Market Size of Food Packaging Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 367.04 Billion |
| Market Size (2029) | USD 450.01 Billion |
| CAGR (2024 - 2029) | 4.16 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
