SAN FRANCISCO, April 8, 2020 /PRNewswire/ -- The global food packaging market size is expected to reach USD 456.6 billion by 2027, expanding at a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc.. Growing demand for convenience food products due to change in lifestyle and alternative eating habits is expected to bolster the market growth.
The industry exhibits rapid growth for single-serve and portable food packs. Increasing purchasing power of buyers owing to rising per capita income is expected to boost the growth. Furthermore, increasing urban population and attraction toward ready-to-eat meals by consumers is expected to spur the demand for food packaging.
Key suggestions from the report:
- Flexible packaging is expected to register the highest CAGR of 6.0% in terms of revenue from 2020 to 2027, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers
- Paper and paper-based packaging is estimated to be the fastest growing segment, exhibiting a CAGR of 6.1% from 2020 to 2027, owing to its low cost and sustainability parameters
- Bakery and confectionary is anticipated to be the largest application, which recorded a market size of USD 82.6 billion in 2019 owing to growing demand for cakes, candies, and frozen ready-to-eat bakery products
- The market in Asia Pacific is was worth USD 112.2 billion by in 2019. The region is anticipated to witness significant growth in near future on account of growing population, increasing urbanization, and rising disposable income of consumers
- The food packaging industry is characterized by the presence of large number of players and is highly fragmented. Some of the key players in the market are Amcor Plc., Ball Corporation, Berry Plastic Group, and DS Smith PLC.
Read 160 page research report with ToC on "Food Packaging Market Size, Share & Trends Analysis Report By Type (Rigid, Flexible), By Material (Paper, Plastic), By Application (Bakery and Confectionery, Dairy Products), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/food-packaging-market
Rising concerns of consumers regarding contamination and food safety is predicted to bolster the demand for effective packaging solutions. In addition, increasing number of retail chains is anticipated to propel sales of packaged food, consequently driving the market growth. Surge in demand for food delivery services is also expected to have a positive impact on the industry.
Rising inclination toward innovation in environment-friendly and sustainable packaging is an emerging trend in the industry. Emergence of new and innovative packing types and technologies including Modified Atmosphere Packaging (MAP), active packaging, and, printing technologies are expected to boost the market across the globe. Players also insist on investing in development of cost-effective, lightweight, and high performance materials.
The food packaging industry is expected to be restrained by high volatility observed in prices of raw materials. In addition, introduction of sustainable packaging materials by major manufacturers and increasing consumption by buyers, are expected to provide an impetus to the market over the next few years.
Grand View Research has segmented the global food packaging market on the basis of type, material, application, and region:
- Food Packaging Type Outlook (Revenue, USD Billion, 2016 - 2027)
- Food Packaging Material Outlook (Revenue, USD Billion, 2016 - 2027)
- Paper & Paper-based Material
- Food Packaging Application Outlook (Revenue, USD Billion, 2016 - 2027)
- Bakery & Confectionary
- Dairy Products
- Fruits & Vegetables
- Meat, Poultry, & Seafood
- Sauces & Dressings
- Food Packaging Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Plastic Resins Market – The global plastic resins market size was valued at USD 671.01 billion in 2018 and is projected to expand at a CAGR of 4.0% from 2018 to 2025. Surging demand from construction, automotive and electrical and electronics sector is expected to drive the growth.
- Confectionery Packaging Market – Increasing demand for chocolates, candies, bakery products, and other sweet food items in the emerging economies including India, China, and Brazil is fueling the market growth.
- Adhesives and Sealants Market – Increasing demand from automotive, construction, packaging, furniture, footwear, and pressure sensitive applications is the primary factor driving the growth.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.