Food Packaging Market Size
|Market Size (2023)||USD 352.38 Billion|
|Market Size (2028)||USD 432.04 Billion|
|CAGR (2023 - 2028)||4.16 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Food Packaging Market Analysis
The Food Packaging Market size is expected to grow from USD 352.38 billion in 2023 to USD 432.04 billion by 2028, at a CAGR of 4.16% during the forecast period (2023-2028).
With growing urbanization, the rising demand for eco-friendly packaging of products and safety concerns among users have become significant factors, which are expected to make the food packaging market grow lucratively during the forecast period.
- People's changing lifestyles and food preferences, as well as the growing population in developing countries, would drive the market's growth during the forecast period.
- The food packaging market is also being driven by people's growing preference for processed foods because of the growing number of people who are working, their rising disposable incomes, and their busy lives, as well as the movement of people from rural to urban areas.
- New packaging technologies, such as active packaging, intelligent packaging, and new packaging designs, have evolved over the years. Companies are making packaging that is better for the environment by using biodegradable materials that can be recycled, renewed, and used again.
- But the market is expected to remain highly regulated, with agencies like the FDA and the European Commission putting in place strict rules about the types of food packaging and the materials that come into contact with food.
- The COVID-19 pandemic emerged as a significant global event with far-reaching consequences. This crisis suddenly and dramatically altered numerous aspects of everyday lives and behaviors. The pandemic impacted the food packaging industry globally. Food packaging protects food by preserving all of its essential properties while maintaining its physical and biological appearance. Further, the Russia-Ukraine war had an impact on the overall packaging ecosystem.
Food Packaging Market Trends
This section covers the major market trends shaping the Food Packaging Market according to our research experts:
Increasing Demand for Shelf-Life Extension of Foods Accelerating the Food Packaging Market
- One of the key pillars of both domestic and international competition in the food sector is shelf life. When food products have a longer shelf life, businesses that make food and sell it on the market can make more money and work more efficiently.
- The food and beverage segment is one of the major contributors to the overall packaging market. In order to offer efficient packaging solutions coupled with reduced costs for manufacturing packaging materials, food product manufacturers are spending a huge amount on research and development of advanced packaging techniques such as nanotechnology.
- After packaging, it takes time for packaged food to reach consumers across various parts of the world. The packaged food may not be fresh and might lose its aroma and taste before reaching the consumer. The threat of food spoilage before it reaches the consumer is causing food packaging companies to seek out higher-quality and more innovative packaging solutions, as spoiled food would result in a loss of capital invested in the packaging.
- To overcome this, food processing industries are investing in technologies and various new packaging techniques, such as intelligent packaging and engineering science, which help increase the shelf life of the product. Organizations are focusing on consumer satisfaction, apart from revenues, as it impacts the brand's image and value in the market.
- Increasing health consciousness and awareness regarding consuming fresh food are influencing consumers to opt for packaged products with a longer shelf life. Therefore, rising demand for better shelf-life products across countries such as the United States is driving market growth.
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Asia-Pacific to be the Fastest Growing Market
- Asia-Pacific has experienced positive growth in the food packaging market and is estimated to witness significant growth over the forecast period. People in the region are living better because their disposable income has grown a lot.
- The market is expanding due to the rising exports of fruits and vegetables to the Asia-Pacific region. Due to the extensive urbanization occurring in the Asia-Pacific nations, there is an increasing demand for inventive and practical fruit and vegetable powders and pieces. Such novel ingredients can easily be added to goods produced by food processing firms while preserving the original flavor and assisting in cooking the finished goods. 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.
- The demand for packaged food is increasing as consumers in Asia become increasingly interested in healthy meals and beverages. People desire higher-quality food, whether low-cost, mass-market, or premium, to help them live healthier and more fulfilled lives. Top health items, ranging from dried fruit and nuts to snacks and ready-to-eat packaged meals, are reduced in salt, fat, and sugar and have greater overall nutritional value. For many, this goes hand-in-hand with efforts to combat obesity, heart disease, and other disorders that have accompanied economic progress, increased income, and urbanization.
- Consumers all around the region are updating their lifestyles by looking for more variety, novelty, and high-quality food options. Customers in wealthier markets place a more significant emphasis on health and quality. Still, consumers in middle- and lower-income areas are shifting away from price-based purchase decisions, with many willing to try new brands and products. This has created market growth opportunities for the packaging industry.
- This creates a compelling opportunity for both large and small packaging businesses to provide solutions that fit with current packaging end-user industries, which are often urban and convenience-oriented. While environmentally and socially responsible companies and goods are still making inroads in many Asian markets, they will be well-positioned to meet consumer needs in the long run.
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Food Packaging Industry Overview
The food packaging market is fragmented. Companies are offering extensive product customization in an attempt to increase their share and augment their revenue. They are striving to replace existing materials with biodegradable ones in order to meet changing government standards. Due to the presence of several players, the market has strong competition. Some of the major players in the market are Amcor Plc., Smurfit Kappa Group plc., Mondi Limited, Sonoco Products, Berry Global Group, Ball Corporation, Tetra Pak, Schur Flexibles Group, Anchor Packaging Inc., Crown Holdings Inc., International Papers, WestRock, and Sealed Air Corp., among others.
In June 2022, with the intention of making the packaging 100% recyclable in the paper stream, Walki introduced new recyclable packaging materials for frozen food products. The new materials are anticipated to fulfill the needs of the frozen food industry. The two new products from Walki, Walki EVO Seal and Walki Opti Seal, are paper-based recyclable packaging made for pillow pouches of frozen food.
In April 2022, at Anuga FoodTec in Cologne, Germany, Mondi introduced fresh packaging options for the food sector. Products made of two trays provide fresh food producers with recyclable options and can lower food waste. High-barrier food protection will be provided by PerFORMing Monoloop and Mono-Formable PP, illustrating the crucial role that packaging plays throughout the supply chain.
Food Packaging Market Leaders
Smurfit Kappa Group plc.
Berry Global Group
Sealed Air Corp.
*Disclaimer: Major Players sorted in no particular order
Food Packaging Market News
- 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.
- June 2022: SIG completed the acquisition of Scholle IPN, a flexible packaging solution provider with an enterprise value of USD 1.53 billion. The acquisition is expected to enable SIG to offer sustainable, low-carbon packaging solutions across a broad range of categories and product sizes.
Food Packaging Market Report - Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Demand for Convenience Foods in Developing Economies
5.1.2 Increasing Demand for Shelf-Life Extension of Foods Accelerating the Food Packaging Market
5.1.3 Trend of Small Households
5.2 Market Restraints
5.2.1 Stringent Regulations Pertaining to Food Packaging
6. MARKET SEGMENTATION
6.1 By Type of Material
6.1.4 Paper and Paperboard
6.2 By Packaging Type
6.2.2 Semi Rigid
6.3 By Product Type
6.3.2 Converted Roll Stock
6.3.3 Gusseted Box
6.3.4 Corrugated Box
6.3.6 Other Packaging Types ( Pouches, bottles)
6.4 By Application
6.4.1 Dairy Products
6.4.2 Poultry and Meat Products
6.4.3 Fruits & Vegetables
6.4.4 Bakery & Confectionery
6.4.5 Other Applications ( Sea Food, Convenience food,Snacks and Side Dishes,Sauces, Dressings, and Condiments)
6.5 By Geography
6.5.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
6.5.4 Rest of the World
18.104.22.168 Latin America
22.214.171.124 Middle-East & Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Amcor Plc.
7.1.2 Smurfit Kappa Group plc.
7.1.3 Mondi Limited
7.1.4 Berry Global Group
7.1.5 Ball Corporation
7.1.6 Tetra Pak
7.1.7 Schur Flexibles Group
7.1.8 Anchor Packaging Inc.
7.1.9 Crown Holdings Inc.
7.1.10 International Papers
7.1.12 Sealed Air Corp.
7.1.13 Graham Packaging Company Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Food Packaging Market Research FAQs
How big is the Food Packaging Market?
The Food Packaging Market size is expected to reach USD 352.38 billion in 2023 and grow at a CAGR of 4.16% to reach USD 432.04 billion by 2028.
What is the current Food Packaging Market size?
In 2023, the Food Packaging Market size is expected to reach USD 352.38 billion.
Who are the key players in Food Packaging Market?
Amcor Plc., Smurfit Kappa Group plc., Mondi Limited, Berry Global Group and Sealed Air Corp. are the major companies operating in the Food Packaging Market.
Which is the fastest growing region in Food Packaging Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Food Packaging Market?
In 2023, the North America accounts for the largest market share in the Food Packaging Market.
Food Packaging Industry Report
Statistics for the 2023 Food Packaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Food Packaging analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.