WESTFORD, Mass., July 26,
2024 /PRNewswire/ -- According to SkyQuest, the
global Food Packaging Market size was valued at USD 361.4 Billion in 2022 and is expected to grow
from USD 382 Billion in 2023 to reach
USD 595.2 Billion by 2031, at a CAGR
of 5.7% during the forecast period (2024-2031).
Food packaging market is envisioning a future where smart
packaging communicates with appliances like refrigerators to show
details on the content of the food packing and advise about cooking
depending on the favorite recipes of consumers. The industry is
seeing heavy demand for efficient packaging solutions and hence,
food producers are actively shifting their interest to adopt
eco-friendly solutions that not only help the environment but also
yield demands in the future. Plant-based options are gaining
traction in the market and are increasingly adopted by more
companies worldwide.
Benefits of quality packaging like extended shelf-life, safety
of products, and high-barrier properties are supporting the market
advances. Moreover, increasing availability of unique material
compositions and use of top-performing materials in the industry
are projected to aid the growth of the food packaging market.
Download a detailed overview:
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Food Packaging Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 382
Billion
|
Estimated Value by
2031
|
USD 595.2
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.7%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Material, Type,
Application, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growing Number of
Innovations in the Packaging Sector
|
Key Market
Drivers
|
Changing Consumer
Lifestyles and Consumption Habits
|
Segments covered in Food Packaging Market are as
follows:
- Materials
-
- Paper & board, Metal, Rigid plastic, Flexible plastic,
Glass, Others
- Types
-
- Rigid, Semi-Rigid, Flexible
- Application
-
- Bakery, Confectionery, Convenience foods, Dairy products,
Fruits & vegetables, Sauces, dressings and condiments,
Others
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Growing Demand for Improved and Reliable Features to Propel
the Rigid Plastic Segment Progress
The rigid plastic packaging segment registered most of the food
packaging market due to its reliability and strong nature. Its
natural durable quality guarantees food protection throughout
storage and transit, making it an ideal choice for food producers
and consumers. The segment entails diverse containers like jars,
bottles, cans, trays, and more, delivering optimal resistance to
environmental factors and physical damage. Moreover, the segment is
also witnessing growth due to the growing need for extended
shelf-life and high-class protection for items like dairy products,
drinks, and processed consumables.
The flexible plastic packaging segment is the largest growing
due to its flexible packaging, lightweight, and versatility. The
segment comprises bags, pouches, wraps, and films that are widely
demanded on the back of their convenience, cost-effectiveness, and
sustainability. Technologies and materials have enhanced barrier
characteristics and the recycling nature of flexible packing,
making it the most preferred option for consumers as well as for
manufacturers, while supporting environmental concerns.
Flexible Segment to be Driven by Attractive Features, Making
it Ideal for Packaging
In 2022, the flexible packaging segment registered a larger
share of the market in terms of revenue. This type of packaging is
a fast-paced segment owing to its nature. It offers light, thin,
and compact packaging solutions. Hence, companies are increasingly
inclined towards this form of packaging since it offers convenience
and high performance. These factors are projected to drive the
market considerably over the forecast period.
Conversely, rigid packaging is the fastest growing segment owing
to its increasing adoption. Rigid packaging offers strong barrier
to oxygen, moisture, light, and avoids contamination of
consumables. Rigid packaging is experiencing escalated demand,
mainly from the western economies on the back of growing consumer
demand for proper-packaged food that delivers better convenience
and nutritional value, impacting the growth of the food packaging
market.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/food-packaging-market
Rising Awareness for Packaging that Improves Shelf-Life to
Help the Fruits & Vegetables Segment Lead
The fruit and vegetables segment held the maximum share of the
market owing to growing awareness among consumers of the
significance of a balanced and plant-based diet. This ultimately
demands ground-breaking solutions in packaging, extending the life
of consumables and maintaining integrity of fresh products, thus
driving the segment growth.
Convenience food domain is expected to grow as the
fastest-growing segment driven by dining habits of consumers,
changing lifestyles, and foods that can be easily prepared.
Consumers today prefer ready-made foods that save their time
preparing food, while not compromising quality and taste.
Manufacturers have brought improvements in packaging that can best
suit convenience consumables like microwaveable containers,
re-sealable pouches, and more.
Rigorous Adoption of Sustainable Solutions in Packaging to
Help Enterprises Gain a Strong Foothold
Food packaging trends and technologies have seen major
developments in the past years. With the growing concern for the
safety of consumables, convenience, and sustainability, packaging
brands are constantly exploring improved alternatives to satisfy
the ever-increasing needs. The adoption of intelligent packaging
techniques like smart and active packaging, temperature and time
indicators, and altered atmosphere packaging has noticeably
enhanced food safety and quality, increased shelf-life, and reduced
food wastage. In addition, with robotics and automation in food
packaging, companies can simplify manufacturing processes, focus on
efficiency, improve the quality of products, and reduce labor
prices. With the transformations in the industry, manufacturers
should be updated with recent innovations and existing trends to
strengthen market competition.
Related Report:
Rigid Plastic Packaging Market
Flexible Packaging Market
Pharmaceutical Packaging Market
Sustainable Packaging Market
Plastic Packaging Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology