The global food packaging market size is slated to rise from USD 338.34 billion in 2021 to USD 478.18 billion by 2028, exhibiting a CAGR of 5.1% during the forecast period. The growing demand for packaged products due to the shift in evolving lifestyles and eating habits is anticipated to impact the market, says Fortune Business InsightsTM in its report titled, "Food Packaging Market, 2021-2028".
The study contains qualitative and quantitative insights into this market, as well as a detailed analysis of market size and growth. The report also includes an in-depth examination of market dynamics and the competitive landscape. Porter's five forces, recent market developments, the regulatory scenario in key countries, competitive landscape, microeconomic and macroeconomic factors, SWOT analysis, key food packaging industry trends, and company profiles are among the report's key insights.
List of Key Market Players in the Food Packaging Industry:
- Mondi Group (Austria)
- Amcor plc (Australia)
- Berry Global Inc. (U.S.)
- Stora Enso (Finland)
- Constantia Flexibles (Austria)
- Plastipak (U.S.)
- Tetra Pak International S.A. (Switzerland)
- DS Smith (U.K.)
- Crown Holdings, Inc. (U.S.)
- ExxonMobil Chemical (U.S.)
- Coveris Group (U.K.)
COVID-19 Outbreak to Boost Market Demand Owing to Flexible Food Packaging
As the food industry was kept under essential services by all governments, the impact of COVID-19 on the global market is lower than in other manufacturing industries. Flexible packaging companies serving the sectors such as packaged foods are expected to do well during the ongoing pandemic. Changing consumer demand patterns, government measures, and stockpiling are fueling the demand for packaged food thanks to the increased food safety crisis during the pandemic.
Regional Insights - Europe Dominates the Global Market Owing to the Low Temperatures
In 2020, Asia Pacific will hold the largest share of the global market. Due to rising urban population numbers and retail infrastructure development, this region is expected to stay the largest over the forecast period.
Europe held a significant market share and is expected to grow significantly due to increased demand from the food and beverage industry. Growing demands for packaging and processed food, as well as changes in consumer lifestyle, will support regional growth, particularly in Germany, the U.K., and Italy.
This market is anticipated to boom significantly in North America. The U.S. is a major consumer of ready-to-eat meals, which will aid market growth.
Latin America, Mexico, and Brazil will be prominent contributors to market growth. The region's expansion is primarily due to the rising demand for canned foods.
Increasing demand for dairy products and meat, poultry, and seafood is expected to fuel growth in the Middle East & Africa markets.
For more information:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower,
Baner - Mahalunge Road, Baner,
Pune-411045, Maharashtra, India.
Tel. US: +1 424 253 0390
Tel. UK: +44 2071 939123