Press release
Growth Dynamics on Food Packaging Market 2019-2025| Key Players: ExxonMobil, Tetra Pak, Constantia Flexibles, Ball Corporation, Amcor, Stora Enso, Berry Global, Inc., Mondi Group, etc
Food Packaging Market
COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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This Report Answers the Following Questions:
• What are the growth drivers, barriers, and trends in the market?
• What are the key strategies adopted by reputed enterprises to augment sales?
• Which end user would demand for food packaging the most?
• Which segment is anticipated to hold the maximum share in the near future?
Drivers & Restraints-
Rising Demand for Convenience Food Items to Spur Growth
The demand for fast food items is increasing at a fast pace worldwide because of the changing lifestyles of the masses. Hence, several convenience food manufacturers are striving persistently to introduce new products equipped with nutritional ingredients that would not cause any damage to the human health. It would also contribute to the growth of the market. In addition to this, the need for green food packaging solutions is rising to attain sustainability. They not only aid in providing a wide range of benefits, but also lower environmental pollution. Coupled with this, the rising working population and higher disposable income would drive the food packaging market growth in the coming years.
Segment-
Bakery & Confectionery Segment to Lead Owing to High Demand for Such Food Items
In terms of application, the market is categorized into sauces, dressings, & condiments, fruits & vegetables, meat, poultry, & seafood, dairy products, bakery & confectionery, and others. Amongst these, the bakery & confectionery segment procured 37.4% food packaging market share in 2018 and is anticipated to remain in the leading position throughout the forthcoming years. This growth is attributable to the increasing utilization of food packaging for products, such as chocolates, toffees, candies, and chewing gums. Also, the rising consumption of these food items across the globe would drive the growth of this segment.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/food-packaging-market-101941
Regional Analysis-
High Demand for Frozen Food to Drive Growth in Asia Pacific
In 2018, North America generated USD 80.8 billion in terms of revenue. The region is likely to showcase significant growth during the forecast period backed by the contribution of the U.S. It is considered to be one of the major consumers of packaged foods on account of the increasing number of food outlets. Coupled with this, the rising awareness regarding the benefits of adopting a healthy lifestyle has surged the demand for premium quality food packaging.
Asia Pacific, on the other hand, is set to remain in the dominant position owing to the increasing development of retail infrastructure, as well as rapid urbanization in India, Japan, and China. Additionally, the rising demand for frozen food, as well as the presence of renowned manufacturers in this region would contribute to the growth of the market. Coupled with this, enhancements of lifestyle, higher expenditure of consumers in packaged food, and demand for sustainable packaging solutions would augment growth in this region.
Competitive Landscape-
Key Companies Focus on Launching Novel Food Packaging to Surge Sales
Majority of the manufacturers operating in the market are based in Europe and North America. Some of them are developing robust distribution channels to expand their geographic presence. Few of the others are investing huge sums in research and development activities to launch new products. Below is one of the latest industry developments:
• May 2020: The recent results of YPACK, an EU-funded project revealed that a state-of-the-art formulation of active ingredients is capable of enabling the biodegradable food packaging to extend the shelf life of food items, and thus lower the waste of food. Since the past few years, YPACK has been developing a bio-based alternative to plastic to replace the conventional plastic food packaging. The compostable packaging consists of poly (3-hydroxybutyrate-co-3-hydroxyvalerate), a sustainable biopolymer.
Fortune Business Insights™ provides a list of all the food packaging manufacturers operating in the market. They are as follows:
• BALL CORPORATION
• Mondi Group
• ExxonMobil Chemical
• Amcor plc
• Tetra Pak International S.A.
• Berry Global Inc.
• DS Smith
• Stora Enso
• Plastipak
• Constantia Flexibles
• Other key players
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