The global food packaging market size was valued at approximately USD 293.72 billion in 2018 and is expected to generate around USD 425.27 billion by 2026, at a CAGR of around 5.8% between 2019 and 2026.
The report covers a forecast and an analysis of the food packaging market on a global and regional level. The study provides historical data for 2016, 2017, and 2018 along with a forecast from 2019 to 2026 based on volume (Kilotons) and revenue (USD Billion). The study includes drivers and restraints of the food packaging market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the food packaging market on a global level.
The growing number of health-conscious consumers and increasing preference for packaged food as compared to openly sold food products will enhance the need for food packaging, which is expected to positively impact the global food packaging market growth over the forecast time period. Various developments are witnessed in packaging standards and smart packaging techniques designed to improve the quality of food. This will enable consumers to spend on premium products, which is expected to drive the food packaging market growth in the upcoming years. However, stringent government regulations and concerns over food safety and health safety of consumers may hinder the food packaging market growth in the future.
Recent advancements, such as automation in printing techniques, smart packaging, software systems, and interfaces, are projected to drive the global food packaging market growth over the estimated timeline. Safety of food is an important requirement for food production and packaging. According to the USDA, food poisoning is accountable for the illness of more than 75 million people annually.
Based on material, the food packaging market is segmented into the paper and board, plastic, glass, metal, and others. The paper and board segment held a substantial market share in 2018, due to high product adoption to substitute non-biodegradable packaging options. Moreover, paper packaging offers innovation in design, ease of printing, and sustainability.
On the basis of type, the market is segmented into semi-rigid, rigid, and flexible. The rigid packaging segment held a significant market share in 2018, due to high resistance to oxygen, light, and moisture that prevents food from being contaminated.
Based on application, the food packaging market is segmented into dairy products, bakery and confectionery, convenience foods, fruits and vegetables, meat, fish, and poultry, sauces, dressings, and condiments, and others. The bakery and confectionery segment held the highest market share in 2018. Bakery and confectionary products are usually packed in high moisture barrier packaging to extend their shelf life. Flexible packaging is mostly used for the packaging of bakery and confectionary products due to its lightweightness and economical cost in comparison to tins and paper cartons.
North America contributed notably towards the market revenue in 2018. Thriving retail sector and increased consumption of packaged food by consumers is predicted to increase the demand for packaging solutions and drive food packaging market growth in the North American region over the estimated period. Moreover, the presence of large manufacturers in the region is anticipated to further drive industry growth.
The Asia Pacific held a major revenue share of the global food packaging market in 2018 and is expected to grow notably over the forecast timeframe. This growth is attributed to the huge demand for food packaging from Japan, India, and China for healthy food products and the region’s growing population base. Moreover, favorable government initiatives along with rapid urbanization and rising disposable income of consumers are expected to further drive this regional market in the future.
The Latin American food packaging market is expected to witness substantial growth over the forecast timeframe, owing to the increasing middle-class population, who are major consumers of pre-prepared foods. Moreover, the increasing demand for confectionary food and growing investments in government organizations and private companies in the food industry is anticipated to further drive the food packaging market growth in Latin America over the estimated timeframe.
The Middle Eastern and African market is projected to experience lucrative growth in the future, owing to the favorable government initiatives for the development of the food sector. The food sector is an important industry for economies of UAE and Dubai and is a key hub for food exports.
Some key players operating in the global food packaging market include Berry Plastics, Kraft Foods, PepsiCo, Tetra Pak, DINE Marketing, Beam Suntory, Impact Plastics, INX International Packaging, Kellogg’s Co., McCain Foods, CSI Closure Systems International, Cargill Inc., AmeriPak, Inc., and ConAgra Foods, Inc., among others.
Global Food Packaging Market: Material Analysis
Global Food Packaging Market: Type Analysis
Global Food Packaging Market: Application Analysis
Global Food Packaging Market: Regional Analysis