Summary
Global Food Packaging Market Trends, Challenges, Demand, Analysis, Opportunities, Future Scope by Material (Glass, Paper & Paperboard, Plastic, Metal), Type (Bottles, Cans, Pouches, Boxes), Application (Bakery & Confectionery, Dairy, Meat, Fruits & Vegetables) and Region – Forecast to 2023
Market Overview
Food Packaging ensures the protection of food products and ensures to improve the shelf-life of the product thereby, attracting more number of customers. The food packaging market is expected to grow significantly over the forecast period with the advent of numerous production facilities with the objective of catching up with latest trends in the market. Also, the rapid changes in the lifestyle of the people and changing food preferences of consumers along with growth in population in the developing nations is expected to drive the growth of the market over the forecast period. The increasing preference of people for processed food due to shifts in population dynamics from rural to urban areas is also driving the growth of the food packaging market.
The Food packaging market is expected to grow at a CAGR of 4% during the forecast period 2017-2023.
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The market is further driven by various factors such as the trend of consumers shifting towards specialty & processed food, advancement in materials used for packaging of food products, the adoption of different marketing strategies by key players in the market, increasing demand for food packaging materials and increasing consumer awareness towards the necessity of good quality food packaging in developing economies.
Key Players
The leading players profiled by MRFR that are operating in the global food packaging market are Amcor Limited (Australia), Coveris Holdings S.A (Luxembourg), The Smurfit Kappa Group plc (Republic of Ireland), E. I. du Pont de Nemours and Company (the U.S.), Mondi Plc (Austria), Bemis Company, Inc. (the U.S.), International Paper Company (the U.S.), D.S. Smith Plc. (the U.K.), Silgan Holdings Inc. (the U.S.), and RockTenn Company (the U.S.).
Market Drivers and Restraints
Rise in demand for processed food products with higher shelf life and rapid increase in global population are majorly impacting on the global food packaging market, leading to the expansion of the global market for food packaging. Introduction of wide variety of food products that require good quality packaging to maintain their quality is propelling the growth of the global food packaging market.
Increased research and development activities in order to introduce food packaging materials that are eco-friendly, biodegradable and recyclable are impacting positively on the growth of the global food packaging market. Launch of edible food packaging and increasing popularity of processes and packaged food are fueling the growth of the global food packaging market. Rapid development of food and beverages industry owing to the high demand for food products with longer shelf life is resulting in the expansion of the global food packaging market.
However, stringent government regulations regarding the production of plastic-based food packaging owing to the environmental damage caused by it are likely to create hindrance in the expansion of the global food packaging market during the forecast period.
Market Segmentation
Food Packaging Market is segmented on the basis material, type and application. Based on material, the food packaging market has been segmented into glass, paper & paperboard, plastic, metal and others. Based on application, the food packaging market has been segmented into bakery & confectionery, dairy, meat, fruits and vegetables and others. Amongst these, the meat segment is projecting noteworthy growth in the global food packaging market owing to rise preference for protein-rich food, which is leading to the increase in consumption of seafood and meat products.
Based on type, the food packaging market has been segmented into bottles, cans, pouches, boxes, and others. The boxes segment accounts for the major share in the global food packaging market over the forecast period.
Regional Analysis
The global food packaging market has been geographically segmented into for major regions such as Europe, Asia Pacific, North America and the Middle East and Africa. The North America region constitutes a major share of the global food packaging market. High demand for packaged food by the large urban population is majorly driving the food packaging market in this region. Increasing consumer preference for packaged food in the developing countries of the Asia Pacific region is fueling the growth of food packaging market in this region. Increasing demand for high-quality packaging for frozen food and other products is driving the food packaging market in the Europe region.
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Industry Updates
In October 2018, it was announced that the Gneuss MRS recycling process has passed the EFSA challenge test for processing of 100% post-consumer PET in Europe and has been approved worldwide for food packaging
In October 2018, Evoware, an Indonesian startup that designs food wrapping and sachets, has come up with an edible food packaging alternative. This packaging is made out of seaweed and is being used for three different purposes that include package coffee, noodle seasonings and wrappers for burgers.
In October 2018, Mondelez International, an American multinational confectionery, food and beverages company, has announced that it will shift to all recyclable packaging by the end of 2025.
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