US$372 | Global Food Packaging Market Worth to Rise at 4.3% CAGR By 2024

Sep 10, 2019 (SUPER MARKET RESEARCH via COMTEX) -- The recently published report by IMARC Group, titled "Food Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023", finds that the global food packaging market reached a value of around US$ 289.5 Billion in 2018. Food packaging represents the largest segment of the global packaging industry. This type of packaging helps in the containment, handling and delivery of a food product to the end-consumer. Food packaging is generally made from glass, plastic, paper, cardboard, metal and wood, and plays a key role in protecting the food items from outside influences and damage. Nowadays, food packaging also provides the consumers with detailed nutritional and ingredient information; offers improved traceability, convenience and tamper indication; and carries promotional items such as gifts, additional products and coupons.

Some of the major players operating in the industry include AMCOR PLC CDI 1:1 (AMC.AX), Crown Holdings, Inc. (CCK), Owens-Illinois, Inc. (OI), Bemis (BMS), Tetra Tech, Inc. (TTEK), Ball Corporation (BLL) and American Packaging Corporation (PKG).

The major factor facilitating the growth of the food packaging market is the inflating demand for specialty and packaged foods. The increasing number of dual income households has shifted the eating habits from traditional meals to snacks and frozen meals. Moreover, rural to urban migration, hectic lifestyles and time constraints have resulted in the rising popularity of single-serve packs which complement on-the-go consumption. In addition, the manufacturers are investing in R&D activities so as to improve the shelf-life of the food products along with the barrier property and safety of packaging by using high performance and anti-microbial materials. Apart from this, the demand for sustainable and eco-friendly packaging has also witnessed a surge in recent years on account of rising consciousness among the consumers regarding global warming and environmental pollution. Some of the other factors driving the market growth include emerging online food retail and production facility expansions by the manufacturers. Looking forward, the food packaging market size is projected to cross US$ 356.7 Billion by 2023, expanding at a CAGR of 4.3% during 2019-2024.

Market Breakup by Packaging Type

Flexible Packaging

Paper and Paperboard Packaging

Rigid Plastic Packaging

Glass Packaging

Metal Packaging

Others

On the basis of type, flexible packaging currently leads the global food packaging market as it offers better protection against air, moisture and light. Other types of food packaging are paper and paperboard, rigid plastic, glass and metal.

Market Breakup by Application

Bakery, Confectionery, Pasta, and Noodles

Dairy Products

Sauces, Dressings, and Condiments

Snacks and Side Dishes

Convenience Foods

Meat, Fish, and Poultry

Fruits and Vegetables

Others

Based on application, the major segments include dairy products; bakery, confectionery, pasta, and noodles; snacks and side dishes; sauces, dressings, and condiments; meat, fish, and poultry; convenience foods; fruits and vegetables; and others. Amongst these, the bakery, confectionery, pasta, and noodles segment dominates the market.

Market Breakup by Region

North America

Europe

Asia Pacific

Middle East and Africa

Latin America

Region-wise, North America represents the largest food packaging market globally on account of the well-established food processing industry in the region. Other major regions include Europe, Latin America, Asia Pacific, and Middle East and Africa.

Competitive Landscape

Market Structure

Key Players

Profiles of Key Players

The competitive structure of the global food packaging market is characterized by the presence of a large number of global and local manufacturers. Some of the key players operative in the market include Crown Holdings, Amcor, Bemis, Owens-Illinois, Ball Corporation, American Packaging Corporation and Tetra Pak.