Food Packaging Market Achieved USD 331.7 billion in 2021 and is predicted to reach USD 501.4 billion in 2029, exhibiting a CAGR of 5.3% | Size, Analysis Report

Food Packaging Market size was valued at USD 331.7 billion in 2021 and is projected to touch USD 501.4 billion in 2029, expanding at a CAGR of 5.3% over the forecast period 2022-2029 attributed to growing demand for packaged food items driven by shift in the eating habits of consumers. 

Major Food Packaging Industry Trends and Drivers

Food packaging market is primarily driven by growing demand for convenience food items around the world, busy lifestyles, increasing popularity of food delivery services and rising disposable incomes in developing and developer countries. Global employment rates have increased drastically in the recent years, which in turn in boosting the demand for convenience food items. Since people nowadays are occupied in work related activities and due to time constraints, they are preferring to eat convenience food items like frozen meals and ready-to-eat snacks, which requires less preparation time. Furthermore, in the food packaging industry, manufacturers are increasingly adopting smart packaging techniques as it improves the quality and food products and helps in boosting customer engagement, which is projected to have a positive impact on food packaging market growth. 

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Surge in the demand for edible packaging solutions food and beverage products, growing adoption of advanced packaging technologies and rising concerns amongst consumers about environmental concerns, are propelling the eco-friendly food packaging market. Moreover, online food delivery services are gaining traction in the food and beverage industry. India is one of the major food and beverage markets globally, as per recent estimates, market size of online food delivery in India was valued around USD 3 billion and this figure is estimated to rise by USD 10 billion by 2025. Growing acceptance towards online shopping is one of the major factors driving the food delivery market. As the demand for food delivery services is increasing, which in turn will create growth opportunities for food packaging market in coming years. However, strict regulations set by governing bodies related to packaging techniques and fluctuations in cost of raw materials, are hampering the growth of the global food packaging market.

According to food packaging market analysis, Rigid Plastic segment is estimated to dominate the market.

Growing focus of enterprises on manufacturing plastic packaging products like containers and wraps, especially for frozen food products, is boosting the segment’s growth. Moreover, environment protection norms enforced by governments coupled with growing demand for green packaging solutions are augmenting the growth of Paper & Board segment.

As per food packaging market report, Bakery & Confectionery segment is expected to dominate the market.

Flexible packaging solutions are extensively used for packaging bakery food items due to its lightweight and cost-effective features. Surge in the demand for ready-to-eat food items worldwide, is supplementing the segment’s growth. 

Based on Region, Asia-Pacific region is projected to lead the market.

Asia Pacific food packaging market is propelled by increasing demand for convenience food products, presence of massive population base, rapid urbanization, rising consumers preference for environment friendly packaging and growing disposable incomes.

Top Market Players

Some of the notable players operating in the global food packaging market are Tetra Pak International S.A., Owens-Illinois Inc., Silgan Holdings, Inc., Ball Corporation, Amcor plc, EasyPak, Toyo Seikan Group Holdings, Ltd, Crown, Sealed Air, and WestRock Company, among others.

Key Developments:

• In June 2022, Walki, a major manufacturer of protective packaging materials introduced new recyclable packaging materials, for its frozen food products.
• In May 2021, Coveris Group acquired Four04 Packaging. With this acquisition, Coveris Group is planning to expand its position in the UK market.
• In January 2020, Amcor Plc, entered into a strategic partnership with Moda vacuum for manufacturing advanced packaging solutions.
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Market Segmentation:
Segmentation by Material

o Rigid Plastic
o Paper & Board
o Glass
o Flexible Plastic
o Metal
o Other Packaging Material

Segmentation by Type

o Flexible Packaging
o Rigid Packaging
o Semi-Rigid Packaging

Segmentation by Application

o Bakery & Confectionery
o Dairy Products
o Fruits & Vegetables
o Convenience Foods
o Sauces, Dressings & Condiments
o Meat, Fish, & Poultry
o Other Food Products

Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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