Pune, India, Feb. 09, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global food packaging market size is expected to grow from USD 338.34 billion in 2021 to reach USD 478.18 billion by 2028, exhibiting a CAGR of 5.1% during the forecast period. The increasing demand for high-quality food products and evolving lifestyles of consumers will influence growth of the market during the forecast period, states in a report, titled ‘Food Packaging Market, 2021-2028.’ The market size stood at USD 323.81 billion in 2020.
The Report Lists the Key Companies in this Food Packaging Market:
- Mondi Group (Austria)
- Amcor plc (Australia)
- Berry Global Inc. (U.S.)
- BALL CORPORATION (U.S.)
- Stora Enso (Finland)
- Constantia Flexibles (Austria)
- Plastipak (U.S.)
- Tetra Pak International S.A. (Switzerland)
- DS Smith (U.K.)
- ExxonMobil Chemical (U.S.)
- Coveris Group (U.K.)
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Driving Factor:
Heavy Demand for Ready-to-eat Food to Aid Expansion
The increasing popularity of convenience food owing to its longer shelf life, easy portability and variety will foster healthy growth of the market during the forecast period. The various type of convivence food involve snacks, frozen food, finger food, candy, beverages, and others. These products are served hot and require less time for perpetration compared to other products. The increasing demand for ready-to-eat snacks can be a critical factor in spurring opportunities for the market in the forthcoming years.
Similarly, the busy lifestyle of people has resulted in inflated demand for packaged food, which, in turn, will boost the market. The increased disposable income in developing nations will contribute positively to the growth of the market. Additionally, the surge in the working population is expected to create lucrative opportunities for the market. The growing shift towards healthy packaged foods such as canned salmon packaged hard-boiled eggs, pre-cooked packaged grains, and others will propel the food packaging market growth.
The report on this market emphasizes:
- Comprehensive analysis of the food packaging industry
- Valuable insights into the market
- Latest industry trends
- Present and future projections of the market
- COVID-19 impact on the industry
Regional Insights:
Rising Urban Population to Augment Growth in Asia Pacific
The market in Asia Pacific is expected to dominate the global market during the forecast period owing to increased retail infrastructure development in the region. The rising urban population levels in China, Japan, and India will influence the growth of the market in Asia Pacific. The increasing disposable income and consumer demand for eco-friendly food packaging solutions will have a positive effect on the market. The presence of various manufacturers in china is expected to accelerate revenue in the region. Moreover, the inflated demand for frozen food can be an essential factor fostering the growth of the market. The market in North America is expected to exhibit a significant CAGR during the forecast period owing to the growing awareness regarding a healthy lifestyle. The booming food packaging in the U.S. will enable expansion of the market in North America.
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https://www.fortunebusinessinsights.com/industry-reports/food-packaging-market-101941
Market Segments:
Based on product type, the market is segmented into Rigid, Semi-Rigid, and Flexible.
Based on material, the market is segmented into glass, metals, paper & paperboard, wood, and plastics. Amongst these, paper & paperboard segment is expected to account for the largest food packaging market share due to its recyclable and eco-friendly nature, versatility, and fewer carbon emissions, making it suitable for usage in food packaging.
Based on application, the market is categorized into fruits & vegetables, bakery & confectionery, dairy products, meat, poultry & seafood, sauces, dressings and condiments, and others.
Geographically, the market is classified North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa.
Competitive Landscape:
Mondi Group to Hold the Largest Share
Mondi Group, Amcor plc, Berry Global Inc., and Ball Corporation are some of the leading market participants. Mondi is a sustainable packaging company that makes and develops consumer and industrial packaging goods, as well as producing plastic films, pulp, and paper. Mondi is a sustainable packaging company that makes and develops consumer and industrial packaging goods, as well as producing plastic films, pulp, and paper.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments: Acquisition, Collaboration, Strategic Partnership, and Joint Venture
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the COVID-19 impact
- Potential Opportunities due to COVID-19 impact
TOC Continued…!
Key Development:
December 2020: Mars Group signed a contract with Amcor plc to launch microwavable rice pouch in 2021. Both the companies are at final stage of product development and are intending to introduce pouches in Europe by mid-2021.
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