Food Packaging Market Expanding at a CAGR of 4.3% during 2019-2024
The global food packaging market has witnessed a stable growth over the past few years. The market is being driven by R&D activities by the manufacturers coupled with rising popularity of single-serve packaging which complements on-the-go consumption.
The 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 US$ 289.5 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 market growth include emerging online food retail and production facility expansions by the manufacturers. Looking forward, the market of global food packaging is projected to reach US$ 372.8 Billion by 2024, expanding at a CAGR of 4.3% during 2019-2024.
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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