Food Packaging Market Analysis by Material (Metal, Glass, Plastic, Wood, Paper & Paperboard, and Others); by Type (Rigid, Flexible, and Semi-Rigid); and by Application (Seafood, Sauces, Fruits & Vegetables, Dairy Products, Ready-to-Eat Meals, Meat & Poultry, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 4448 | Published Date: Feb 15, 2023
The global packaging market is estimated to garner a revenue of USD 560.0 billion by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 320.0 billion in the year 2022. The growth of the market can primarily be ascribed to the globally changing lifestyles of people, and their rising preference for packaged and processed foods. Moreover, owing to the hectic lifestyle, people usually don’t have time to prepare their own food before going to office, so they opt for packed food that is easy to access. Therefore, it is anticipated to boost the market’s growth in the upcoming years. For instance, the global consumption of ultra-processed foods has hugely increased. These foods now account for 27-62% of a person's daily energy needs.
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Food packaging is significant for keeping food items fresh and ensuring that they reach their destination without losing any of their original flavor or quality. It shields the food from contaminants and moisture, guards against spills and tampering, and aids in maintaining the products' shape and quality. The importance of food packaging as a means of transmitting information, such as the nutritional value, expiration date, cost, and country of origin of the packaged goods, has increased. Additionally, packaging serves as a contemporary marketing tool used by retailers to attract more customers. The rising count of novel and efficient food processing techniques that need a quality packaging of food after processing is fueling up the demand for food packaging market over the forecast period. For instance, the concept of nanotechnology for food processing has opened the door for the processing and formulation of colorants, sensors, flavors, additives, preservatives, and food supplements in both animal and plant-based products (nanoencapsulation and nanoemulsion). Nanomaterials have demonstrated a variety of electrochemical and optical properties in various sauces, beverages, oils, and juices. Unique properties have demonstrated excellent qualities in the field of food processing as ingredients and supplements. Oxide chemicals such as magnesium oxide and silicon dioxide are able to flavor, color, and bake foods. Titanium dioxide has also been approved for use as an ingredient in gums, sauces, and cakes.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 320.0 Billion |
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Forecast Year Market Size (2033) |
~ USD 560.0 Billion |
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Regional Scope |
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Growth Drivers
Skyrocketing Trend of Online Food Delivery – Since 2020, the food delivery trend has boosted a lot, owing to the social distancing that followed during that time. People are tending to order online food as a result of their busy lifestyle, and for keeping the social distancing. Moreover, the introduction of food delivery apps has accelerated and simplified the process of obtaining favorite foods. Such factors are expected to drive the demand for food packaging market over the forecast period. For instance, in 2022, worldwide revenue of online food delivery segment is expected to reach approximately USD 324 billion.
Upsurge in Dairy Industry – Dairy industry is one of the most sector that use packaging for their products such as milk, cheese, and others. Moreover, there has been a growing awareness related to the plant-based products, that is further predicted to increase the growth of the global food packaging market. For instance, the organized dairy industry in India is projected to witness around 11% revenue growth by the end of 2022.
Worldwide Escalating Trend of Online Grocery Shopping – It was observed in research, around 29% of European preferred to choose online method to purchase grocery items.
Increase in Working Population – Nowadays, consumers are opting for convenient food options, thereby, good packaging can protect the freshness of the food item, which in turn, is anticipated to rise the market’s growth. For instance, globally, the count of employed people was reached approximately 3 billion in 2019.
Rise in Urbanization – The purchasing power of the population has improved, followed by the rise in the urban population. Thus, it is expected to increase the growth of the global food packaging market. According to the World Bank, currently, more than 50% of the world's population resides in cities. The number of people living in urban areas is estimated to rise more than double to 6 billion by 2045.
Challenges
The global food packaging market is segmented and analyzed for demand and supply by material into plastic, glass, metal, paper & paperboard, wood, and others. Out of which, the plastic segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the wide use in form of containers, wraps, pouches, tubs, and others. Moreover, features such as, flexibility, spill proof, cost-effectiveness, and lightweight are some plus points that make plastic a most preferred material to be used in food packaging. Moreover, there has been an increase in the production of plastic across the globe, along with the use of plastic for convenient food packaging, that is anticipated to surge the segment’s growth in the market. As per the United States Environmental Protection Agency (EPA), 14.5 million tons of packaging and plastic containers were manufactured in 2018.
On the other hand, the global food packaging market is segmented by type into semi-rigid, rigid, and flexible. Out of these, the rigid segment is anticipated to hold the largest market size in the upcoming years. This can be attributed to the presence of moisture, oxygen, and light in the rigid packaging that helps prevent food contamination. Moreover, there has been a rising consumption of fresh vegetable, fruit, and dairy product, which is increasing the use of rigid packaging. Hence, it is predicted to increase the growth of the rigid segment in the market.
Our in-depth analysis of the global food packaging market includes the following segments:
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Material |
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Type |
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Application |
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The Asia Pacific food packaging market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of market can be ascribed to the increasing urban population, growing demand for packaged food, the rise in online food ordering, and increasing disposable income in the region. Additionally, there has been surging awareness among the businesses, and consumers for sustainable packaging, and it is expected to boost the market’s growth in the region. Furthermore, a rising demand and export for frozen food in the countries such as China, and India, is predicted to add up the global food packaging market. According to the World Bank data, in 2021, the ratio of urban populations in East Asia and the Pacific reached 61% of the total population of the region. Moreover, the China exports of agri-food commodities accounted for nearly USD 64 billion in the year 2019.
Top Featured Companies Dominating the Global Food Packaging Market
Author Credits: Sadaf Naaz, Mohd Shadab
Ans: Skyrocketing trend of online food delivery, upsurge in dairy industry, worldwide escalating trend of online grocery shopping are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033.
Ans: Increasing cost of raw materials, rapidly changing technology of food packaging, and lack of skilled manpower are estimated to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Sonoco Products Company, Mondi plc, Berry Global Inc., DS Smith Plc, Genpak, LLC, Graham Packaging Company, L.P., Pactiv LLC, International Paper Company, Winpak Ltd., Sealed Air Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by material, type, application and by region.
Ans: The plastic segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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