Food Packaging Market Size (2024 - 2029)

Food Packaging Market Analysis

The Food Packaging Market size is estimated at USD 367.04 billion in 2024, and is expected to reach USD 450.01 billion by 2029, growing at a CAGR of 4.16% during the forecast period (2024-2029).

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 Industry Segmentation

Food packaging is defined as packaging designed for the food that provides protection from chemical, biological and physical alterations meeting the need for both consumers and industries. The market size is computed in real terms and reflects the value (USD Million) of consumption of food packaging products among the examined end-users. The Food Packaging Market is segmented by Type of Material (Plastic, Metal, Glass, Paper and Paperboard), Packaging Type (Rigid, Semi-Rigid, Flexible), Product Type (Cans, Converted Roll Stock, Gusseted Box, Corrugated Box, Boxboard), Application (Dairy Products, Poultry & Meat Products, Fruits & Vegetables, Bakery & Confectionery) and Geography (North America, Europe, Asia-Pacific, Rest of the World).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.