Food Packaging Market Growth Opportunities Forecasts to 2028

The global food packaging market size was valued at USD 326.2 billion in 2021 and is expected to grow at a significant CAGR of 7.5% during the forecast period 2022 to 2028. Food packaging is essential for keeping food items fresh and ensuring they arrive at their destination without losing their original flavor or quality. It shields the contents from moisture and pollutants, guards against spills and tampering, and aids in maintaining the products' shape and quality. The use of food packaging to communicate information about the origin, price, expiration date, and nutritional value of packaged goods has grown. It serves as a contemporary marketing tool for businesses to draw in customers from around the world.

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Food Packaging Market Growth Factors:
The expansion of the food packaging market has been propelled by the rise in demand for compact and lightweight packaging, the adoption of various marketing strategies by key players, and a transition from conventional to innovative packaging technologies. Additionally, efforts by the government to make food production facilities cleaner increased consumer disposable income, and increase in the number of retail enterprises are anticipated to encourage market expansion. On the other hand, the main issues limiting the usage of plastics are fluctuating raw material prices and strict government regulations on their use. The market is expanding due to a quick change in consumer food preferences and an expanding global food retail industry. Furthermore, fast food and ready-to-eat goods have increased due to the expanding working population, rising disposable incomes, and busy lifestyles. As a result, well-known firms are spending money on research and development projects to extend their products' shelf life and create antimicrobial packaging. Additionally, lightweight substitutes are being introduced to save shipping expenses and emissions. It is anticipated that consumer worries about contamination and food safety would raise demand for efficient packaging solutions.

The global food packaging market segmentation:
1) By Material: Paper & Paper-based, Plastics, Metal, Glass, Others.
2) By Packaging: Rigid, Semi-Rigid, Flexible.
3) Product Type: Cans, Converted Roll Stock, Gusseted Box, Corrugated Box, Others.
4) By Application: Bakery & Confectionary, Dairy Products, Fruits & Vegetables, Meat, Poultry, & Seafood, Sauces & Dressings, Others.

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Food Packaging Market Regional Analysis:
Asia Pacific is predicted to have the largest market, followed by Europe and North America. The sector is anticipated to grow as a result of an increase in population, rising per capita income, and higher demand in emerging economies like China, Japan, and India. An expanding packaged food market, rising consumer demand, and a sizable producer base are likely to be the main factors influencing the demand for food packaging solutions in North America. Despite a high saturation level, the outlook for Europe is expected to be favourable over the projected period.

Major players working in the food packaging market are Amcor Ltd., Tetra Pak International S.A., Sealed Air Corp., Smurfit Kappa Group plc., Mondi Limited, Berry Global Group, Crown Holdings Inc.

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This release was published on openPR.