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Redding, California - November 29, 2024

Food Packaging Market to Reach $698.4 Billion by 2031

Food Packaging Market Size, Share, Forecast, & Trends Analysis by Material (Plastic, Metal, Glass), Packaging Type (Rigid, Flexible), Product Type, Application (Bakery Products, Dairy Products, Snacks, Meat Products, RTE Meals) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Food Packaging Market Size, Share, Forecast, & Trends Analysis by Material (Plastic, Metal, Glass), Packaging Type (Rigid, Flexible), Product Type, Application (Bakery Products, Dairy Products, Snacks, Meat Products, RTE Meals)—Global Forecast to 2031’. According to this latest publication from Meticulous Research^®, the food packaging market is projected to reach $698.4 billion by 2031, at a CAGR of 5.9% from 2024 to 2031.

The growth of the food packaging market is driven by the growing demand for convenience food products, the increasing demand for convenient & portable packaging solutions, the rising demand for food products with extended shelf life, and high growth in the retail sector. However, food packaging materials’ susceptibility to degradation and fluctuations in raw material prices restrain the growth of this market.

Furthermore, the growing emphasis on eco-friendly packaging & recyclability and innovation in packaging technology are expected to generate market growth opportunities. However, stringent regulatory requirements are a major challenge for market stakeholders.

Additionally, the rise of E-commerce and edible packaging are prominent trends in the food packaging market.

Key Players

The food packaging market is characterized by a moderately competitive scenario due to the presence of many large and small-sized global, regional, and local players. The key players operating in the food packaging market are Amcor plc (Australia), Smurfit Westrock plc (Ireland), Mondi plc (U.K.), Berry Global Group, Inc. (U.S.), Sealed Air Corporation (U.S.), Ball Corporation (U.S.), Tetra Pak International SA (Switzerland), Schur International Holding A/S (Denmark), Anchor Packaging LLC (U.S.), Crown Holdings, Inc. (U.S.), International Paper Company (U.S.), Graham Packaging Company Inc. (U.S.), Borealis AG (Austria), and B.C. Jindal Group (India).

The food packaging market is segmented by material (plastic packaging [non-biodegradable plastic packaging {Polyethylene Terephthalate (PET) packaging, High-density Polyethylene (HDPE) packaging, Polyvinyl Chloride (PVC) packaging, Low-density Polyethylene (LDPE) packaging, Polypropylene (PP) packaging, Polystyrene (PS) packaging, and other non-biodegradable plastic packaging} and biodegradable plastic packaging {starch-based plastic packaging, cellulose-based plastic packaging, Polylactic Acid (PLA) packaging, Poly-3-Hydroxybutyrate (PHB) packaging, Polyhydroxyalkanoate (PHA) packaging, and other biodegradable plastic packaging}], paper & paper-based packaging, metal packaging [aluminum packaging, tin-free steel packaging, tinplate packaging, Stainless Steel (SS) packaging], glass packaging, and other packaging materials), packaging type (flexible, rigid, and semi-rigid), product type (bags & pouches, bottles & jars, films & wraps, boxes & cartons, trays, cans, stick packs & sachets, and other product types), application (bakery products, confectionery products, dairy products, snacks, beverages; meat, poultry, and seafood products; pet food, baby food, ready-to-eat meals, and other applications), end user (food manufacturers, food service providers, packaging service providers, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The study also evaluates industry competitors and analyzes the food packaging market at the regional and country levels.

By material, the food packaging market is segmented into plastic packaging, paper & paper-based packaging, metal packaging, glass packaging, and other packaging materials. In 2024, the plastic segment is expected to account for the largest share of 43.3% of the food packaging market. The large market share of this segment is attributed to the benefits of plastic packaging, such as versatility, cost-effectiveness, flexibility, and ease of production. Plastic is ideal for packaging a wide range of food & beverage products, including fresh produce, dairy, meat, and seafood products, snacks, ready-to-eat meals, and beverages.

By packaging type, the food packaging market is segmented into flexible, rigid, and semi-rigid packaging. In 2024, the flexible packaging segment is expected to account for the largest share of 46.6% of the food packaging market. The key factors contributing to the large market share of the flexible packaging segment are the benefits of flexible packaging, including convenience, cost-effectiveness, extended shelf life of food products, and versatility.

By product type, the food packaging market is segmented into bags & pouches, bottles & jars, films & wraps, boxes & cartons, trays, cans, stick packs & sachets, and other product types. In 2024, the bags & pouches segment is expected to account for the largest share of 28.6% of the food packaging market. Continuous innovation in material & design, the increased consumer demand for food packed in bags & pouches due to the convenience offered, and the growing focus on sustainable packaging solutions are factors contributing to the large market share of the segment.

By application, the food packaging market is segmented into bakery products, confectionery products, dairy products, snacks, beverages, meat, poultry, and seafood products, pet food, baby food, ready-to-eat meals, and other applications. In 2024, the beverages segment is expected to account for the largest share of 24.3% of the food packaging market. This segment’s large market share can be attributed to consumers’ increasing preference for ready-to-drink beverages, the expanding variety of beverages available on the market, and the growing consumption of organic and functional beverages.

By end user, the food packaging market is segmented into food manufacturers, food service providers, packaging service providers, and other end users. In 2024, the food manufacturers’ segment is expected to account for the largest share of 66% of the food packaging market. The segment’s large market share is attributed to the high demand for processed foods and the proliferation of food processing units.

Geographical Review

This research report analyzes major geographies and provides a comprehensive analysis of the food packaging market in North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and the Middle East & Africa (United Arab Emirates, Saudi Arabia, South Africa, Rest of Middle East & Africa).

In 2024, Asia-Pacific is expected to account for the largest share of 41.5% of the food packaging market. The Asia-Pacific food packaging market is estimated to be worth $196.6 billion in 2024. The major share of this regional market is mainly attributed to the increased demand for processed food products, robust growth in the food & beverage industry, increasing urbanization, growing health awareness, rising disposable incomes, and government support for the food processing sector.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5972

Key Questions Answered in the Report:

What is the revenue generated in the food packaging market?
At what rate is the global demand for food packaging solutions projected to grow for the next 5-7 years?
What are the historical market size and growth rate for the food packaging market?
What are the major factors impacting the growth of this market at the global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which material, packaging type, product type, application, and end-user segments are expected to create major traction for the manufacturers in this market?
What are the key geographic trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the food packaging market?
Who are the major players in the food packaging market? What are their specific product offerings in this market?
What recent developments have taken place in the food packaging market? What are the impacts of these developments?

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Redding, California - November 29, 2024

Food Packaging Market to Reach $698.4 Billion by 2031

Food Packaging Market Size, Share, Forecast, & Trends Analysis by Material (Plastic, Metal, Glass), Packaging Type (Rigid, Flexible), Product Type, Application (Bakery Products, Dairy Products, Snacks, Meat Products, RTE Meals) - Global Forecast to 2031

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