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Global Food Packaging Market Worth to Rise at 4.5% CAGR By 2023

The recently published report by IMARC Group, titled "Food Packaging Market

The major factor facilitating the growth of the food packaging market is the inflating demand for specialty and packaged foods. The increasing number of dual income households has shifted the eating habits from traditional meals to snacks and frozen meals. Moreover, rural to urban migration, hectic lifestyles and time constraints have resulted in the rising popularity of single-serve packs which complement on-the-go consumption. In addition, the manufacturers are investing in R&D activities so as to improve the shelf-life of the food products along with the barrier property and safety of packaging by using high performance and anti-microbial materials. Apart from this, the demand for sustainable and eco-friendly packaging has also witnessed a surge in recent years on account of rising consciousness among the consumers regarding global warming and environmental pollution. Some of the other factors driving the market growth include emerging online food retail and production facility expansions by the manufacturers. Looking forward, the

On the basis of type, flexible packaging currently leads the global food packaging market as it offers better protection against air, moisture and light. Other types of food packaging are paper and paperboard, rigid plastic, glass and metal.

Based on application, the major segments include dairy products; bakery, confectionery, pasta, and noodles; snacks and side dishes; sauces, dressings, and condiments; meat, fish, and poultry; convenience foods; fruits and vegetables; and others. Amongst these, the bakery, confectionery, pasta, and noodles segment dominates the market.

Region-wise, North America represents the largest food packaging market globally on account of the well-established food processing industry in the region. Other major regions include Europe, Latin America, Asia Pacific, and Middle East and Africa.

The competitive structure of the global food packaging market is characterized by the presence of a large number of global and local manufacturers. Some of the key players operative in the market include Crown Holdings, Amcor, Bemis, Owens-Illinois, Ball Corporation, American Packaging Corporation and Tetra Pak.

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.


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