The global bakery packaging market is expected to witness a CAGR of 4.84% during the forecast period.
The reason behind the progressive growth of this sector is the increase in the shelf-life of the baked products owing to the extensive use of the modern technologies like vacuum packaging and inert gas packaging along with others. The technologies used results in the longer shelf life of the bakery products, reduction of rancidity and deterioration of food items, controls the odor, taste, and color, maintains the crispness, and prevents the microbial growth.
Other than protection and prevention of inside products these innovative packaging solutions provide product information along with the promotion of corporate identity. Advantages such as affordable price and convenient storage will lead to the drive the demand for different packaging solutions over the net five years.
Bakery packaging market is competitive due to the presence of well-diversified international, regional and local players. However, some big international players dominate the market share owing to their brand image and market reach. With high market growth rate and increase in demand, this sector is attracting more players resulting in an enhanced competitive rivalry within the industry.
Some of the players of bakery packaging market include Smurfit Kappa, Mondi Group, Reynolds Group Holdings Limited, WestRock, Sealed Air, Stora Enso, Amcor Limited, Ball Corporation, Napco, and Genpak, LLC.