Food Packaging Market Forecasts to 2028 – Global Analysis By Product Type (Flexible, Rigid, Semi Rigid), Material (Wood, Paper & board, Metal, Glass, Plastic), Application (Dairy products, Bakery, Confectionery, Sauces, Dressings & Condiments, Others) and

Food Packaging Market Forecasts to 2028 – Global Analysis By Product Type (Flexible, Rigid, Semi Rigid), Material (Wood, Paper & board, Metal, Glass, Plastic), Application (Dairy products, Bakery, Confectionery, Sauces, Dressings & Condiments, Others) and Geography

According to Stratistics MRC, the Global Food Packaging Market is accounted for $340.69 billion in 2022 and is expected to reach $505.57 billion by 2028 growing at a CAGR of 6.8% during the forecast period. Plastic is one of the main basic materials used to packaging food. Plastic packaging is made from synthetic polymers derived from natural resources, such as polypropylene and polyethylene.

According to a Consumer Action survey of Americans, in July 2019, 34% of adults knew that cardboard, followed by plastic 26%, glass 21%, and metal 8%, was the most recyclable food packaging material.

Market Dynamics:

Driver:

Growing Demands for Food Shelf-Life Improvement

Merchandise that has been packed travels a long way before reaching customers. The packaged food could not be fresh when it gets to the consumer and might have lost its flavour and aroma. Since it would mean losing the money spent on packing, food spoiling before something reaches the consumer is becoming a higher concern. The food processing sector makes investments in cutting-edge packaging techniques and technology, such as sophisticated manufacturing and engineering science, to combat this and increase the shelf life of the product. Businesses place a high priority on customer satisfaction since it influences their identity and market value. The preference of consumers for packaged items with a longer shelf life is being affected by an increase in health awareness and a greater appreciation of the value of consuming fresh foods. Consequently, the market's growth is being driven by a rise in the demand for goods with a longer shelf life in countries.

Restraint:

Rising Cost of Raw Materials

Plastic is one of the main basic materials used to package food. Plastic packaging is made from synthetic polymers derived from natural resources, such as polypropylene and polyethylene. The fluctuating price of different raw materials has an effect on the packaging sector. The cost of these raw materials is also increasing as a result of legislation that the government and advocacy groups have established to promote resource conservation and limit market growth. Due to the increasing cost of raw materials, many creative product and distribution are becoming unaffordable, forcing businesses to rely on ensure consistent, which has a severe effect on both the environment and the economy.

Opportunity:

Packaging Innovation

Expanding packaging developments present a market opportunity. Innovative product solutions can be easily created using plastic packaging. One of the various varieties of plastic packaging still in use today is plastic cling film. Modern developments in cling film packaging and the move towards ecologically friendly packaging are shaping the market. A wide range of packaging choices, such as food containers, packing materials, nanostructured materials, intelligent packaging, and several packaging design options, are provided by this innovation. These packaging choices help to improve customer education, market accessibility, inventory control, storage stability, and the confirmation of the agricultural product's safety and quality.

Threat:

Air Pollution from Food Packaging

Food packaging trash that cannot be composted or recycled is often land filled. Both systems emit air pollutants, including greenhouse gases, but only one is better for trash management. Ammonia and hydrogen sulphide are released by landfills, whereas mercury, lead, hydrogen chloride, sulphur dioxides, nitrous oxides, and particulates are released by incinerators. Therefore, during the projected period, the aforementioned aspect presents hurdles to market expansion.

Covid-19 Impact

The influence of COVID-19 on the international market is less than in various manufacturing sectors due to the fact that the food industry is regarded as essential by all countries. It is anticipated that flexible packaging suppliers to sectors like packaged food will benefit well during the ongoing epidemic. Demand for packaged goods is driven by shifting consumer demand patterns, governmental policies, and stockpiling. Many consumers in underdeveloped countries have switched from purchasing unpackaged food to packaged food as a result of the greater food safety crisis brought on by the pandemic. The growth of the global market is, however, being hampered by trade restrictions and supply chain interruptions. It is anticipated that market growth will be boosted by packaging suppliers' mitigation strategies and regional government assistance initiatives to aid in the economy's recovery.

The Rigid segment is expected to be the largest during the forecast period

The Rigid segment is estimated to have a lucrative growth, due to its expanding use throughout vegetables, fruits, and other easily crushable food products. Industry demand will be driven by changes in consumer lifestyles and an increase in the consumption of bread, sausages, and other snacks. The market size could be driven by the rising number of food retail stores that are introducing new products. But semi-rigid packaging, which is constructed of cardboard and plastic, is typically used to protect food from dampness, rot, and harsh surroundings. These materials are mostly utilised for microwaveable applications since they are lighter, non-corrodible, shock-resistant, and heat-sealable.

The Paper & Board segment is expected to have the highest CAGR during the forecast period

The Paper & Board segment is anticipated to witness the fastest CAGR growth during the forecast period, due to their versatility, eco-friendliness, and low carbon emissions, paper and board have the biggest market share and are ideal for food packaging. The primary factor propelling the market is the rise in the usage of paper in the packaging of a variety of quickly consumable meals, fresh vegetables, and beverages.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Customer' discretionary income has greatly increased in the area, increasing their purchasing power and enhancing the level of living for residents. Due to the growing urban populations in China and India, there is a greater a need food packaging in this region. Additionally, packed food containers have become more and more common in the packaging sector in a country like India where the demand for internet meal ordering is growing.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increase in the consumption of packaged goods. Additionally, customers' eating preferences are shifting away from fast food and towards packaged meals of higher calibre and better health. People favour environmentally friendly packaging options, such as biodegradable materials and sustainable packaging solutions, in order to protect the environment.

Key players in the market

Some of the key players profiled in the Food Packaging Market include Nuconic Packaging LLC, Tetra Pak International S.A., Sealed Air Corp., Amcor Ltd., Crown Holdings, Inc., ProAmpac, Mondi, Ball Corporation, Ancor Packaging, DS Smith PLC, Seal Packaging, Smurfit Kappa Group plc and International Papers.

Key Developments:

In August 2022, Seal Packaging introduced fresh eco-friendly packaging options. The first UKCA-marked plastic-free paper cups, the It's Not Paper bag collection, a workable and ecological replacement for conventional paper bags, and the Compostabowl are just a few of the new, creative goods now being introduced.

In July 2021, ProAmpac, a flexible Packaging and material science pioneer, purchased Ultimate Packaging. Ultimate Packaging is one of the biggest independent flexible packaging producers in the UK. ProAmpac will be able to strengthen its position in the market with the support of Ultimate, which specializes in creative packaging solutions that increase product shelf life, convenience, and recyclable product range.

In July 2020, Mondi collaborated with Hütthaler, an Austrian meat producer, to develop a 100% recyclable thermoforming film consisting of a single material for their meat and sausage products. The film is constructed of a single substance that can be recycled and acts as a barrier to preserve the food and extend its shelf life.

Product Types Covered:
• Flexible
• Rigid
• Semi Rigid

Materials Covered:
• Wood
• Paper & board
• Metal
• Glass
• Plastic

Applications Covered:
• Dairy products
• Bakery
• Confectionery
• Sauces, Dressings & Condiments
• Convenience Foods
• Fruits & Vegetables
• Meat, Poultry & Sea Food
• Others

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements