The global food packaging market is anticipated to gain traction from their ever-increasing usage in the food & beverage industry. These packages provide protection to food items from tampering, pest attack, spoilage, contamination, and damage during retail sale, storage, and transport. The report further mentions that the food packaging market size stood at USD 290.1 billion in 2018 and is projected to reach USD 440.1 billion by 2026, thereby exhibiting a CAGR of 5.4% during the forecast period.
Drivers & Restraints-
Rising Demand for Convenience Food Items to Spur Growth
The demand for fast food items is increasing at a fast pace worldwide because of the changing lifestyles of the masses. Hence, several convenience food manufacturers are striving persistently to introduce new products equipped with nutritional ingredients that would not cause any damage to the human health. It would also contribute to the growth of the market. In addition to this, the need for green food packaging solutions is rising to attain sustainability. They not only aid in providing a wide range of benefits, but also lower environmental pollution. Coupled with this, the rising working population and higher disposable income would drive the food packaging market growth in the coming years.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/food-packaging-market-101941
Segment-
Bakery & Confectionery Segment to Lead Owing to High Demand for Such Food Items
In terms of application, the market is categorized into sauces, dressings, & condiments, fruits & vegetables, meat, poultry, & seafood, dairy products, bakery & confectionery, and others. Amongst these, the bakery & confectionery segment procured 37.4% food packaging market share in 2018 and is anticipated to remain in the leading position throughout the forthcoming years. This growth is attributable to the increasing utilization of food packaging for products, such as chocolates, toffees, candies, and chewing gums. Also, the rising consumption of these food items across the globe would drive the growth of this segment.
Fortune Business Insights™ provides a list of all the food packaging manufacturers operating in the market. They are as follows:
- BALL CORPORATION
- Mondi Group
- ExxonMobil Chemical
- Amcor plc
- Tetra Pak International S.A.
- Berry Global Inc.
- DS Smith
- Stora Enso
- Plastipak
- Constantia Flexibles
- Other key players
View Press Release from Fortune Business Insights: https://www.fortunebusinessinsights.com/press-release/composites-market-9620
Regional Analysis-
High Demand for Frozen Food to Drive Growth in Asia Pacific
In 2018, North America generated USD 80.8 billion in terms of revenue. The region is likely to showcase significant growth during the forecast period backed by the contribution of the U.S. It is considered to be one of the major consumers of packaged foods on account of the increasing number of food outlets. Coupled with this, the rising awareness regarding the benefits of adopting a healthy lifestyle has surged the demand for premium quality food packaging.
Asia Pacific, on the other hand, is set to remain in the dominant position owing to the increasing development of retail infrastructure, as well as rapid urbanization in India, Japan, and China. Additionally, the rising demand for frozen food, as well as the presence of renowned manufacturers in this region would contribute to the growth of the market. Coupled with this, enhancements of lifestyle, higher expenditure of consumers in packaged food, and demand for sustainable packaging solutions would augment growth in this region.
