According to the latest report by IMARC Group, titled “Food Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global food packaging market size reached a value of US$ 345.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 483.4 Billion by 2027, exhibiting at a CAGR of 5.85% during 2022-2027. Food packaging refers to the method of protecting food items from biological sources by enclosing the product in containers. It aids in safeguarding the food products from contamination that occurs due to chemical and physical factors, such as temperature, dust, bacteria and insects. Along with this, it also provides protection during transportation, retail sales and storage. Besides this, it is utilized for branding by labeling and printing the information related to ingredients, shelf life, cooking instructions, price, the origin of food and nutritional values. Some of the commonly adopted food packaging solutions include boxes, bottles, plastic trays, bags, cans and wrappers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The rapid outbreak of coronavirus disease (COVID-19) and the subsequent lockdown restrictions have negatively impacted the food packaging market worldwide. The mandatory closure of restaurants, retail shops and home delivery services had adversely affected the sales of food items during the onset of the pandemic. However, multiple humanitarian organizations have developed innovative interventions for supplying essential needs, including food and water, to the affected group of individuals. Along with this, continuous improvements in the e-commerce sector and the rising preference for home delivery services are also favorably impacting the market.
Global Food Packaging Market Trends and Drivers:
The global market is primarily driven by the increasing demand for packaged food items among the masses. This is supported by the changing dietary patterns and the shifting lifestyle preferences of individuals due to the hectic lifestyles led by working professionals. Besides this, the augmenting consumption of ready-to-eat foods and the inflating disposable income levels of the masses are providing a boost to the market growth. Moreover, the proliferation of fast-food chains and restaurants and the growing popularity of international cuisines are acting as other major growth-inducing factors. Furthermore, the escalating utilization of packaging solutions manufactured using plant-based materials due to an enhanced focus on sustainable development among individuals is catalyzing the demand for food packaging across the globe. Additionally, the rising funding by key players for conducting extensive research and development (R&D) activities to introduce product variants that offer protection from ultraviolet (UV) radiation is further gaining widespread prominence among consumers.
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Top Food Packaging Companies Worldwide:
Key highlights of the Report:
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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