The global food packaging market size is expected to reach US$562.3 billion by 2030 according to a report released by Grand View Research, at a CAGR of 5.5% from 2022 to 2030.
The bakery and confectionery segment account for the largest share in the packaging market, at over 25% in 2021 owing to high demand for cakes, candies and frozen ready-to-eat bakery products. Other key segments include dairy products, fruits and vegetables, and meat, poultry and seafood.
Paper and paper-based material are expected to grow at a CAGR of 6.4% during this forecast period due to increasing demand for biodegradable and sustainable packaging solutions. Increasingly strict environmental regulations have led to bangs on single-use plastic across the world, contributing to the growth of paper and paper-based food packaging material. Flexible packaging products are expected to witness the highest growth from 2022 to 2030 as they require less space during transportation, use less material and have a “better sustainability profile” in comparison to plastic-based packaging.
Asia Pacific is expected to have the fastest CAGR in this forecast period due to increasing penetration of retail chains, online grocery delivery services and online food ordering services. Increasing disposable income of consumers in this region has led to an increase in demand for convenient foods, all of which positively benefit industry growth. However, the market is highly fragmented with large-sized companies as well as small- and medium-sized players.
Rising concerns among consumers around contamination and food safety are expected to bolster demand for packaging solutions. A growing number of global retail chains, particularly in developing economics such as China, India and Brazil, are expected to grow sales of packaged food.
Plastic packaged products are affordable and protect food well, which contributes to their wide use in the food and beverage industry, but government interventions in plastic production have led producers to turn to eco-friendly and sustainable raw materials in their products.
The global market is expected to be “buoyed” by introducing new and innovative packaging types and technologies, including modified atmosphere packaging (MAP), active packaging and printing technologies.
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