Largest Food Packaging Companies & Manufacturers in the Worldwide 2024 | IMARC Group

Food Packaging Market Overview:

Food Packaging involves the process and materials that used to cover and protect food products for distribution, sale, and storage. Food packaging serves various important functions which includes preserving the quality and increasing the shelf life of foods by isolating them from moisture, bacteria, and other contaminants hence allowing for the efficient and safe transportation of foods and also allowing easy storage. Food packaging is very important for maintaining food safety and hygiene throughout the product's life cycle from manufacturer to consumer. It also plays an important role in marketing by offering a medium for communication through labeling which provides nutritional information, ingredients and instructions thereby aiding in brand recognition and consumer decisions.

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How Big is the Food Packaging Market:

• Market Size Value in 2023: US$ 385.1 Billion
• Industry Revenue Forecast in 2032: US$ 611.6 Billion
• Growth Rate: CAGR of 5.1%
• Base Year of Estimation: 2023
• Historical Data: 2018-2023
• Future Forecast Period: 2024-2032

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Food Packaging Trends and Growth:

The global food packaging market is primarily driven by the increase in the demand for sustainable and biodegradable food packaging solutions from environmentally conscious consumers across the world. Companies nowadays are investing in various innovative materials like polylactic acid (PLA) which is derived from renewable sources like cornstarch or sugar cane in order to replace traditional plastics. For instance, in 2024, TotalEnergies Corbion and Korean water producer Sansu are developing an embossed label water bottle made of Luminy PLA bioplastics to simplify the recycling process and increase the adoption of recycled PLA as a feedstock. In line with this, companies in food packaging industry are intensifying their efforts to integrate sustainable practices in their operations mainly driven by the commitment towards environmental stewardship.

For instance, Crown Holdings recently secured the Aluminum Stewardship Initiative (ASI) Cain of Custody Certification for its Mexican operations, demonstrating a commitment to ethical practices and transparency in its value chain. This certification applies to the production of beverage cans, can ends and ROPP closures at crown Mexico facilities, reinforcing the company's sustainability efforts under their Twentyby 30™ program. In addition to this, in year 2024, Tetra Pak invests €40 million in 2023 to increase beverage carton recycling in the EU. The aim is to recycle all components, including non-fibre layers, and ensure valuable raw materials remain in circulation. Further investment is planned for greater material circularity. Furthermore, advancements in material science have led the development of a smarter, more effective packaging solutions, such as active packaging that extends shelf life of food or intelligent packaging which includes sensors to monitor freshness.

Top Companies in Food Packaging Market:

• Amcor PLC
• Crown Holdings Incorporated
• Owens-Illinois Inc.
• Tetra Pak Ltd.
• American Packaging Corporation
• Ball Corporation

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