor acquired Bemis Company Inc. to enhance its scale, capabilities and global footprint and generate significant value. The US holds the largest market share in the North America market and is likely fastest-growing market in North America.
Global Snack food Packaging Market: Segmentation
The Global Snack Food Packaging Market has been segmented based on Material, Packaging Type, Application. Based on the packaging type, the global market has been segmented as rigid packaging and flexible packaging. The flexible packaging segment held the largest market share of the global snack food packaging market in 2018 and is expected to grow with the highest CAGR during the forecast period.
Based on material, the global snack food packaging market has been segmented as plastic, paper, metal, and others. The plastic segment is further segmented as Bopp, polypropylene, polyethylene, LLDPE, polyester, and others. The plastic segment held the largest market share of the global snack food packaging market in 2018 and is poised to witness the highest growth rate during the forecast period. By application, the global market has been segmented as bakery snacks, candy & confections, savory snacks, nuts & dried fruits and others. The savory snacks segment held the largest market share of the global snack food packaging market.
The Key Players in the Global Snack Food Packaging Market are 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).
Frequently Asked Questions (FAQ) :
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.