Redding, California - July 30, 2024
Food Packaging Market to be Worth $697.74 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 $697.74 billion by 2031, at a CAGR of 5.9% during the forecast period. This market’s growth is primarily attributed to the rising demand for convenience food products, increasing demand for convenient and portable packaging solutions, growing demand for longer shelf-life products, and high growth in the retail sector. However, susceptibility to degradation and fluctuations in raw material prices may restrain market growth.
In addition, growing emphasis on eco-friendly packaging & recyclability and innovation in packaging technology are expected to create market growth opportunities. However, stringent regulatory requirements pose a significant challenge to the market’s growth.
Moreover, the rise of e-commerce and edible packaging are prominent trends in the food packaging market.
Key Players
Some of the key players operating in the food packaging market are Amcor Plc. (Australia), Smurfit Kappa Group plc. (Ireland), Mondi Limited (U.K.), Berry Global Group (U.S.), Sealed Air Corp. (U.S.), Ball Corporation (U.S.), Tetra Pak International SA (Switzerland), Schur Flexibles Group (Austria), Anchor Packaging Inc. (U.S.), Crown Holdings Inc. (U.S.), International Papers (U.S.), WestRock Company (U.S.), Graham Packaging Company Inc. (U.S.), Borealis AG (Austria), and Jindal Poly Films Limited (India).
The food packaging market is segmented by material (Paper & Paper-based Material, Plastics[Biodegradable {Starch-based Plastic, Cellulose-based Plastic, Polylactic Acid (PLA), Poly-3-Hydroxybutyrate (PHB), Polyhydroxyalkanoates (PHA), Others}, {Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Low Density Polyethylene (LDPE), Polypropylene (PP), Polystyrene (PS), Others}], Metal [Aluminum, Tinplate, Tin-free Steel (TFS), Stainless Steel (SS)], Glass, and Other), by packaging type (Rigid, Semi-Rigid, Flexible), by Product Type (Bags and Pouches; Films and Wraps; Stick Pack and Sachets; Bottles and Jars; Boxes and Cartons; Trays; Cans; and Other Product Types), by Application (Bakery Products; Confectionery Products; Dairy Products; Snacks; Beverages; Meat, Poultry, and Seafood Products; Cereals & Grains; Oilseeds & Pulses; Herbs and Spices; Fruits and Vegetables; Sauces, Dressings, and Condiments; Pet Food; Food packaging; Ready-to-Eat Meals; and Other Applications), by End User (Food Manufacturers; Food Service Providers; Packaging Service Providers; and Other End Users), and geography (North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa). This study also evaluates industry competitors and analyzes the market at the country level.
Based on material, the food packaging market is segmented into plastic, paper & paper-based material, metal, glass, and other packaging materials. In 2024, the plastic segment is expected to account for the largest share of 41.5% of the food packaging market. In addition, this segment is expected to register the highest CAGR during the forecast period. This segment’s large market share and rapid growth are attributed to its various benefits, such as versatility, cost-effectiveness, flexibility, and ease of production.
Based on packaging type, the food packaging market is segmented into rigid, semi-rigid, and flexible. The flexible segment is estimated to register a higher CAGR during the forecast period. This segment’s rapid growth is mainly attributed to its numerous benefits, including convenience, sustainability, cost-effectiveness, extended shelf life, and versatility. Moreover, enhanced branding and consumer appeal due to flexible packaging and e-commerce growth contribute to the growth of this segment.
Based on product type, the food packaging market is segmented into bags and pouches, films and wraps, stick packs and sachets, bottles and jars, boxes and cartons, trays, cans, and other types of food packaging. In 2024, the bags and pouches segment is expected to account for the largest share of the food packaging market. The large market share of this segment is mainly attributed to its continuous innovation in material & design, increased consumer demand for convenience food, and growing focus on sustainable packaging solutions. Moreover, its versatility, affordability, and eco-friendly nature further support the growth of this segment.
Based on application, the food packaging market is segmented into bakery products; confectionery products; dairy products; snacks; beverages; meat, poultry, and seafood products; cereals & grains; oilseeds & pulses; herbs and spices; fruits and vegetables; sauces, dressings, and condiments; pet food; baby food; ready-to-eat meals; and other applications. In 2024, the bakery products segment is expected to account for the largest share of 32.7% of the food packaging market. This segment’s large market share is attributed to several factors, including high consumption of bakery products, continuous innovation and new product development, the shift towards health-oriented bakery products, the increasing number of ready-to-eat product chains and QSRs, and increasing bakery manufacturers' emphasis on product differentiation and presentation.
Based on 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 the food packaging market. This segment’s large market share can be attributed to the huge demand for processed foods and the growing number of food processing units.
Based on geography, the food packaging market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 34.6% of the food packaging market. Asia-Pacific’s major market share and rapid growth are mainly attributed to increased demand for processed food products, strong growth in the food & beverage industry due to increasing urbanization, growing health awareness, and rising disposable income levels, government support for the food processing sector, and increasing innovation & new product developments in the food & beverages industry.
Moreover, this region is also estimated to register the highest CAGR during the forecast period.
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Key Questions Answered in the Report:
- What are the historical market sizes and growth rates of the food packaging market?
- At what rate is the demand for food packaging projected to grow over the next five to seven years?
- What are the major factors impacting market growth at the regional and country levels? What are the opportunities for existing players and new entrants in the market?
- Which segments, in terms of material, packaging type, product type, application, and end user are expected to create traction for the manufacturers in this market during the forecast period 2024–2031?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the players operating in the food packaging market during the forecast period 2024–2031?
- Who are the major players in the food packaging market? What are their product offerings in this market?
- What are the recent strategic developments in the food packaging market? How have these developments impacted the market?
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