(MENAFN- GetNews) According to a new report by Grand View Research, Inc., The global food packaging market size was estimated at USD 303.26 billion in 2020, exhibiting a CAGR of 5.2% over the forecast period. Growing demand for packaged food by consumers owing to quickening pace of life and changing eating habits is expected to have a major impact on the market. The product offers extended and stable shelf-life, high barrier properties, and safety, thereby boosting the market growth.
The global food packaging market size is expected to reach USD 456.6 billion by 2027 , expanding at a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc.. Growing demand for convenience food products due to change in lifestyle and alternative eating habits is expected to bolster the market growth.
Demand for food packaging will increase across processed and packaged foods segment as consumers are moving towards packaged foods owing to their longer shelf-life and ease of storage, which is a key factor promoting its use during the COVID-19 outbreak. We at GVR are trying to quantify the impact of this pandemic on the food packaging market. Get your copy now to gain deeper insights on the same.
The industry exhibits rapid growth for single-serve and portable food packs. Increasing purchasing power of buyers owing to rising per capita income is expected to boost the growth. Furthermore, increasing urban population and attraction toward ready-to-eat meals by consumers is expected to spur the demand for food packaging.
Rising concerns of consumers regarding contamination and food safety is predicted to bolster the demand for effective packaging solutions. In addition, increasing number of retail chains is anticipated to propel sales of packaged food, consequently driving the market growth. Surge in demand for food delivery services is also expected to have a positive impact on the industry.
Factors such as convenience and use of high performance material are expected to aid the industry growth. Improved shelf-life, coupled with heightened efficiency in prevention of content contamination, is expected to boost the growth of the market. In addition, factors such as increasing population, rising disposable income, and shrinking households have a positive impact on the market.
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Rising inclination toward innovation in environment-friendly and sustainable packaging is an emerging trend in the industry. Emergence of new and innovative packing types and technologies including Modified Atmosphere Packaging (MAP), active packaging, and, printing technologies are expected to boost the market across the globe. Players also insist on investing in development of cost-effective, lightweight, and high performance materials.
Further key findings from the report suggest:
- Flexible packaging is expected to register the highest CAGR of 6.0% in terms of revenue from 2020 to 2027, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers
- Paper and paper-based packaging is estimated to be the fastest growing segment, exhibiting a CAGR of 6.1% from 2020 to 2027, owing to its low cost and sustainability parameters
- Bakery and confectionary is anticipated to be the largest application, which recorded a market size of USD 82.6 billion in 2020 owing to growing demand for cakes, candies, and frozen ready-to-eat bakery products
- The market in Asia Pacific is was worth USD 112.2 billion by in 2020. The region is anticipated to witness significant growth in near future on account of growing population, increasing urbanization, and rising disposable income of consumers
- The food packaging industry is characterized by the presence of large number of players and is highly fragmented. Some of the key players in the market are Amcor Plc., Ball Corporation, Berry Plastic Group, and DS Smith PLC.
The global food packaging market size was estimated at USD 303.26 billion in 2020, exhibiting a CAGR of 5.2% over the forecast period. Growing demand for packaged food by consumers owing to quickening pace of life and changing eating habits is expected to have a major impact on the market. The product offers extended and stable shelf-life, high barrier properties, and safety, thereby boosting the market growth.
The market in U.S. is expected to be fueled by increasing urban population leading to growth in consumption of packaged food and rising popularity of single-serve packs. The market is also supported by increasing infrastructure for recycling of plastics, metals, and glass however, concerns regarding wastage due to improper packaging may hamper the growth.
Bargaining power of buyers is expected to remain high during the forecast period. The industry is characterized by the presence of large number of buyers, which is expected to increase over the forecast period. In addition, buyers seek for innovative and customized solutions for their products and exhibit high levels of price sensitivity and often resort to material substitution.
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The market is expected to remain highly regulated with agencies such as U.S. Food and Drug Administration (FDA) and European Commission imposing stringent regulations regarding use of food packaging types and food contact materials. The market is shifting toward more sustainable packing solutions such as bio-based plastics and thermoplastics, which is further expected to spur the market growth.
Rising sales of retail products and trend of online shopping is expected to have a positive influence over the market. Increasing consumption of snacks instead of traditional food is anticipated to drive the demand for packaged products thus driving the market growth.
Rigid packaging is widely used owing to its properties such as high barrier to light, moisture, and oxygen, which prevents food from getting contaminated. North America is estimated to be the largest market for rigid food packaging, owing to increasing consumer demand for packaged food offering nutritional value and convenience. Applications of semi-rigid packaging include dairy products, fresh sandwich packs, and bakery and confectionary products. Thus, increased consumption of milk and dairy products and bakery and confectionary products is expected to drive the demand for semi-rigid food packaging in the coming years.
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Flexible packaging is the fastest growing segment, exhibiting a CAGR of around 6.0% from 2020 to 2027 owing to its ability to form thinner, lighter, and compact packing. Shift in demand from rigid to flexible packing solutions is expected to boost segment growth. Superior performance and convenience offered by retortable packages is presumed to exhibit the largest demand over the forecast period.
Flexible packaging is anticipated to witness sustainable growth owing to growing demand in the developing economies. Technological innovations in product development and increasing trend of smaller package size are expected to fuel the segment growth. Moreover, cost-effectiveness and reduced raw material consumption are likely to boost the demand over the projected period. The paper and paper-based material segment accounted for a revenue share of 31.9% of the total food packaging market in 2020. Growth of this segment is driven by high product adoption in a bid to substitute non-biodegradable packing solutions. Innovations in design, ease of printability, and sustainability give paper packaging a competitive advantage over plastic and metal packaging solutions.
Plastic food packaging is expected to witness rapid growth owing to adoption by end users due to its low prices. Rising usage of plastic films in secondary food packaging is anticipated to have a positive influence on the market. Superior properties offered by plastic packaging such as increased sealing capacity and high moisture barrier is presumed to drive the product demand.
Grand View Research has segmented the global food packaging market on the basis of type, material, application:
Food Packaging Type Outlook (Revenue, USD Billion, 2016 - 2027)
- Rigid
- Semi-rigid
- Flexible
Food Packaging Material Outlook (Revenue, USD Billion, 2016 - 2027)
- Paper & Paper-based Material
- Plastics
- Metal
- Glass
- Others
Food Packaging Application Outlook (Revenue, USD Billion, 2016 - 2027)
- Bakery & Confectionary
- Dairy Products
- Fruits & Vegetables
- Meat, Poultry, & Seafood
- Sauces & Dressings
- Others
Metal packaging is commonly used for applications such as canned food, fish, meat, and canned fruits. Growing demand for metal cans owing to extended shelf-life of food products, tamper-proof packing, and nutrition preservation is predicted to boost the market growth. Rise in investments, technological advancements, and design innovations are expected to drive the segment growth.
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Bakery and confectionary products are generally packed in high moisture barrier packaging in order to extend their shelf life. Flexible packaging is widely used for the aforementioned application owing to its advantages such as lightweight, printability, and cost-effectiveness over paper cartons and tins. Furthermore, attractive packing of confectionary products is expected to boost the segment growth.
Consumer inclination toward dairy products in smaller packs due to shrinking households is anticipated to augment the market growth. Adoption of attractive food packaging strategies by manufacturers is also likely to boost the segment growth. Moreover, rising demand for dairy products such as yogurt and ice cream is expected to augment the growth.
Rising health awareness is projected to drive the demand for fruits and vegetable and subsequently packaging solutions for the same. Additionally, rising consumer disposable income has led to a rise in demand for garden fresh products. Increasing consumer demand for environment-friendly food packaging solutions with low costs and ease of handling is expected to drive the demand over the next few years.
Increasing demand for smaller portions of meat and seafood is expected to drive the demand for packaging of these products. Emergence of fish and seafood as snacks is expected to drive growth. Moreover, government initiatives to promote healthy eating habits are expected to boost the demand for meat, poultry, and seafood packaging.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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