Market Trends of Food Packaging Industry
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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