Food Packaging Market Analysis

Global Food Packaging Market Overview

Food Packaging Market Size was valued at USD 390.74 Billion in 2023. The Food Packaging industry is projected to grow from USD 418.98 Billion in 2024 to USD 763.40 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.79% during the forecast period (2024 - 2032). The food packaging market plays a critical role in preserving food material and improving the shelf-life of food during travel and home delivery. Packaged meals also improve the hygiene factor. The packaged food includes all of the necessary information on the product's manufacturing and expiration dates, as well as an ingredient list, which will help raise awareness about the foods consumers are using are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Food Packaging Market Trends

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  Rise in changing lifestyles to boost market growth

  
  

The rise in changing lifestyles is one of the major driving factors for the food packaging market. As more people are leading busy and on-the-go lifestyles, the demand for packaged foods and convenience foods is increasing. This, in turn, drives the demand for food packaging solutions that can preserve the quality and freshness of the food while also providing convenience and portability for consumers. Additionally, as consumers become more health conscious and environmentally aware, there is a growing demand for sustainable and eco-friendly food packaging solutions.

Additionally, increasing technological advancements in the food packaging industry are another major driving factor for the market. Technology has enabled the development of innovative packaging solutions that can better preserve the quality and freshness of food, improve food safety, and provide better convenience and portability for consumers. For example, the use of modified atmosphere packaging (MAP) technology can extend the shelf life of food products by replacing the air inside the packaging with a specific mix of gases. Additionally, smart packaging technologies such as temperature sensors and indicators can help to monitor the condition of the food and ensure that it remains safe and fresh for consumption. These advancements in technology have greatly improved the functionality and effectiveness of food packaging, leading to increased demand for such products. Therefore, such factors related to Food Packaging have enhanced the Food Packaging market CAGR across the globe in recent years.

Food Packaging Market Segment Insights

Food Packaging Material Insights

The Food Packaging market segmentation, based on material, includes Glass, Paper & Paperboard, Plastic, and Metal. The plastic segment held the majority share in 2022 of the Food Packaging market revenue. plastic has been a popular material for food packaging due to its versatility, durability, and low cost. Plastic packaging can take various forms, including bottles, containers, films, and bags, and is used to package a wide range of food products, from snacks and confectionery to fresh produce and meat.

Food Packaging Type Insights

The Food Packaging market segmentation, based on type, includes Bottles, Cans, Pouches, and Boxes. The boxes segment held the majority share in 2022 of the Food Packaging market. Boxes have traditionally been a popular form of food packaging due to their versatility, durability, and ease of customization. They are used to package a wide range of food products, including dry goods, snacks, frozen foods, and fresh produce.

Food Packaging Application Insights

Based on application, the Food Packaging market segmentation includes Bakery & Confectionery, Dairy, Meat, Fruits & Vegetables. The meat segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The meat segment has traditionally been a significant market trends in food packaging, as meat products require specialized packaging to ensure their freshness, safety, and longevity. Meat packaging can take various forms, including vacuum-sealed bags, modified atmosphere packaging (MAP), and trays with a plastic or foam base and a plastic film lid. In terms of projected growth, several factors could contribute to the growth of the meat packaging segment. For example, the increasing demand for convenience foods, the growth of e-commerce and home delivery, and the rising demand for high-quality and sustainable packaging solutions could drive the growth of the meat packaging market in the coming years. These all factors for Food Packaging positively impact market growth.

Figure 2: Food Packaging Market, by Material, 2022 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Food Packaging Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region has seen rapid growth in demand for food packaging due to the increasing population, rising disposable income, and the growth of the e-commerce sector. The food packaging market is a industry, and the market share of each region will depend on various factors, such as economic conditions, consumer preferences, and industry trends. As such, the market share of each region may vary over time as market conditions change.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: FOOD PACKAGING MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Food Packaging market accounts for the third-largest market share. Europe has a well-developed food industry and a strong focus on sustainability, which has driven the demand for eco-friendly and innovative packaging solutions. The region has also seen the adoption of new technologies, such as active and intelligent packaging, which can help to extend the shelf life of food products and improve their safety and quality. Further, the Germany Food Packaging market held the largest market share, and the UK Food Packaging market was the fastest-growing market in the European region.

North America, Food Packaging market, is expected to hold the largest market share from 2023 to 2030. The North American region has traditionally been a significant market for food packaging, given the large and diverse food industry in the region. The United States, in particular, is home to several major food and beverage companies and has a robust and well-developed packaging industry to support them. Moreover, the U.S. Food Packaging market held the largest market share, and the Canada Food Packaging market was the fastest-growing market in the North American region.

Food Packaging Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Food Packaging market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Food Packaging industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Food Packaging. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Food Packaging industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Food Packaging industry to benefit customers and expand the market sector. Major Food Packaging companies, including Amcor Limited, Coveris Holdings S.A., The Smurfit Kappa Group plc, I. du Pont de Nemours and Company, Mondi Plc, Bemis Company, Inc., International Paper Company, S. Smith Plc., Silgan Holdings Inc, Rock-Tenn Company, and others, are attempting to increase market demand by funding R&D initiatives.

Amcor Limited and Coveris Holdings S.A. are both companies that operate in the packaging industry, including the food packaging market. Amcor Limited is a leader in packaging solutions, with operations in more than 40 countries and a diverse range of products and services. The company's portfolio includes flexible and rigid packaging for food and beverage, healthcare, personal and home care, and other industrial applications. Amcor is committed to sustainability and has set ambitious targets to reduce its environmental footprint, such as increasing its use of recycled materials and reducing waste.

Coveris Holdings S.A is also a provider of packaging solutions, with operations in Europe, the Americas, and Asia. The company offers a wide range of packaging products, including flexible and rigid packaging for food and beverage, healthcare, and other consumer goods. Coveris also has a strong focus on sustainability and has developed several eco-friendly packaging solutions, such as compostable and recyclable packaging materials.

List of the Key Companies in the Food Packaging market includes

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  Amcor Limited

  
  


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  Coveris Holdings S.A.

  
  


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  The Smurfit Kappa Group plc

  
  


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  I. du Pont de Nemours and Company

  
  


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  Mondi Plc

  
  


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  Bemis Company, Inc.

  
  


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  International Paper Company

  
  


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  S. Smith Plc.

  
  


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  Silgan Holdings Inc

  
  


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  Rock-Tenn Company among others

  
  

Food Packaging Industry Developments

February 2022: Coveris announced making the further expansion of its production capacity for stretch and shrink hoods prepared from recycled materials for industrial applications.

Food Packaging Market Segmentation

Food Packaging Material Outlook

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  Glass

  
  


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  Paper & Paperboard

  
  


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  Plastic

  
  


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  Metal

  
  

Food Packaging Type Outlook

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  Bottles

  
  


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  Cans

  
  


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  Pouches

  
  


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  Boxes

  
  

Food Packaging Application Outlook

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  Bakery & Confectionery

  
  


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  Dairy

  
  


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  Meat

  
  


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  Fruits & Vegetables

  
  

Food Packaging Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America