Authored By: Sarah
20 Jun 2024

 Food Packaging Market to grow by USD 75.3 billion between 2024-2028

According to a research report “ Food Packaging Market” by Product (Flexible plastic, Rigid plastic, Glass, Metal, Others) Application (Bakery and confectionery, Dairy products, Poultry meat and sea food, Fruits and vegetables, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 75.3 billion at a CAGR of  3.98% during the forecast period. In the food industry, food counterfeiting poses significant challenges for both manufacturers and consumers, resulting in substantial financial losses. To mitigate this issue, US food manufacturers collaborate with customs officials to identify fraudulent products. While effective, these measures have limitations and depend on regulatory and legislative support. Enhancing food packaging with traceability technology is a promising solution. This innovation facilitates tracking of food products throughout the entire supply chain, bolstering transparency and authenticity in the food packaging market..

Browse market data tables, figures, and in-depth TOC on “Food Packaging Market” by Product (Flexible plastic, Rigid plastic, Glass, Metal, Others) Application (Bakery and confectionery, Dairy products, Poultry meat and sea food, Fruits and vegetables, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028.

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By Product, the Flexible plastic segment is projected to dominate the market size in 2024.

In the burgeoning bakery market in India, worth Rs. 49.5 billion, the bread and biscuit sectors dominate, accounting for an impressive 82% share. These industries prioritize advanced packaging solutions to maintain product freshness and enhance shelf life. Cellophane, an early adaptor due to its superior gas and moisture barrier properties, has been supplanted by more sophisticated options like MST, MSAT, and coated cellophane (MXXT). These materials offer enhanced moisture barrier, heat sealability, and gloss, making them indispensable in the bakery industry's evolving landscape.

By Application, Bakery and confectionery  segment is expected to hold the largest market size for the year 2024.

In the dynamic food packaging market, flexible plastics reign supreme, accounting for a significant market share. This segment encompasses a diverse range of products such as bags, pouches, liners, wraps, and sachets. The advantages of flexible plastic packaging for businesses are manifold: it offers design versatility with various shapes and sizes, supports reusability through features like zip locks and resealable seals, offers extensive printing options, and boasts a lightweight structure for streamlined shipping logistics.

APAC is forecasted to hold the largest market size by region in 2024.

The Food Packaging Market is experiencing significant growth, driven by increasing consumer demand for convenient, safe, and sustainable packaging solutions. Key trends include the rise of e-commerce and on-the-go consumption, as well as a focus on reducing food waste and improving product shelf life. Innovative materials, such as biodegradable plastics and edible coatings, are also gaining traction as companies seek to differentiate themselves and meet evolving consumer preferences.

The Food Packaging Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Amcor Plc
  • Ardagh Group SA
  • Ball Corp.
  • Berry Global Inc.
  • BWAY Corp.
  • CANPACK SA
  • COFCO Corp.
  • Crown Holdings Inc.
  • DS Smith Plc
  • Huhtamaki Oyj
  • International Paper Co.
  • Kian Joo Can Factory Bhd
  • Metal Packaging Europe
  • O I Glass Inc.
  • Orora Ltd.
  • Sealed Air Corp.
  • Silgan Holdings Inc.
  • Tata Steel
  • Tetra Laval SA
  • Toyo Seikan Group Holdings Ltd.
.

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Research Analysis Overview

The Food Packaging Market encompasses a range of packaging solutions designed to protect and preserve various food items from the external environment. Primary packaging, such as plastic food packaging, directly contacts the product and is essential for maintaining its safety and extending its shelf life. Secondary packaging, like single-serve packs, groups multiple primary packages together for ease of handling and transport. Tertiary packaging, such as plastic containers, is used for bulk storage and transit. Fast-food items and retail products often utilize food packaging with high barrier properties to protect against the effects of relative humidity and pest attacks. Dairy products require specialized packaging to maintain their temperature and prevent spoilage. Online purchasing has led to an increased demand for convenient and safe food packaging solutions. Recycling is a crucial aspect of the food packaging industry, with various solutions being developed to minimize waste and reduce the environmental impact. Safety, shelf life, and damage resistance are key considerations in the design of food packaging for various applications, including retail sale, storage, and transit.

Market Research Overview

The Food Packaging Market encompasses various types of packaging for readymade meals and convenience food, ensuring product safety, extended shelf life, and consumer education. Key components include time and temperature control, visual alerts, moisture absorbers, antimicrobials, antioxidants, and smart packaging. These innovations help maintain product quality and safety against external factors such as heat, pressure, light, and relative humidity. The market offers diverse material compositions, including plastics, paper and paperboard, metal, and glass. High-performance materials like high-barrier properties plastics, biodegradable materials, and renewable materials are gaining popularity due to resource conservation and eco-friendly concerns. Fast-food items, dairy products, and beverages are significant application segments. Packaging types range from flexible, semi-rigid, to rigid, catering to various product types and consumer preferences. Advanced innovations like nanotechnology, smart packaging, and edible packaging are transforming the industry. Online purchasing and e-commerce retail have increased the demand for packaged foods, leading to inventory control and tertiary packaging needs. Consumption habits, especially among the working population, drive the market growth. However, plastic pollution and low recycling rates remain concerns, necessitating improvements in recycling and landfill management.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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