Beverage Packaging Market Size Is Expected to Showcase Exponential Growth By Reaching USD 627.27 Billion In 2027 | Beverage Packaging From Data to Strategy: Leveraging Industry Research for Business Success

The global food & beverage packaging market size is expected to showcase exponential growth by reaching USD 627.27 billion in 2027 while exhibiting a CAGR of 4.9% between 2020 and 2027. This growth is attributable to the increasing focus on providing efficient transportation services and the increasing adoption of advanced solutions in manufacturing of food & beverage packaging materials globally. Fortune Business Insights in its latest report, titled, "Food & Beverage Packaging Market Size, Share & Industry Analysis, By Material (Food Packaging Materials [Glass, Metal, Paper & Paperboard, Wood, and Plastics {Polypropylene, Polyethylene, PET}] and Beverage Packaging Materials [Plastic, Glass Metal]), By Type (Food Packaging [Rigid, Semi-Rigid, and Flexible] and Beverage Packaging [Can, Bottle & Jars, Pouch, Carton]), By Application and Regional Forecast, 2020-2027.", observes that the market stood at USD 433.27 billion in 2019.

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High Demand for Packaged Food Products amid COVID-19 to Propel Market Growth

The lockdown led to significant reduction in sale revenues of several industries due to halted industrial operations and people confined to their home spaces. The fear of contracting the disease, however, led to a surge of packaged food products that were deemed to be safe backed by efficient packaging provided by the companies. This is expected to bode well for the growth of the market amid the novel coronavirus during the forecast period.

There are several instances, wherein the food gets spoiled due to external forces amid faulty packaging. Therefore, to ensure the safety and longer shelf life of food products, it is vital to have efficient food & beverage packaging solutions at disposal.

What does the Report Provide?

The global market for food & beverage packaging report provides a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter's Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.

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DRIVING FACTORS

Increasing Focus on Efficient Transportation to Promote Growth

The significant loss incurred by companies due to faulty packaging and transportation services is driving the manufacturers to adopt innovative packaging solutions such as Bag-in-Box (BIB), folding boxes, PTZ packaging (ready-to-mail boxes), and others. The safe and reliable delivery of food products to ensure customer satisfaction is propelling the manufacturers to adopt secure transportation services to ensure effective food & beverage packaging of products. Moreover, the increasing adoption of advanced solutions in the manufacturing of packaging materials is expected to boost the adoption of sustainable packaging materials that can be reused to reduce any detrimental effects on the environment. These factors are expected to contribute to the global food & beverage packaging market growth during the forecast period.

SEGMENTATION

Food & Packaging Segment to Hold Highest Market Share

Based on application, the food & packaging segment is expected to hold the highest market share in terms of revenue backed by the growing demand for bakery & confectionary products that presents lucrative opportunities for the players to develop innovative food & packaging solutions globally.

REGIONAL INSIGHTS

Asia-Pacific to Remain at Forefront; Growing Disposable Income to Surge Demand

Among all the regions, the market in Asia-Pacific is expected to experience significant growth by holding the highest position in the global food & beverage packaging market in the forthcoming years. This growth is attributable to the availability of high disposable income among the working population that is likely to boost the demand for innovative food & beverage packaging solutions in the region between 2020 and 2027. Asia-Pacific stood at USD 147.08 billion in 2019.

The market in North America is expected to experience exponential growth during the forecast period. This is ascribable to factors such as increasing awareness regarding consumption of healthy packaged food in the region.

COMPETITIVE LANDSCAPE

Partnership between Key Players to Amplify Their Market Positions

The global market for food & beverage packaging is consolidated by key players striving to maintain a stronghold by partnering with other players to boost their positions. The other major companies are striving to gain a competitive edge over their rivals by adopting organic and inorganic strategies that will favor the global market in the forthcoming years.

Industry Development:

September 2020: Berry Global announced its partnership with Bhoomi to launch 100% sugarcane-based HDPE bottle. The 12-ounce HDPE bottle by Berry offers eco-friendly benefits and will replace Bhoomi's standard PET bottle.
List of the Companies Profiled in the Global Market for Food & Beverage Packaging:

Mondi Group (UK)
Amcor PLC (Switzerland)
Berry Global, Inc. (U.S.)
Stora Enso (Finland)
Sonoco Products Company (U.S.)
Constantia Flexibles (Austria)
Plastipak Holdings, Inc. (U.S.)
Tetra Pak (Switzerland)
DS Smith (UK)
Exxon Mobil Corporation (U.S.)
Crown Holdings, Inc. (U.S.)
Ball Corporation (U.S.)
Other Key Players
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This release was published on openPR.