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Food Packaging Market Worth $456.6 Billion By 2027 | Rising Inclination Toward Innovation in Environment-friendly and Sustainable Packaging is an Emerging Trend: Grand View Research, Inc.

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Food Packaging Market Worth $456.6 Billion By 2027 | Rising Inclination Toward Innovation in Environment-friendly and Sustainable Packaging is an Emerging Trend: Grand View Research, Inc.

April 16
20:11 2020
Food Packaging Market Worth $456.6 Billion By 2027 | Rising Inclination Toward Innovation in Environment-friendly and Sustainable Packaging is an Emerging Trend: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
Demand for food packaging will increase across processed and packaged foods segment as consumers are moving towards packaged foods owing to their longer shelf-life and ease of storage, which is a key factor promoting its use during the COVID-19 outbreak. We at GVR are trying to quantify the impact of this pandemic on the food packaging market. Get your copy now to gain deeper insights on the same.

The global food packaging market size is expected to reach USD 456.6 billion by 2027, expanding at a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc.. Growing demand for convenience food products due to change in lifestyle and alternative eating habits is expected to bolster the market growth.

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https://www.grandviewresearch.com/industry-analysis/food-packaging-market/request/rs1

U.S. food packaging market

The industry exhibits rapid growth for single-serve and portable food packs. Increasing purchasing power of buyers owing to rising per capita income is expected to boost the growth. Furthermore, increasing urban population and attraction toward ready-to-eat meals by consumers is expected to spur the demand for food packaging.

Rising concerns of consumers regarding contamination and food safety is predicted to bolster the demand for effective packaging solutions. In addition, increasing number of retail chains is anticipated to propel sales of packaged food, consequently driving the market growth. Surge in demand for food delivery services is also expected to have a positive impact on the industry.

Further key findings from the report suggest:

  • Flexible packaging is expected to register the highest CAGR of 6.0% in terms of revenue from 2020 to 2027, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers

  • Paper and paper-based packaging is estimated to be the fastest growing segment, exhibiting a CAGR of 6.1% from 2020 to 2027, owing to its low cost and sustainability parameters

  • Bakery and confectionary is anticipated to be the largest application, which recorded a market size of USD 82.6 billion in 2019 owing to growing demand for cakes, candies, and frozen ready-to-eat bakery products

  • The market in Asia Pacific is was worth USD 112.2 billion by in 2019. The region is anticipated to witness significant growth in near future on account of growing population, increasing urbanization, and rising disposable income of consumers

  • The food packaging industry is characterized by the presence of large number of players and is highly fragmented. Some of the key players in the market are Amcor Plc., Ball Corporation, Berry Plastic Group, and DS Smith PLC.


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Global food packaging market

 

Rising inclination toward innovation in environment-friendly and sustainable packaging is an emerging trend in the industry. Emergence of new and innovative packing types and technologies including Modified Atmosphere Packaging (MAP), active packaging, and, printing technologies are expected to boost the market across the globe. Players also insist on investing in development of cost-effective, lightweight, and high performance materials.

The food packaging industry is expected to be restrained by high volatility observed in prices of raw materials. In addition, introduction of sustainable packaging materials by major manufacturers and increasing consumption by buyers, are expected to provide an impetus to the market over the next few years.

Access complete Food Packaging Market Report By Grand View Research, Inc.

Grand View Research has segmented the global food packaging market on the basis of type, material, application, and region:

Food Packaging Type Outlook (Revenue, USD Billion, 2016 – 2027)

  • Rigid

  • Semi-rigid

  • Flexible

Food Packaging Material Outlook (Revenue, USD Billion, 2016 – 2027)

  • Paper & Paper-based Material

  • Plastics

  • Metal

  • Glass

  • Others

Food Packaging Application Outlook (Revenue, USD Billion, 2016 – 2027)

  • Bakery & Confectionary

  • Dairy Products

  • Fruits & Vegetables

  • Meat, Poultry, & Seafood

  • Sauces & Dressings

  • Others

Food Packaging Regional Outlook (Revenue, USD Billion, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

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About Grand View Research

 

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/food-packaging-market


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