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This Food Packaging Market research report contains a complete background analysis of the industry, which includes an assessment of the parental market. All the statistical and numerical that have been forecasted in this report is represented with the help of graphs, charts, or tables which makes this report more user-friendly. This Food Packaging Market report contains a thorough description, competitive scenario, wide product portfolio of key vendors, and business strategy adopted by competitors along with their SWOT analysis and porter’s five force analysis. Whether it is about renewing a business plan, preparing a presentation for a key client, or giving recommendations to an executive, this Food Packaging Market report will surely help you to a degree.
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The global food packaging market revenue stood at US$ 950.29 billion in 2022 and is expected to grow at a CAGR of 4.62% during the forecast period of 2022 – 2030. Amcor Ltd, AmeriPak, Inc., Beam Suntory, Berry Plastics, Cargill Inc., ConAgra Foods, DS Smith PLC, Georgia Pacific Corporation, Impact Plastics, INX International Packaging, Kelloggs Co, Kraft Foods, PepsiCo and Tetra Pak amongst others.
Global Food Packaging Market
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Food packaging protects the quality of food and expands the shelf life during each phase of the food chain in order to ensure the quality of fresh produce. Food packaging are available in many distinct forms, depending on technical demands across the supply chain, marketing requirements and other essential criteria. Plastic, glass, paper and paperboard, metal and wood are among the widely used food packaging materials. Among the available packaging materials, plastic packaging materials are prominently used in the food packaging market. Various polymer materials are combined to make the final plastic food packaging. Paper and paperboard food packaging is also gaining momentum owing to their recyclable properties. Prominent example for such packaging include pizza boxes, beverages cartons and carriers and frozen food packaging amongst others.
Population growth is causing exponential demand for food which is fueling growth in the food and agriculture sector. The adherence to certain compliances has been mandated for agribusiness companies and food packaging industries alike. The stringent regulatory frameworks regarding food packaging across the verticals are driving the growth of the global food packaging market. The Global Food Safety Initiative (GFSI) is an industry-driven global collaboration to advance food safety. GFSI strives for continuous improvement in food safety management systems around the world. All food packaging companies complying and attaining GFSI-benchmarked food safety audits, are accepted by global food manufacturers as well as retailers and suppliers. In addition, the FSSC 22000 certification scheme of the International Standards Organization (ISO) is designed to provide the accreditation of food safety management systems to businesses working in the food industry.
Rapid urbanization is augmenting the number of middle-class populations with increased purchasing power in developing countries. This dynamic shift in population is creating huge demand for processed and packaged food materials.
Growing awareness among consumers regarding environmental issues is compelling manufacturers to use food packaging technologies which are either bio-degradable or environment friendly. Over the years, there have been significant technological breakthroughs in the field of food packaging such as sterile food processing and packaging, flexible and reusable containers, microwaveable materials, intelligent and recyclable packaging systems, etc. Moreover, demand for prolonged shelf life of food products and reduction in environmental waste is gaining momentum worldwide. For instance, European commission has set a target to reduce food waste by 50% and recycle 75% of packaging materials, by 2030. Similar initiatives are being undertaken across difference countries globally, thus offering potential growth opportunity for food packaging market over the forecast period.
Sustainable food packaging alternatives over plastic based packaging materials help protect environment. Potato and whey coated cartons are good biodegradable replacement. Research is being carried out to develop food packaging which can control or speed up the composting time. Tetra Pak, the global food packaging company, uses sustainable food packaging cartons to contribute to low carbon circular economy. Its sustainable packages are entirely made up of renewable or recyclable materials without compromising on food safety requirements. Food manufacturers are largely opting for similar packaging materials, thus attributing to the growth of food packaging market.
Meat industry is among the most lucrative application in the food packaging market. Increasing health awareness has led to rise in the consumption of protein-rich diet among consumers. Meat and sea food, which are among the prominent food products in this category, require specific packaging solution, so as to ensure product’s safety and freshness along with increasing their shelf life. Thus, the shift of consumer’s food preferences is estimated to further supplement the growth of food packaging market.
The usage of certain derivatives of plastic polymers for food packaging such as Polycarbonate and PVC are harmful. It can release Bisphenol A (BPA), a chemical that may cause serious health problems. Furthermore, improper food packaging causes premature spoilage of perishable food commodities leading to tremendous wastage of food. These factors are collectively restraining the market growth. However, the introduction of nano technology based intelligent food packaging is being used to overcome the food wastage issues. Smart nano sensors instantly detect leakage in the packaging and temperature variations over time. The growing adoption of such technologies in food packaging market is expected to help in overcoming the challenges, thus promoting industry’s growth.
Key Questions Answered with this Study1) What makes Food Packaging Market feasible for long term investment?2) Know value chain areas where players can create value?3) Teritorry that may see steep rise in CAGR & Y-O-Y growth?4) What geographic region would have better demand for product/services?5) What opportunity emerging territory would offer to established and new entrants in Food Packaging market?6) Risk side analysis connected with service providers?7) How influencing factors driving the demand of Food Packaging in next few years?8) What is the impact analysis of various factors in the Food Packaging market growth?9) What strategies of big players help them acquire share in mature market?10) How Technology and Customer-Centric Innovation is bringing big Change in Food Packaging Market?
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