Food packaging market: a growing industry driven by convenience and sustainability
Rising demand for single-serve packs and eco-friendly solutions drive substantial growth in the global food packaging industry
The global food packaging market is experiencing a remarkable surge, poised to reach new heights as it is expected to reach a size of €478.1 billion by 2030, with a robust CAGR of 5.7%. In a recent report by Grand View Research, Inc., the industry’s exponential growth is attributed to the increasing popularity of food delivery services worldwide and the soaring demand for single-serve and portable food packs, catering to the fast-paced modern lifestyle.
One of the primary drivers behind this remarkable growth is the rising consumer concerns over contamination and food safety. As a result, there is a surge in demand for effective packaging solutions that can safeguard the quality and integrity of food products. Furthermore, the proliferation of retail chains, particularly in developing economies like China, India, and Brazil, is anticipated to drive the sales of packaged food and subsequently propel the food packaging market.
The affordability and strong barrier properties of plastic packaging have made it a preferred choice in the food and beverage industry. However, with increasing government interventions in plastic production, plastic food packaging producers are now embracing eco-friendly and sustainable raw materials to align with the global push for environmental conservation.
The market is also set to benefit from the introduction of new packaging types and innovative technologies, such as modified atmosphere packaging (MAP), active packaging, and printing technologies. Industry players are investing in lightweight materials and high-performance substances, further enhancing the growth prospects of the market.
In North America, the market for packaged food items is witnessing remarkable growth driven by the ever-increasing demand for convenient food options to accommodate the hectic lifestyles of consumers. Moreover, the thriving e-commerce industry in countries like Canada and Mexico is fueling the sales of packaged food products, contributing to the region’s market growth.
Key Highlights from the Food Packaging Market Report:
- Sustainable packaging solutions made from paper and paper-based materials are projected to witness substantial growth, with a lucrative CAGR of 6.4% during the forecast period. The increasing demand for biodegradable and sustainable packaging solutions, along with stricter environmental regulations, including the ban on single-use plastics, are major factors contributing to the growth of paper-based food packaging materials.
- Flexible packaging products are expected to witness the highest growth from 2023 to 2030. Their compact nature during transportation, reduced plastic material consumption, and superior sustainability profile compared to rigid packaging options contribute to their increasing popularity.
- The bakery and confectionery segment currently dominates the market, accounting for over 27% of the market share in 2022. The high demand for cakes, candies, and frozen ready-to-eat bakery products fuels the growth of this segment.
- Rigid packaging, including bottles, jars, trays, and containers, holds the second-largest revenue share in 2022. Its durability and ability to offer high protection to food products make it a preferred choice for food and beverage companies.
- Asia Pacific is expected to exhibit the fastest CAGR from 2023 to 2030. The region’s growing retail chains, online grocery delivery services, and online food ordering platforms, coupled with the increasing disposable income of consumers, are key factors driving the demand for convenient foods and propelling the growth of the food packaging market.
The food packaging market is highly fragmented, with the presence of large-sized companies as well as small- and medium-sized domestic players. The market’s gradual shift towards sustainable packaging solutions is driven by the rising regulations on excessive plastic packaging and growing consumer awareness regarding sustainability.
In conclusion, the global food packaging market is witnessing remarkable growth, driven by the ever-increasing demand for convenience and sustainability. As single-serve packs and eco-friendly solutions gain popularity, the market is set to soar to new heights. With the introduction of innovative packaging types, advanced technologies, and a focus on lightweight materials and high-performance substances, both established companies and emerging players have ample opportunities to contribute to the growth and development of the food packaging industry worldwide.