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PACKAGING

Food Packaging Market Analysis by Material (Plastic, Glass, Metal, Paper & Paperboard, and Wood); by Type (Flexible, Rigid, and Semi-Rigid); and by Application (Dairy Products, Ready-to-Eat Meals, Bakery & Confectionery, Fruits & Vegetables, Seafood, Meat & Poultry, Sauces, Dressings and Condiments, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Mondi plc has partnered with Heiber + Schröder to launch the eComPack automatic packaging machine to automate the packaging of its EnvelopeMailer for eCommerce operations.
  • Berry Global Inc. has started the initiative with Taco Bell to manufacture plastic cup with post-consumer recycled plastic. Taco Bell has scheduled to test the new, clear polypropylene (PP) cup in select U.S. restaurants in the latter part of 2022.

Global Food Packaging Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~10%

Base Year Market Size (2022)

 ~ USD 320 Billion

Forecast Year Market Size (2033)

~ USD 560 Billion

The global food packaging market is estimated to garner a revenue of USD 560 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 Billion in the year 2022. The growth of the market is primarily attributed to the globally changing lifestyle of people, and their rising preference for packaged and processed food. 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.

Food-Packaging-Market

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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 with 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.

Global Food Packaging Market: Growth Drivers and Challenges

Growth Drivers

  • Skyrocketing Trend of Online Food Delivery – Since 2020, the food delivery trend has boosted a lot. 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 leading the demand of food packaging market over the forecast period. For instance, in 2022, worldwide revenue of online food delivery segment is expected to grow approximately USD 324 billion.
  • Upsurge in Dairy Industry – 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 – For instance, globally, the count of employed people was reached approximately 3 billion in 2019.
  • Rise in Urbanization – 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

  • Increasing Cost of Raw Materials
  • Rapidly Changing Technology of Food Packaging
  • Lack of Skilled Manpower

The global food packaging market is segmented and analyzed for demand and supply by material into plastic, glass, metal, paper & paperboard, and wood. Out of these, the plastic segment is anticipated to grow at a significant rate over the forecast period owing to its 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. As per the United States Environmental Protection Agency (EPA), 14.5 million tons of packaging and plastic containers were manufactured in 2018.

Global Food Packaging Market Regional Synopsis

Regionally, the global food packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 backed by the increasing urban population, growing demand for packaged food, rise in online food ordering, and increasing disposable income in the region. According to the World Bank data, in 2021, the ratio of urban population in East Asia and Pacific reached 61% of total population of region.

Food-Packaging-Market-Size

The global food packaging market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global food packaging market includes the following segments:

By Material

  • Plastic
  • Glass
  • Metal
  • Paper & Paperboard
  • Wood

By Type

  • Flexible
  • Rigid
  • Semi-Rigid

By Application

  • Dairy Products
  • Ready-to-Eat Meals
  • Bakery & Confectionery
  • Fruits & Vegetables
  • Seafood
  • Meat & Poultry
  • Sauces
  • Dressings & Condiments
  • Others
 

Top Featured Companies Dominating the Global Food Packaging Market

  • Sealed Air Corporation

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • 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.

 

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