Food packaging market to reach 606 billion USD by 2026

Pune / IN. (fbi) According to Fortune Business Insights the global food packaging market size is projected to reach USD 606.3 billion by 2026 on account of increasing awareness regarding food wastage worldwide. According to the new Fortune Business Insights report, titled «Food Packaging Market Size, Share + Industry Analysis, By Materials (Glass, Metal, Paper + Paperboard, Wood, and Plastics [Polypropylene, Polyethylene, PET, and Others]), By Product (Rigid, Semi-Rigid, and Flexible) By Application (Fruits + Vegetables, Bakery + Confectionery, Dairy Products, Meat, Poultry + Seafood, Sauces, Dressings and Condiments, and Others), and Regional Forecast, 2019-2026», the market was valued at USD 393.6 billion in 2018 and it is expected to register a CAGR of 5.6 percent from 2019 to 2026.


Widespread Availability of Fast and Convenience Food Options to Fuel Market Demand

One of the top food packaging market trends is the wide popularity of fast food items, such as candies, beverages, and frozen food, across the world. With an increasingly sedentary lifestyle, the consumption of such foodstuffs has grown exponentially, mainly because they are easily available in containers and tins. Their ready-to-eat nature further raises their attractiveness. Moreover, rising disposable incomes around the globe along with proliferation of online food retailing has skyrocketed the demand for packaged foods, as per the food packaging market analysis. Lastly, increasing environmental concerns have surged the preference for sustainable packaging solutions, enhancing the potential of this market.

Market Segmentation

  • By Material: Based on material, the market is divided into glass, metal, paper + paperboard, wood, and plastics. Here, the paper and paperboard segment is poised to lead the market share as these materials are recyclable, versatile, and emit lower levels of CO2, making them an attractive option for food packaging. The other segments are also expected to register a steady growth rate during the forecast period.
  • By Product: On the basis of product, the market is segmented into rigid, semi-rigid, and flexible. Here, the rigid packaging segment is set to dictate the market in terms of share on account of extensive usage of rigid packaging for vegetables and fruits. Additionally, increasing consumption of frozen and processed food items will further fuel the uptake of this segment. The rest of the segments are also anticipated to grow healthily in the near future.
  • By Application: In terms of application, the market is grouped into fruits + vegetables, bakery + confectionery, dairy products, meat, poultry + seafood, sauces, dressings and condiments, and others. Here, the bakery and confectionery segment is slated to lead with a share of 37.3 percent as well as in terms of revenue and volume. This will primarily be a result of the high popularity enjoyed by bakery and confectionery items such as candies, toffees, and cakes. The remaining segments are also expected to grow considerably in the forthcoming years.
  • By Region: Geographically, the market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East + Africa. Among regions, Asia-Pacific is slated to dominate the food packaging market share owing to the rapid urbanization, growth of retail infrastructure, and rising disposable income in India and China. In 2018, the size of the market in North America was USD 99.66 billion. The rest of the regions are also anticipated to present promising prospects for the market in the forecast period.

Development of sustainable packaging solutions to brighten competitive outlook. Companies are increasingly focusing on developing eco-friendly packaging solutions to cater to environmentally-conscious consumers, according to the food packaging market research.

Major Industry Developments

  • October 2019: Ball Corporation invested USD 200 million in setting up a new aluminum manufacturing plant in Georgia, aimed at serving the sustainable packaging demands of US consumers.
  • June 2019: Mondi Group innovated a polypropylene that is fully-recyclable and is specifically designed for thermoforming applications. The material reduces carbon footprint by 23 percent whilst prolonging the shelf-life of packaged food items.

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