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Food Packaging And Processing Market Size, Share, Growth Drivers And Report 2024-2033
Food Packaging And Processing Market Size
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According to The Business Research Company's, The food packaging and processing market size has grown strongly in recent years. It will grow from $75.52 billion in 2023 to $80.04 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increasing awareness of environmental issues, growing focus on health and wellness, increasing consumer awareness and education, increasing demand for transparency in ingredient sourcing, and increasing demand for portion control.
The food packaging and processing market size is expected to see strong growth in the next few years. It will grow to $101.44 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to the growth of e-commerce, globalization and trade, development of new packaging materials, growth of the plant-based food sector, and growth in ready-to-drink (RTD) beverages. Major trends in the forecast period include advanced processing techniques, integration of smart systems, high-pressure processing (HPP), enhanced food safety technologies, and intelligent labeling.
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Market Drivers and Trends:
The increasing demand for convenience food is expected to propel the growth of the food packaging and processing market going forward. Convenience food refers to food products that are designed to be quick and easy to prepare or consume. The increasing demand for convenience food is due to busy lifestyles, the desire for quick meal solutions, and the need for efficient food preparation in a fast-paced world. Food packaging and processing help convenience food by extending shelf life, preserving freshness, and simplifying preparation, making it quick and easy for consumers to enjoy ready-to-eat meals. For instance, in March 2024, the Bank of Ayudhya Public Company Limited, a Thailand-based commercial banking company, reported that the domestic market for Thai-made ready-to-eat food is expected to grow by 3.0-4.0% annually from 2024 to 2026. Additionally, in 2022, the ready-to-eat food industry had a total domestic and export sales volume of 482.4 thousand tons, with a value of USD 2.0 billion. Therefore, the increasing demand for convenience food is driving the growth of the food packaging and processing market.
Major companies operating in the food packaging and processing market are focusing on developing advanced solutions, such as water-based and plant-sourced coating, to enhance sustainability and reduce environmental impact. A water-based and plant-sourced coating refers to a sustainable coating made from natural plant materials and dissolved in water, avoiding petroleum-based solvents. For instance, in December 2023, Melodea Ltd., a US-based provider of sustainable barrier coatings, launched MelOx NGen, a high-performance barrier product designed to allow the recyclability of plastic food packaging and more. This innovative solution features a water-based, plant-sourced coating that improves the recyclability of plastic food packaging and also maintains food freshness, and extends shelf life. It presents a cost-effective and sustainable alternative to petroleum-based materials such as Ethyl Vinyl Alcohol copolymers (EVOH) and metalized polyethylene terephthalate (met-PET). Suitable for various types of plastics, including nanostructure plastics, MelOx NGen offers exceptional performance while remaining recyclable.
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Major Key Players of the Market:
WestRock Company, Ball Corporation, Amcor Public Limited Company, Berry Global Inc., Tetra Pak Ltd., Mondi Group, DS Smith plc, Graphic Packaging Holding Company, Sonoco Products Company, Silgan Holdings Inc., Sealed Air Corporation, Huhtamäki Oyj, Pentair Commercial Ice LLC, Reynolds Consumer Products Inc., Bühler Group, ProAmpac LLC, Marel Inc., John Bean Technologies Corporation, Winpak Ltd., Emmerson Packaging Ltd., PakTech LLC, Pacmoore Product Inc., Chantler Packages Limited, CuBE Packaging Solutions Inc.
Food Packaging And Processing Market 2024 Key Insights:
• The food packaging and processing market size is expected to see strong growth in the next few years. It will grow to $101.44 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Increasing Demand For Convenience Food Is Driving The Growth Of The Food Packaging And Processing Market
• Advancements In Food Packaging And Processing Enhanced Market Growth
• Asia-Pacific was the largest region in the food packaging and processing market in 2023
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