Food Packaging Market Research Report, Market Share, Size, Forecast and Analysis of Key play 2024
by Rahul Rastogi Market Research AnalystThe
recently published report by IMARC Group, titled “Food Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast
2019-2024”, finds that the global food packaging market reached a value of around US$ 279.5 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.
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Global
Food Packaging Market Trends:
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 food packaging market
growth include emerging online food retail and production facility
expansions by the manufacturers. Looking forward, the food
packaging market is projected to cross US$ 372.8
Billion by 2023, expanding at a CAGR of 4.3% during 2018-2023.
Global
Food Packaging Market Segmentation:
·
On the
basis of type, flexible packaging currently leads the market share as it offers
better protection against air, moisture and light. Other types of food
packaging are paper and paperboard, rigid plastic, glass and metal.
·
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.
·
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.
·
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.
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Created on Apr 29th 2019 11:34. Viewed 471 times.