The global food packaging market is projected to witness substantial growth, with its size forecasted to escalate from US$ 353.7 billion in 2023 to US$ 592.8 billion by 2033. In 2022, the industry’s value stood at US$ 335.9 billion worldwide. Anticipated sales growth over the forecast period from 2023 to 2033 is expected to register a Compound Annual Growth Rate (CAGR) of 5.3%. This trajectory highlights the persistent demand for innovative and efficient food packaging solutions globally, driven by factors such as changing consumer preferences, technological advancements, and increasing focus on food safety and sustainability.
Plastic food packaging continues to experience robust demand in the global market, maintaining a significant share of approximately 41.6% in the overall food packaging industry. The plastic material segment is poised for sustained growth, with expectations of thriving at a noteworthy Compound Annual Growth Rate (CAGR) of around 5.1% throughout the forecast period. This sustained demand and anticipated growth underscore the enduring popularity and versatility of plastic as a preferred material in the dynamic landscape of food packaging, reflecting its ability to meet diverse consumer needs and industry requirements.
According to Future Market Insights (FMI) analysis, the global food packaging industry is anticipated to be spearheaded by the United States, commanding a substantial 13.4% value share throughout the assessment period. Projections for 2033 suggest that the United States food packaging sector is on track to achieve an impressive valuation of US$ 73.5 billion. The escalating consumption of packaged food items, particularly in the dairy sector, coupled with an increasing demand for innovative packaging solutions, emerges as pivotal drivers propelling the growth and prominence of the food packaging market in the United States.
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Business Growth Drivers:
- Increasing Demand for Convenience: Consumers are increasingly seeking convenient food options due to busy lifestyles. This drives the need for packaging solutions that offer convenience in terms of portability, ease of opening, and resealability.
- Rising Urbanization: Urbanization leads to changes in lifestyle and dietary habits, with more people opting for packaged and processed food products. This trend fuels the demand for innovative and efficient packaging solutions.
- Growing Health Awareness: With a rising focus on health and wellness, consumers are looking for food products that are fresh, safe, and minimally processed. This drives the demand for packaging technologies that preserve the nutritional value and freshness of food items.
- Stringent Regulations: Increasing regulations related to food safety and hygiene standards compel food manufacturers to adopt advanced packaging solutions to ensure product integrity and compliance with regulatory requirements.
- E-commerce Growth: The rapid expansion of e-commerce platforms for food retailing necessitates robust packaging solutions that can protect products during transit, maintain freshness, and enhance the overall consumer experience.
- Environmental Concerns: Growing awareness about environmental sustainability is driving the demand for eco-friendly packaging materials and recyclable or biodegradable alternatives. Companies investing in sustainable packaging solutions gain a competitive edge and contribute to reducing environmental impact.
- Technological Advancements: Continuous innovation in packaging materials, designs, and technologies, such as active and intelligent packaging systems, enhances product shelf-life, safety, and convenience, driving market growth.
Industry Restraints:
- Cost Constraints: Adoption of advanced packaging technologies and sustainable materials may incur higher production costs, which can pose a challenge for manufacturers, particularly in price-sensitive markets.
- Regulatory Compliance Challenges: Meeting stringent regulatory requirements for food packaging materials and additives can be complex and time-consuming, leading to delays in product launches and increased compliance costs.
- Limited Shelf-life: Some packaging materials may have limitations in extending the shelf-life of perishable food products, especially in challenging environmental conditions, impacting product quality and consumer satisfaction.
- Consumer Resistance to Change: Resistance from consumers accustomed to traditional packaging formats or skeptical about new materials and technologies may slow down the adoption of innovative packaging solutions.
- Supply Chain Disruptions: Disruptions in the supply chain, such as shortages of raw materials or logistic challenges, can hinder the availability and affordability of packaging materials, affecting the overall efficiency of food packaging operations.
- Waste Management Issues: Despite efforts to promote eco-friendly packaging, challenges remain in waste management and recycling infrastructure, hindering the widespread adoption of sustainable packaging solutions and contributing to environmental pollution.
- Risk of Contamination: Improperly designed or manufactured packaging materials may pose risks of contamination, compromising food safety and consumer health, leading to reputational damage for brands and regulatory penalties.
The Key Players Are:
- Mondi Group
- Berry Global Group
- Tetra pak
- Amcor plc
- DS Smith plc
- Stora Enso
- Plastipak
- Crown Holdings Inc.
- others
Recent developments:
- In June 2023, Mondi plc announced the development of new recyclable paper-based packaging in collaboration with Syntegon.
- In May 2023, Amcor plc announced the acquisition of Moda Systems which is a manufacturer of automated protein packaging machines.
Edible Packaging Creating Boom in the Global Food Packaging Industry
Edible packaging, a pioneering concept in food packaging, represents a paradigm shift towards sustainability, aiming for zero waste by designing packaging that can be consumed after use. A notable innovation in this arena is the development of edible packaging made from milk protein, specifically casein films. This revolutionary approach not only addresses environmental concerns but also contributes to minimizing wastage.
Research indicates that casein films derived from milk protein serve as an effective barrier, keeping food fresh and reducing exposure to oxygen. This dual functionality enhances food preservation and aligns with the broader goal of sustainable packaging practices. The application of edible packaging has the potential to revolutionize the food packaging landscape, providing a novel solution to the global issue of packaging waste.
Future Market Insights (FMI) forecasts a transformative shift towards edible food packaging, envisioning it as the new normal in the food packaging industry. This transition is expected to not only meet consumer demands for eco-friendly alternatives but also significantly boost global market sales during the projection period. As consumer awareness grows and sustainability becomes a central concern, edible packaging emerges as a promising and innovative solution poised to reshape the future of food packaging.
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Key Segmentations:
By Material:
- Plastic
- Paper
- Metal
- Glass
By Packaging Type:
- Flexible Food Packaging
- Bags & Pouches
- Films & Wraps
- Labels
- Stick Pack & Sachets
- Others
- Rigid Food Packaging
- Bottles & Jars
- Boxes & Cartons
- Cans
- Trays
- Cups & Tubs
- Clamshells
- Others
By Application:
- Ready-to-Eat Meals
- Dairy Products
- Bakery & Confectionery Products
- Fresh Produce Products
- Meat, Seafood and Poultry
- Sauces, Dressings and Condiments
- Other Food Products
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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