Foods and Beverages Packaging Global Outlook

Foods and Beverages Packaging Global Outlook

The global foods and beverages packaging market in terms of revenue grew at a CAGR of 11.0% from 2020 to 2023. This trend is expected to continue in the coming years with the global foods and beverages packaging market expected to grow at a CAGR of 5.2% from 2023 to 2028, reaching USD 555.26 billion in 2028. The global foods and beverages packaging industry is experiencing a consistent upward trajectory, closely mirroring the growth trends of the Food and Beverage (F&B) sector. This burgeoning expansion can be attributed to several pivotal factors. the burgeoning global population base serves as a primary driver for increased food consumption, necessitating enhanced packaging solutions. Changing demographics, including urbanization and the rise of middle-class populations, particularly in emerging economies, have led to shifts in dietary preferences and consumption habits. Additionally, higher disposable incomes across various regions are enabling consumers to spend more on packaged foods, further fueling demand within the industry.

As the industry recovers from the COVID-19 pandemic and continues to grow, the market size of the global foods and beverages packaging is forecasted to increase to 222.40 million tons in 2028, representing a CAGR of 3.9% from 2023 to 2028.

In terms of Raw Materials, the plastics segment dominated the market studied in 2022. The plastics segment retains a commanding presence in the packaging industry, primarily due to the inherent versatility and lightweight properties of plastic as a material. These characteristics, coupled with its cost-effectiveness relative to other materials, have entrenched plastic packaging as a market mainstay. Consequently, it is anticipated that plastic packaging will continue to dominate the market throughout the forecast period.

Europe foods and beverages packaging market, according to Tanalyze, in terms of revenue is forecasted to reach USD 165.98 billion in 2028, with a CAGR of 4.9% from 2023 to 2028. In the contemporary business landscape of Europe, stakeholders are increasingly directing their attention towards the principles of sustainability and circularity. This shift in focus is not merely a response to growing environmental consciousness but also a strategic alignment with the regulatory framework established by the European Union (EU). The EU has articulated ambitious targets for the recycling of packaging waste, underscoring its commitment to environmental stewardship and resource efficiency.

The industry is highly fragmented, with numerous manufacturers involved. Within the global food and beverage packaging market, the top five vendors recognized for their significant market presence are Amcor plc, Ball Corporation, Crown Holdings, Inc., Graphic Packaging International, LLC, and WestRock Company. These industry leaders are instrumental in setting market trends and standards.

The competitive landscape is further defined by Tier 2 vendors, which include Berry Global, Inc., Coveris Flexibles UK Ltd., DS Smith plc, Elopak AS, Huhtamäki Oyj, International Paper Company, Mondi Group plc, O-I Glass, Inc., Packaging Corporation of America, Pactiv Evergreen, Inc., Sealed Air Corporation, SIG Group AG, Silgan Holdings, Inc., Sonoco Products Company, and Tetra Pak, Ltd. These companies contribute to shaping the market dynamics through their competitive strategies and diverse product offerings.

Additional players in the market comprise AlFiPa GmbH & Co. KG, Ardagh Group SA, CanPack S.A., Charpak Limited, Combi-Pack Sdn Bhd, CPMC Holdings Limited, Frapak Packaging B.V., Robinson plc, Tipa Corp. Ltd., Toyo Seikan Group Holdings, Ltd., Verallia, and Ester Industries Limited. These vendors play a role in diversifying the market with their unique product types and regional market penetrations.