Global food packaging market was valued at USD 337.54 Billion in 2021, and it is expected to reach a value of USD 468.18 Billion by 2028, at a CAGR of 4.95% over the forecast period (2022-2028).
Westford, Nov. 23, 2022 (GLOBE NEWSWIRE) — SkyQuest forecasts that the global food packaging market will reach $468.18 billion by 2028, up from $337.54 billion in 2021. The growth is attributable to the increasing demand for healthier foods and increased production of sustainable food products. The market for food packaging is segmented into four categories—retail packaging, industrial packaging, agricultural packaging, and other food packaging—according to our study. The retail packaged goods category accounted for the largest share of the overall market, with a value of $202 billion. However, this category is projected to lose share over the next five years as industrial and agricultural packaged goods become more popular.
However, there are several challenges that the players in the global food packaging market must overcome in order to continue growing. One of the main obstacles is sustainability. A growing number of consumers want more environmentally friendly packaging options. This challenge will be especially difficult for manufacturers who use materials like recycled plastic and non-biodegradable plastics. Another challenge for the food packaging industry is the rise of e-commerce and home deliveries. As e-commerce grows, customers are increasingly buying groceries online and then picking them up at their homes or places of work. This trend is having a negative impact on traditional grocery stores, which rely on sales from in-store purchases.
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The growth of the food packaging market will be aided by the continued rise in disposable income, which is projected to increase by 4.9% each year through 2021. Furthermore, SkyQuest believes that there will be an increase in demand for biodegradable and compostable products as well as more sustainable materials.
One of the major challenges facing the food packaging industry is the impact of climate change on production and consumption patterns. Climate change will cause extreme weather conditions that could damage infrastructure and disrupt supply chains, which would have a negative impact on the global food supply in the years to come.
Coca-Cola, PepsiCo and Anheuser-Busch InBev are Top Consumers in Food Packaging Market
The global food packaging market is a large and diverse one, with a number of major players. Some of the most important players in the market are Coca-Cola Enterprises, PepsiCo, and Anheuser-Busch InBev. These companies produce a wide range of food packaging products, including bottles, cans, boxes, and bags.
One of the main reasons these companies are so important is their dominance in specific markets. Coca-Cola Enterprises is the largest producer of soda drinks in the world, with a market share of more than 50%. PepsiCo has a dominant market share in carbonated soft drinks globally, while Anheuser-Busch InBev leads the beer brewing industry. However, these companies also produce other types of food packaging products. For example, Coca-Cola Enterprises produces fruit juices and sports drinks under its Dasani brand name, while PepsiCo produces Frito-Lay snacks and Tropicana juices.
These companies in the global food packaging market have worked hard to develop innovative food packaging products that meet consumer needs. One such product is Twist ‘n’ Seal beverage containers, which have become popular worldwide because they can be opened without using any special tools. Other noteworthy developments in the global food packaging industry include development of biodegradable plastics and recycling initiatives that reduce waste output from packaged foods.
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Biopackaging is Witnessing Strong Inflow of Demand In Global Food Packaging Market
The food packaging industry has witnessed a recent development in the form of biopackaging. This is a type of food packaging that uses biologically active ingredients to protect the food from oxygen and other environmental influences. One of the technologies used to produce biopackaging is microencapsulation. This process encloses food substances in small capsules made out of hard or soft materials. The capsules are then filled with an appropriate carrier substance, such as waxes or oils, and sealed.
The use of biopackaging has several benefits. First, it helps to preserve food products by preventing them from absorbing excessive amounts of moisture and external agents. Second, it can improve the aesthetic appearance of foods by hiding any imperfections or cracks in the surface of packages. Third, it can enhance the nutrient and antioxidant content of food products by trapping active ingredients within the capsules. Overall, the use of biopackaging is expected to grow rapidly due to its numerous benefits for consumers and producers alike.
One of the most promising types of food packaging is flexible packaging. Currently, the segment is holding over 40% share of the global food packaging market. Flexible Pak is a brand name for a type of flexible Polypropylene film that is laminated between two polar films to create a three-layered laminate film. This type of film can be molded into different shapes using heat or cold, making it perfect for use in diverse applications such as bakery products, meat products (e.g., ham), sweet foods (e.g., cakes), bread rolls and snack foods. Another advantage of this type of film is its ability to prevent product oxidation and external contamination.
However, the growth of the food packaging market is not limited to these materials; novel and disruptive technologies such as paper-based packaging solutions are also being explored, which can provide cheaper and more sustainable alternatives to traditional materials. In terms of end-use applications, the market consists of retail packaged foods, beverage dispensers and nutrition bars.
Over 28% of Demand For Food Packaging Comes From Bakery and Confectionery
The category of food packaging that consumes the highest demand is bakery and confectionery. More than 28% of demand for food packaging comes from this sector. The main reasons for this are the high levels of customization needed for these products, as well as their perceived indulgent nature.
Food manufacturers in the global food packaging market have been responding to this trend by developing more specialized packaging for these types of products. This has led to the development of flip-top boxes, resealable pouches, and tear-resistant bags. These types of packages can be tailored to meet the specific needs of bakery and confectionery retailers, who require products that can be quickly opened and consumed on-the-go.
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Top Players in Global Food Packaging Market
Mondi Group (Austria)
Amcor plc (Australia)
Berry Global Inc. (U.S.)
Stora Enso (Finland)
Constantia Flexibles (Austria)
Tetra Pak International S.A. (Switzerland)
DS Smith (U.K.)
Crown Holdings, Inc. (U.S.)
ExxonMobil Chemical (U.S.)
Coveris Group (U.K.)
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Read More: Global Food Packaging Market to Touch Valuation of $468.18 Billion by 2028