SAN FRANCISCO, July 6, 2021 /PRNewswire/ -- The globalfresh food packaging marketsize is expected to reach USD 181.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2021 to 2028. Increasing demand for fresh dairy products from developing countries is expected to be the key driver for the market over the forecast period.
The industry has experienced a significant impact of the COVID-19 pandemic owing to the disruption of the supply chain. The shutdown in China, which is one of the key raw material producers, has impacted packaging manufacturers globally. The shortage in supply of raw materials like plastics, aluminum, steel, and others from Chinese manufacturers has resulted in a demand-supply gap, however, the manufacturing is expected to ramp up the production gradually.
Key Insights & Findings:
The flexible segment accounted for a significant revenue share of 47.6% in 2020. Manufacturers are actively investing in increasing the production capacity of flexible packaging owing to the increasing preference for economical and low-cost packaging by the application industry
The plastic material segment accounted for the largest revenue share of 37.2% in 2020 and is expected to witness a CAGR of 4.7% over the forecast period. Abundant raw material availability and lower costs owing to high production levels in APAC and North America are responsible for the high market share
The dairy products segment dominated the market in 2020 and is expected to witness a CAGR of 5.3% over the forecast period. Higher dependency on milk for daily protein requirement in developing countries is expected to drive the demand for dairy products, thereby driving the market
In Asia Pacific, the market is estimated to witness the highest CAGR of 6.3% from 2021 to 2028. Abundant raw material availability and large output from application industries are responsible for the high market share and fastest growth
Key companies are increasingly offering custom packaging solutions to end-use companies; besides key companies are increasingly focusing on the use of recycled material as it offers complete sustainability
The demand for packaging of fresh vegetables and fruits remained intact as the supply chain remained unaffected and imports continued during the COVID-19 pandemic. Specifically, the fruits and vegetables with high vitamin C content witnessed a significant increase in sales which further contributed to the increased supply-demand gap for the market.
The increasing demand for eco-friendly packaging solutions has forced various companies to develop products that are recyclable or biodegradable. For instance, in November 2020, Amcor plc introduced a new product line, Packpyrus, which is a paper-based packaging solution for meat and cheese. Similarly, in September 2019, PPC Flexible Packaging LLC launched PPC green products, which include compostable and recyclable pouches to strengthen its sustainable eco-friendly product portfolio.
Major market players are constantly acquiring smaller market participants to increase their market shares in the global market. For instance, in February 2019, Sealed Air announced the acquisition of MGM's flexible packaging business to increase its market presence and expand its food packaging product portfolio. Similarly, in June 2019, Amcor Plc acquired U.S.-based Bemis Company Inc., a manufacturer of flexible and rigid packaging, to increase its global reach.
Grand View Research has segmented the global fresh food packaging market on the basis of packaging type, material, application, and region:
Fresh Food Packaging Type Outlook (Revenue, USD Billion, 2017 - 2028)
Trays & Boxes
Pouches & Bags
Wraps & Films
Fresh Food Packaging Material Outlook (Revenue, USD Billion, 2017 - 2028)
List of Key Players of Fresh Food Packaging Market
DS Smith Plc
FLAIR Flexible Packaging Corporation
PPC Flexible Packaging LLC
FFP Packaging Ltd.
Sonoco Products Company
Clifton Packaging Group Limited
Pro-Pac Packaging Limited
Check out other studies related to Food Packaging, by Grand View Research:
Food Packaging Market – Global food packaging market size was estimated at USD 303.26 billion in 2019. It is expected to expand at a CAGR of 5.2% from 2020 to 2027.
Frozen Food Packaging Market – Global frozen food packaging market is anticipated to grow moderately from 2020 to 2027. Growing demand for ready-to-eat and convenience food products owing to the busy lifestyles due to hectic work life schedules and an increasing number of working individuals is in turn expected to favor the frozen food packaging market growth.
Food Packaging Equipment Market – Global food packaging equipment market size was estimated to be USD 41.30 billion in 2017 and is anticipated to expand at a CAGR of 4.87% over the forecast period.
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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.