Food packaging ensures the protection of food products and ensures to improve the shelf-life of the product thereby, attracting more number of customers. The food packaging market is expected to grow significantly over the forecast period with the advent of numerous production facilities with the objective of catching up with latest trends in the market. Also, the rapid changes in the lifestyle of the people and changing food preferences of consumers along with growth in population in the developing nations is expected to drive the growth of the market over the forecast period. The increasing preference of people for processed food due to shifts in population dynamics from rural to urban areas is also driving the growth of the food packaging market.
The market is further driven by various factors such as the trend of consumers shifting towards specialty & processed food, advancement in materials used for packaging of food products, the adoption of different marketing strategies by key players in the market, increasing demand for food packaging materials and increasing consumer awareness towards the necessity of good quality food packaging in developing economies. The introduction of different technologies for manufacturing processed food packaging products and the introduction of various kinds of food packaging types for food packaging has further driven the growth of the market.
The increasing consumption of convenience foods owing to the rapidly changing lifestyle of consumers is driving the growth of the food packaging market. The key players in the market have convenience features in the food packaging such as easy opening, portability, and single-use packaging which are driving innovations for packaging of processed foods. The two aspects which drive the growth of the food packaging market are visual appeal and convenience.
The Food packaging market is expected to grow at a CAGR of 4% during the forecast period 2017-2023.
Food Packaging Market -By Segment
On the basis of the application, the market is segmented as bakery & confectionery, dairy, meat, fruits & vegetables and others. Amongst these, the meat industry is the most attractive application for the food packaging market. The increasing preferences of the consumer for protein-rich food are in turn, leading to the increase in consumption of meat and seafood. The busy lifestyle of the consumers is driving the demand for frozen foods. Thus, meat food is an attractive application segment for market players in food packaging market.
On the basis of the type, the market is segmented into bottles, cans, pouches, boxes, and others. Amongst these, boxes type food packaging accounted for the highest revenue contributor over the forecast period. Boxes are usually made up of corrugated paper and provide very strong tertiary packaging to the food products. Also, pouches are usually made of plastic, which gives better design flexibility for food packaging manufacturers and allows optimum utilization of shelf space.
The global market is segmented on the basis of geography in the regions of Asia Pacific, North America, Europe, and the Middle East & Africa. North American region is projected to contribute majorly to the the food packaging market followed by Europe and Asia Pacific region. However, this region is projected to be at a maturity stage in the food packaging market, which would further subsidize the growth of this market. In Asia Pacific region, the developing countries such as China and India are expected to exhibit huge growth over the forecast period and is expected to take over the leading position of the North America region. Asia Pacific is projected to be the fastest growing economic region owing to the increase in demand for healthy food products which is fueled by the growing population in the developing countries of this region. the increase in consumer preference for packaged foods in the countries of this region are additional factors which are expected to increase the food packaging market over the forecast period. The growth will be further driven by development of new technologies and innovations in food packaging. The increase in foreign direct investments (FDI) in the food industry and the heavy consumption of the consumers along with stringent government regulations focused on the health, safety and quality of the food products is further driving the growth of the market.
Some of the key players in the global Food Packaging Market include Amcor Limited (Australia), Coveris Holdings S.A (Luxembourg), The Smurfit Kappa Group plc (Republic of Ireland), E. I. du Pont de Nemours and Company (U.S.), Mondi Plc (Austria), Bemis Company, Inc. (U.S.), International Paper Company (U.S.), D.S. Smith Plc. (U.K.), Silgan Holdings Inc. (U.S.), and RockTenn Company (U.S.).