The global food packaging market size is expected to reach USD 463.65 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. The increasing demand for high-quality food products and evolving lifestyles of consumers will influence the growth of the market during the forecast period, states Fortune Business Insights, in a report, titled “Food Packaging Market Size, Share & COVID-19 Impact Analysis, By Materials (Glass, Metal, Paper & Paperboard, Wood, and Plastics [Polypropylene, Polyethylene, PET, and Others]), By Product (Rigid, Semi-Rigid, and Flexible) By Application (Fruits & Vegetables, Bakery & Confectionery, Dairy Products, Meat, Poultry & Seafood, Sauces, Dressings and Condiments, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 304.98 billion in 2019.
Market Driver:
Heavy Demand for Ready-to-eat Food to Aid Expansion
The increasing popularity of convenience food owing to its longer shelf life, easy portability and variety will foster healthy growth of the market during the forecast period. The various type of convivence food involve snacks, frozen food, finger food, candy, beverages, and others. These products are served hot and require less time for perpetration compared to other products. The increasing demand for ready-to-eat snacks can be a critical factor in spurring opportunities for the food packaging market in the forthcoming years. Similarly, the busy lifestyle of people has resulted in inflated demand for packaged food, which, in turn, will boost the market.
The increased disposable income in developing nations will contribute positively to the growth of the market. Additionally, the surge in the working population is expected to create lucrative opportunities for the market. The growing shift towards healthy packaged foods such as canned salmon packaged hard-boiled eggs, pre-cooked packaged grains, and others will propel the growth of the market.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/food-packaging-market-101941
List of the Leading Companies Profiled in the Global Food Packaging Market are:
- Mondi Group (Austria)
- Amcor plc (Australia)
- Berry Global Inc. (U.S.)
- BALL CORPORATION (U.S.)
- Stora Enso (Finland)
- Constantia Flexibles (Austria)
- Plastipak (U.S.)
- Tetra Pak International S.A. (Switzerland)
- DS Smith (UK)
- ExxonMobil Chemical (U.S.)
- Other Key Players
Regional Analysis:
Rising Urban Population to Augment Growth In Asia Pacific
The market in Asia Pacific is expected to dominate the global market during the forecast period owing to increased retail infrastructure development in the region. The rising urban population levels in China, Japan, and India will influence the growth of the market in Asia Pacific. The increasing disposable income and consumer demand for eco-friendly food packaging solutions will have a positive effect on the market.
The presence of various manufacturers in china is expected to accelerate revenue in the region. Moreover, the inflated demand for frozen food can be an essential factor fostering the growth of the market. The market in North America is expected to exhibit a significant CAGR during the forecast period owing to the growing awareness regarding a healthy lifestyle. The booming food packaging in the U.S. will enable expansion of the market in North America.
