Editions   North America | Europe | Magazine

WhatTheyThink

Food Packaging Market to Grow at a CAGR of 5.4% by 2027

Press release from the issuing company

The food packaging market is expected to grow at a CAGR of around 5.4% during the forecast period 2020 to 2027 and is expected to reach US$ 464.98 billion by 2027. This research report evaluates the food packaging market on a global and regional level. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global food packaging market for the period from 2016 to 2027.

The report provides the overall revenue of the global food packaging market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year. The study includes drivers and restraints of the global food packaging market.

The main goal of this research study is to offer a clear picture and a better understanding of the market to the manufacturers, traders, and suppliers operational in it. The readers can gain a deep insight into this market from this piece of information that can enable them to convey and develop critical approaches for the further growth of their businesses.

The modern day food packaging solution provides tampering & biological safety, complete protection, and counterfeit resistance. It often includes nutritional information on the label along with additional facts about the product offered for sale. Emergence of labels or packaging has helped marketers to trap potential customers. Packaging further plays a vital role in assuring customer satisfaction along with information transmission. Food packaging instructs customers on how the product should be used, recycled, transported, disposed, and many other significant information.

Growth Factors
The food packaging market is projected to exhibit prominent growth over the analysis period with the advent of various production facilities having an objective of catching up with the latest trends in the market. In addition, rapid changes in the lifestyle of the people along with shifting food preferences of consumers towards packaged food are expected to drive the market growth over the forecast period. Further, the increasing preference of people for processed food owing to the shift in population dynamics from rural to urban areas also propels the growth of the food packaging market.

The market is further driven by numerous factors that include shifting consumer preference towards processed & specialty food, adoption of various marketing strategies by key players in the industry, advancement in materials used for food packaging, rising demand for food packaging materials along with increasing awareness of consumers towards the necessity of good quality food packaging especially in developing countries. Introduction to various technologies for manufacturing processed food products' packaging solutions as well as introduction of different types of packaging solutions for food packaging further fuel the growth of the market.

Click to Buy Food Packaging Market Study Report with Pre and Post Covid-19 Impact [email protected] https://www.precedenceresearch.com/checkout/1089 

Report Highlights
- The Asia Pacific is estimated to be the dominant market, followed by North America and Europe, accounting for around 40% of the total value share in the year 2019
- High consumption of packaged food by consumers, thriving retail sector, and presence of numerous manufacturers are the key factors projected to propel the market growth in North America
- The paper and paper-based material segment led the global market and accounted for a value share of nearly 32% in 2019 due to its high adoption in a bid to substitute non-biodegradable packing solutions
- Plastic food packaging is anticipated to witness considerable growth owing to its increasing adoption because of its low price along with the rising usage of plastic films in secondary food packaging
- Based on type, rigid packaging is increasingly used due to its properties that include a high barriers to moisture, light, and oxygen that prevents food from getting contaminated
- Flexible packaging is expected to be the fastest-growing segment by type owing to its ability to form lighter, thinner, and compact packing solution
- Bakery and confectionery products generally require high moisture barrier packaging so as to extend their shelf life that contributes prominently towards the growth of the application
- Increasing consumer inclination toward dairy products in smaller packs owing to shrinking households is anticipated to augment the market growth for dairy products

Key Players & Strategies
The global food packaging market players are mostly concentrated in North America and the European region; however, they focus primarily on extending their reach to the Asia Pacific market to trap the unexplored opportunities.

In addition, market players offer extensive product customization with a view to augment their revenue share on the global platform. They strive to substitute harmful materials with biodegradable ones in accordance to meet the government standards.

Some of the prominent players in the food packaging market include:
- Berry Plastics Group
- Amcor Plc
- Sigma Plastics Group
- Sealed Air Corporation
- DS Smith PLC
- American Eagle Packaging
- Ball Corporation
- Crown Holdings, Inc.
- Huhtamaki Oyj.
- Ardagh Group

Regional Snapshots
The Asia Pacific expected to lead the global food packaging market followed by North America and Europe. Besides this, the region has reached its maturity stage that is projected to subsidize the growth of the region in food packaging market. India and China are predicted to be the most lucrative regions among other Asian countries and analyzed to dominate the market during the forecast period. This is mainly due to an increase in demand for healthy food fueled by the escalating growth in population.

Moreover, increasing demand for packaged food due to positive impact of western culture in eating habits along with technological development and innovation in packaging material together with techniques anticipated to propel the overall market growth in the coming years. Also, an increase in Foreign Direct Investments (FDI) in the food industry along with significant consumption of packaged food among consumers expected to further drive the growth of the market.

Download the Sample Pages for More [email protected] https://www.precedenceresearch.com/sample/1089 

Key Points of Food Packaging Market Study
Chapter 1: Introduction
Chapter 2: Research Methodology
Chapter 3: Executive Summary
Chapter 4: Market Variables and Scope
Chapter 5: Market Dynamics Analysis and Trends
Chapter 6: Competitive Landscape
Chapter 7: Global Food Packaging Market, By Material
Chapter 8: Global Food Packaging Market, By Application
Chapter 9: Global Food Packaging Market, By Type
Chapter 10: Global Food Packaging Market, Regional Estimates and Trend Forecast
Chapter 11: Company Profiles
Chapter 12: Research Methodology
Chapter 13: Appendix

Discussion

Join the discussion Sign In or Become a Member, doing so is simple and free