- Flexible Packaging exhibits a clear dominance in the global market.
- Bakery, confectionery, pasta and noodles hold the largest market share.
- North America holds the leading position in the market.
Food packaging plays a vital role in preserving the taste and quality of food items during transportation and storage. It also helps in preventing the food products from spillage and tampering, protecting the content from moisture and toxins, and retaining their shape, texture or flavor. It also provides essential information to consumers regarding the nutritional content, expiry date, price and origin of the packaged products. It further acts as a modern marketing medium for sellers and serves as a tool for identification and branding.
According to IMARC Group, the market size reached $2.2 billion in 2018. The competitive landscape of the market has also been analyzed, with some of the food packaging companies being Amcor PLC, Crown Holdings Incorporated, Owens-Illinois Inc., Tetra Pak Ltd., American Packaging Corporation and Ball Corporation.
The thriving fast-food industry has resulted in the increased consumption of processed and packaged food products, which is the primary factor driving the global food packaging industry. Apart from this, owing to the rising trend of on-the-go food consumption, individuals now prefer convenient packaging formats that can be easily carried, used and stored in the refrigerator without the additional hassle of transferring into containers.
Besides this, with growing environmental awareness among the masses, there has been a shift toward sustainable packaging options such as thermoplastics or bio-based plastics that can be easily recycled, reused and renewed. Also, with advancements in technology, several companies are now introducing innovative packaging solutions. For instance, American Food Packaging is offering roll stocks, overwraps, premade bags and pouches, by using flexographic and rotogravure printing for virtually any food product application.
Moreover, the leading firms are investing in research and development (R&D) operations for developing anti-microbial packaging materials to enhance the product shelf-life. Looking forward, the food packaging market is projected to reach a value of $11.3 billion by 2024, expanding at a CAGR of 31% during 2019-2024.
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Flexible Packaging exhibits a clear dominance in the global market
Based on the packaging type, the market has been segregated into flexible and rigid packaging. Flexible packaging is currently the most popular type as it is less prone to deformation and can be easily molded into the desired shape before being cooled to enhance its durability. It can be made up of paper, cloth, plastic sheet, or other flexible materials that are lightweight.
Bakery, confectionery, pasta and noodles hold the largest market share
The market has been segregated on the basis of the application into bakery, confectionery, pasta, and noodles; dairy products; sauces, dressings, and condiments; snacks and side dishes; convenience foods; meat, fish, and poultry; fruits and vegetables; and others. Amongst these, the bakery, confectionery, pasta and noodles segment dominates the market, accounting for the majority of the global market share.
North America holds the leading position in the market
On the geographical front, North America represents the largest food packaging market globally, owing to the huge demand for packaged food products in the region. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.