Food packaging market growth and size touched USD 349.3 billion in 2022 and is predicted to touch USD 528.0 billion in 2030 and the market is predicted to rise at a CAGR of 5.3% from 2023-2030 due to speedy growth in demand for convenience food products and shifting lifestyles of customers. Shifts in eating habits and the fast-paced lifestyle have increased the requirement for packaged food, leading to a significant positive impact on the global food packaging market. Food packaging offers essential benefits, including preventing food contamination, extending food shelf-life, and developing overall efficiency in the food industry. These are estimated to foster the food packaging industry’s growth. In addition, the effective growth in disposable income, declining household size, and high rise in population are also estimated to positively impact the market growth.
In the U.S., the growth of the market is estimated to be propelled by the high rise in popularity of single-serve packs and the increasing urban population portion leading to the increasing consumption of packaged food. These drivers are also aided by growing infrastructural innovations for the recycling of metals, glass, and plastics. However, concerns relating to wastage owing to improper packaging may restrict the food packaging market growth.
In the food packaging industry, the bargaining power of buyers is predicted to remain high throughout the review period. The packaged food industry is categorized by the existence of a high portion of buyers, which is estimated to rise in the forecast period. Furthermore, buyers look for personalized and developed solutions for their products and show high levels of price understanding. Nonetheless, buyers often opt for material substitution in food packaging to develop sustainability and address environmental concerns.
The market of food packaging is highly regulated by governmental agencies such as the European Commission, and U.S. FDA. These governmental agencies framed different regulations concerning the usage of materials for food packaging and types of it. The food packaging market is moving toward comprising eco-friendly packaging materials alike bio-based plastics which results in further predicts to increase the market growth globally.
High growth in sales of retail products and an increasing trend for online buying are predicted to have a positive impression on the global market. The busy lifestyle and the introduction of health-conscious snack variants, such as low-fat choices, and baked products by snack manufacturing companies, are propelling the consumption of snacks over traditional meals. This results in further predicted propel demand for packaged food products, which is consequently predicted to drive the global market growth.
Modern food packaging serves different determinations, including containing and preventing food, helping in inventory control, higher market availability, customer education, and shelf life, and ensuring product safety whenever possible and appropriate. Innovations in nanotechnology and other technologies have opened up new and crucial opportunities for increasing the role of packaging in different industries. Customers’ preference for hygiene and clean room packaging for consumable products is having a positive impact on the global food packaging market.
