NEW YORK, Dec. 11, 2023 /PRNewswire/ — The food packaging market size is set to grow by USD 79.41 billion between 2022 and 2027 and register a CAGR of 4.32%, according to Technavio’s latest market research report estimates. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Amcor Plc, Ardagh Group SA, Ball Corp., Berry Global Inc., BWAY Corp., CANPACK SA, COFCO Corp., DS Smith Plc, International Paper Co., Kian Joo Can Factory Bhd, Metal Packaging Europe, O I Glass Inc., Orora Ltd., Sealed Air Corp., Silgan Holdings Inc., Tata Steel Ltd., Tetra Laval S.A., Toyo Seikan Group Holdings Ltd., Crown Holdings Inc., and Huhtamaki Oyj are some of the major market participants. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments.With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by the way of synthesis and summation of data from multiple sources. Get a comprehensive report summary describing the market size and forecast along with research methodology. Read our sample report
Food packaging market 2023-2027: Segmentation
- Product
- Flexible plastic
- Rigid plastic
- Glass
- Metal
- Others
- Application
- Bakery and confectionery
- Dairy products
- Poultry meat and sea food
- Fruits and vegetables
- Others
- Geography
- APAC
- Europe
- North America
- South America
- Middle East And Africa
The flexible plastic segment will be significant during the forecast period. There are various types of flexible plastic products, such as bags, pouches, liners, wraps, and sachets. The flexible plastic packaging market is expected to grow due to its advantages over other types of packaging materials. Flexible plastic packaging comes in different shapes and sizes, thus enabling packaging customization. It is reusable, lightweight, and easy to ship. Flexible packaging also supports various printing options. These factors will drive segment growth during the forecast period.
The report comprises of various segments as well as an analysis of the trends and factors that are playing a substantial role in the market – Download a sample report
Food packaging market 2023-2027: Vendor analysis and scope
Some of the major vendors of the food packaging market include Amcor Plc, Ardagh Group SA, Ball Corp., Berry Global Inc., BWAY Corp., CANPACK SA, COFCO Corp., DS Smith Plc, International Paper Co., Kian Joo Can Factory Bhd, Metal Packaging Europe, O I Glass Inc., Orora Ltd., Sealed Air Corp., Silgan Holdings Inc., Tata Steel Ltd., Tetra Laval S.A., Toyo Seikan Group Holdings Ltd., Crown Holdings Inc., and Huhtamaki Oyj. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the food packaging market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support. The key offerings of some of these vendors are listed below:
- Amcor Plc – The company offers food packaging solutions under its brand LifeSapn, AmPrima, and PrimeSeal.
- Ardagh Group SA – The company offers food packaging solutions such as steel and aluminum cans.
- Ball Corp. – The company offers food packaging solutions such as aluminum packaging.
The report also covers the following areas:
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Food packaging market 2023-2027: Market dynamics
Key driver – The prevention of food counterfeiting is driving market growth. Food fraud causes the global food industry to incur losses worth billions of dollars annually. This can be effectively addressed with the help of packaging. The use of food traceability can stop food fraud, as food can be tracked during its movement through the supply chain with the help of technologies such as barcodes and radio frequency identification (RFID) tags. The use of barcode labels helps in verifying the integrity of the product, which helps in overcoming counterfeiting. Such factors will fuel the global market growth during the forecast period.
Significant trend – The growing sales of food products on e-commerce platforms is a key trend in the market. Primary packaging of food items should ensure the quality and freshness of food products. These products require efficient secondary packaging as well. Sales of groceries are increasing. In countries such as the US, online grocery sales account for 18%-22% of the e-commerce market in the country. Various e-commerce channels offer meal kits, fresh delivery, click-and-collect, and delivered baskets. For instance, Amazon offers online grocery delivery services such as Amazon Fresh’s Next-Day Delivery, Amazon Subscribe and Save, and Amazon Dash Button. These factors will support market growth during the market during the forecast period.
Major challenge – Volatility in raw material prices is challenging market growth. Various raw materials, including paper, glass, metals, and plastic, are used for food packaging. However, the fluctuation in raw material prices can reduce the profit margins of vendors due to rising production costs. As a result, vendors are compelled to increase the prices of their products. During the forecast period, changes are expected in the cost of packaging raw materials such as paper and paper goods. These factors will hinder market growth during the forecast period.
Food Packaging Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist food packaging market growth during the next five years
- Estimation of the food packaging market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the food packaging market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of food packaging market vendors
Related Reports:
The self-heating food packaging market size is expected to increase by USD 1.51 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.6%.
The size of the flexible packaging market for food and beverages is expected to increase by USD 39.02 million from 2021 to 2026. The market’s growth momentum will accelerate at a CAGR of 5.16%.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentaion by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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