Asia-Pacific Food Packaging Market Size

APAC Food Packaging Market Analysis

The Asia-Pacific food packaging market is expected to register a CAGR of 4.31% over the forecast period 2022 - 2027. Asia-Pacific has been experiencing positive growth in the food packaging market and is estimated to witness significant growth over the forecast period. The disposable income of consumers in the region has seen significant growth, which has increased the standard of living of people in the region.

• The increasing exports of fruits and vegetables in Asia-pacific are increasing the growth of the market. The world imports of fruit and vegetables have increased by 17.6%, and imports of fruits and vegetables in the Asia Pacific region increased by 51.6%.
• Moreover, in a country such as India, the growing demand for online food ordering is increasing, which is pushing the usage of packaged food boxes in the food packaging market. For instance, in February 2022, Zomato, one of the prominent food delivery companies, said that the average monthly active food delivery restaurants have grown by 6x and average monthly transacting customers have grown by 13x on Zomato over the past 5 years.
• The changes in the lifestyle of the people and changing food preferences of consumers, along with the increasing population in developing nations, will drive the growth of the market in the forecasted period.
• The growing preference of people for processed food due to the surging working population, rising disposable incomes, and hectic lifestyles, to shifts in population dynamics from rural to urban areas is also driving the food packaging market.
• New packaging technologies, such as active packaging, intelligent packaging, and engineering science, have evolved over the years, which enables the flexible packaging of food products. Companies are adopting eco-friendly packaging by using biodegradable packaging material which can be recycled, renewed, and reused.
• Due to increased dry food procurement fueled by hygiene concerns, the emergence of COVID-19 sparked a demand for canned food across the Asia Pacific area. However, due to a total lockdown and stoppage of manufacturing activities, the industry was unable to fully benefit from the sudden demand surge, which hampered the market's growth in 2020. Furthermore, because health worries are anticipated to persist even after the disease outbreak has subsided, the market is expected to increase steadily in the following years.