As per Future Market Insights’ (FMI) latest report, the global food packaging market value is forecast to rise from US$ 353.7 billion in 2023 to US$ 592.8 billion by 2033. Over the projection period from 2023 to 2033, global sales of food packaging sales are likely to soar at 5.3% CAGR.
Demand remains particularly high for flexible food packaging due to its applications across various sectors. The target segment is expected to dominate the global food packaging industry during the assessment period.
The food sector is exploring new ways and designs to present the product and packaging. Flexible packaging such as laminates and multi-layered high-barrier films, offers an array of customized options that makes it easy for brands to adopt according to the customer demands.
The need for packaged food is being fuelled by changing consumer demand patterns, favorable government policies, and stockpiling. Similarly, rising consumption of processed food products and growing focus of companies on improving shelf life of products are expected to boost the market.
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Consumers in developing economies are switching from unpackaged to packaged foods as a result of the increasing food safety crisis. They are increasingly choosing packaged products with a longer shelf life due to rising health consciousness and awareness about the importance of eating fresh food.
Demand for convenience foods is on the rise as customers’ disposable income rises at the same time as they don’t have enough time to prepare their meals.
Because packaged and processed meals are simple and quick to prepare, the worldwide packaged and processed food business is expected to increase significantly in the coming years. This in turn is likely to uplift food packaging demand and create lucrative opportunities for packaging companies.
Convenience foods are also improving in terms of quality and variety. The rapidly rising urban population is expected to have a substantial impact on the business which will eventually bolster food packaging sales.
High emphasis on food safety is another key factor expected to boost the food packaging industry during the assessment period.
A recent study carried out by the Tetra Pack Index says that almost 50% of consumers believe that improving food safety is the responsibility of the manufacturers. This has emphasized the rethinking of food production and finding solutions that benefit the players starting from farmers to the customers throughout the supply chain.
The companies need to focus on developing packaging solutions that can protect food during storage and transportation. Combining innovation and technologies, food manufacturers and packaging companies need to enhance food safety by managing the supply chain and ensuring profitability in the competitive market.
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Key Takeaways from Food Packaging Market
- The global food packaging industry is expected to reach a valuation of US$ 592.8 billion by 2033.
- By packaging type, flexible food packaging segment is estimated to hold 1/2 value share of the market during the forecast period.
- Based on application, dairy products segment is projected to thrive at 7% CAGR through 2033.
- South Asia food packaging industry is predicted to account for about 26% of the worldwide market share during the forecast period.
- The United States food packaging industry is predicted to reach a valuation of US$ 73.5 billion by 2033.
- India food packaging industry is likely to create an incremental opportunity of US$ 26.1 billion during the assessment period.
“With changing lifestyles and increasing work hours, food consumption patterns of consumers are shifting which will help the target market to thrive rapidly. Companies are focusing on continuous innovation and redesigning of food packaging to keep the product fresh for a longer duration,” – comments a lead FMI Analyst
Rising Consumption of Dairy and Ready-to-Eat Products Fueling Market Growth:
In 2022, the ready-to-eat meals market generated about US$ 505.4 billion in revenue. The market is predicted to increase at a rate of 6.20% per year (CAGR 2022 to 2027). By 2027, volume in the ready-to-eat meals market is predicted to reach 90,989.0 kg.
In 2023, the ready-to-eat meals segment is predicted to rise by 3.6% in volume. In 2022, the average volume per person in the ready-to-eat meals segment was around 10.3 kg. As this segment grows, customer will need reliable packaging which keeps the material inside safe and is easy to open and have a great shelf life.
The dairy market worldwide was estimated at around US$ 720 billion, which is projected to rise to US$ 1,032 billion by 2024. This including with increase in the consumption of several other food items such as seafood and meat will drive the food packaging industry.
Who is Winning?
DS Smith plc, Berry Global Group, Mondi Group, Ball Corporation, Tetra pak, Amcor plc, Stora Enso, Westrock Company, Plastipak, Crown Holdings Inc., International Paper Company, Graham Packaging Company, Sealed Air Corporation, Constantia Flexibles Group GmbH, and others are prominent manufacturers of food packaging profiled in the report. The Tier 1 players in the market hold 15% to 20% share in the food packaging industry.
These key food packaging companies are innovative to introduce novel packaging solutions such as intelligent packaging and antimicrobial packaging to meet evolving end user demand. They are also forming partnerships, alliances, and collaborations as well as implementing merger & acquisition strategy to gain profits.
Recent developments:
- In June 2023, Mondi plc in collaboration with Syntegon announced the development of new recyclable paper-based packaging.
Food Packaging Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global food packaging market based on material (plastic, paper, metal, glass), packaging type (flexible food packaging (bags & pouches, films & wraps, labels, stick pack & sachets, others (tubes, etc.)), rigid food packaging (bottles & jars, boxes & cartons, cans, trays, cup & tubs, clamshells, others (blisters, etc.))), application (ready-to-eat meals, dairy products, bakery & confectionery products, fresh produce products, meat seafood & poultry, sauces dressings & condiments, other food products), and regions.
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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