Bakery Packaging Market Size to Grow by $ 8.52 bn through 2021-2025
The bakery packaging market is expected to grow by $ 8.52 bn, accelerating at a CAGR of almost 4.06% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Bakery Packaging Market: Segmentation by Product
This report provides a detailed analysis of the market by Product (Flexible, Rigid plastic, Metal, and Others) and Geography (APAC, Europe, North America, South America, and MEA). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. Flexible packaging material segment led the market in recent years and will offer further growth prospects during the forecast period. This is due to factors such as enhanced versatility, durability, and flexibility make it the most preferred packaging solution. This packaging material offers enhanced safety and maintains shelf life, provides heating and barrier protection, facilitates ease of use, and has superior printability. The flexible packaging solution also eliminates the chances of leakage of product fluids. Thus, the demand for flexible packaging will help boost the growth of the bakery packaging market.
Bakery Packaging Market: Leading trends to impact growth
The rising need to prevent counterfeit of bakery products is another important factor influencing the growth of the bakery packaging market. The use of barcode labels on a packaged product help to verify the product's integrity, thus overcoming counterfeiting to a great extent. The use of technologies such as barcodes and radio frequency identification (RFID) tags mandates the use of proper packaging materials which in turn will further drive the market in focus. 40% of the market growth will originate from APAC due to the rapidly growing food and beverages industry in the region. China and Japan are the key markets for the bakery packaging market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Bakery Packaging Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Amcor Plc, AS Food Packaging, Genpak LLC, Mondi Group, Napco National, Pactiv LLC, Smurfit Kappa Group Plc, The Benson Box Co., The Unger Co., and WestRock Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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