Envisioned to witness substantial growth, the global food packaging market is poised to escalate from US$ 353.7 billion in 2023 to an impressive US$ 592.8 billion by 2033. With a baseline valuation of US$ 335.9 billion in 2022, the worldwide food packaging industry sets the stage for a robust Compound Annual Growth Rate (CAGR) of 5.3% throughout the forecast period from 2023 to 2033. These projections underscore the enduring demand for innovative and efficient packaging solutions in the global food sector, reflecting the industry’s continuous evolution to meet changing consumer expectations and industry standards.
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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Market Drivers:
- Consumer Convenience: The demand for convenient and on-the-go food options has driven the need for packaging that enhances ease of use and portability.
- Food Safety and Preservation: Packaging plays a crucial role in maintaining the freshness and safety of food products, thereby extending their shelf life. Consumers are increasingly concerned about food safety, which drives the demand for innovative packaging solutions.
- Regulatory Compliance: Stringent regulations and standards regarding food safety and labeling have driven the adoption of advanced packaging technologies to meet compliance requirements.
- E-commerce Growth: The rise of online food retail and delivery services has increased the demand for packaging solutions that can protect products during transportation and maintain their quality.
- Sustainability: There is a growing awareness of environmental concerns, leading to a demand for sustainable and eco-friendly packaging solutions. This includes materials that are recyclable, biodegradable, or made from renewable resources.
- Innovation in Materials and Design: Ongoing innovations in packaging materials and design contribute to improved functionality, better product visibility, and enhanced consumer appeal.
Market Restraints:
- Environmental Concerns: While sustainability is a driver, the use of plastics and other non-biodegradable materials in packaging remains a significant environmental concern, leading to increased scrutiny and calls for more responsible packaging practices.
- Cost Constraints: Adopting innovative and sustainable packaging solutions can sometimes be more expensive than traditional options, posing a challenge for companies, especially small and medium-sized enterprises, that need to balance cost considerations.
- Supply Chain Disruptions: External factors such as natural disasters, geopolitical events, or global health crises can disrupt the supply chain, affecting the availability and cost of packaging materials.
- Complexity in Recycling: Some packaging materials are difficult to recycle, leading to challenges in waste management. The lack of standardized recycling systems and infrastructure also poses a constraint.
- Changing Consumer Preferences: Rapid shifts in consumer preferences and trends can make it challenging for companies to adapt their packaging strategies to meet evolving demands.
- Stringent Regulations: While regulations can drive innovation, they can also pose challenges if they are too strict or if there is a lack of harmonization across regions, leading to compliance complexities.
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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Food Packaging Market by Category
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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