Food Packaging Market to be Worth $697.74 Billion by 2031

Meticulous Research®, a global leader in market intelligence, recently published a report titled, "Food Packaging Market Size, Share, Forecast, & Trends Analysis by Material (Plastic, Metal, Glass), Packaging Type (Rigid, Flexible), Product Type, Application (Bakery Products, Dairy Products, Snacks, Meat Products, RTE Meals) - Global Forecast to 2031."

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According to this latest report, the food packaging market is projected to reach $697.74 billion by 2031, growing at a CAGR of 5.9% over the forecast period. This growth is driven by the increasing demand for convenience foods, portable packaging solutions, longer shelf-life products, and the rapid expansion of the retail sector. However, market growth may be restrained by the susceptibility to degradation and volatility in raw material prices.

The industry also presents opportunities with an increasing focus on eco-friendly packaging and advancements in packaging technologies. The rise of e-commerce and innovations in edible packaging are key trends in the market. Nevertheless, stringent regulatory requirements remain a challenge.

Key Market Insights:
By Material: Segments include plastics, paper & paper-based materials, metal, glass, and others. The plastic segment is expected to dominate with a projected 41.5% market share in 2024, driven by its versatility, cost-effectiveness, and ease of production.

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By Packaging Type: The market is categorized into rigid, semi-rigid, and flexible packaging. The flexible segment is anticipated to grow at the highest rate due to its convenience, sustainability, cost benefits, and extended shelf life.
By Product Type: This includes bags and pouches, films and wraps, bottles and jars, boxes and cartons, trays, cans, and others. Bags and pouches are expected to lead in 2024, bolstered by innovations in material design and growing consumer preference for convenience and eco-friendly options.

By Application: Categories include bakery, dairy, snacks, beverages, meat, and ready-to-eat (RTE) meals. Bakery products are forecasted to hold the largest market share at 32.7% in 2024, driven by high consumption, health-oriented innovations, and growing QSR chains.

By End User: Segmented into food manufacturers, food service providers, and packaging service providers. Food manufacturers are projected to account for the largest market share due to the increasing demand for processed foods.
By Geography: Asia-Pacific is expected to lead with 34.6% of the market share in 2024, fueled by growing urbanization, rising disposable incomes, and government support for the food processing sector. This region is also anticipated to experience the highest CAGR.

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Leading Players
Key players in the food packaging market include:

Amcor Plc. (Australia)
Smurfit Kappa Group plc. (Ireland)
Mondi Limited (U.K.)
Berry Global Group (U.S.)
Sealed Air Corp. (U.S.)
Ball Corporation (U.S.)
Tetra Pak International SA (Switzerland)
Anchor Packaging Inc. (U.S.)
Crown Holdings Inc. (U.S.)
WestRock Company (U.S.)

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This comprehensive report examines these competitors and provides insights into trends across regional and country-level markets.

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This release was published on openPR.