Food Packaging Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[228+ Pages Report] According to the report published by Facts & Factors, the global food packaging market size was USD 361.48 billion in 2022 and is likely to reach USD 567.19 billion by the end of 2030. The food packaging market is anticipated to grow with a CAGR of 5.80% during the forecast period.

The global food packaging market report covers all aspects, including the potential growth drivers, restraints, and leading market players. Additionally, it offers detailed key insights into the opportunities and challenges in the market landscape. The report also explores market segmentation and regional developments in the food packaging industry.

Market Overview

Food packaging solutions refer to the process of enclosing foodstuff in certain specific containers or materials for presenting, preserving, and protecting food products. The solution is offered in the form of different packaging formats like pouches, trays, bags, boxes, ,cans and bottles.

Each format is designed for specific food items. However, the major purpose of food packing solutions is protecting the foodstuff offering convenience in transportation, building brand awareness, and reflecting the required information of the products on the package.

Key Insights

• As per the analysis shared by our research analyst, the global food packaging market size is estimated to grow annually at a CAGR of around 5.80% over the forecast period (2023-2030).
• In terms of revenue, the global food packaging market size was valued at around USD 361.48 billion in 2022 and is projected to reach USD 567.19 billion by 2030.
• The increasing demand for convenience food is likely to drive the growth of the global food packaging market.
• Based on the application, the bakery and confectionery product segment accounts for the largest share of the global food packaging market.
• Based on the material, the plastic segment is the largest share of the global food packaging market.
• Based on type, the flexible segment dominates the global food packaging market
• Based on region, Asia Pacific is expected to dominate the market during the forecast period.      

Growth Drivers

• Increasing demand for convenience food is expected to boost the growth of the global market.

A growing number of consumers are inclined towards convenience food products, which is expected to propel the demand for packaging solutions that offer easy-to-use, resealable, portion control, and portability properties. Also, startups and big companies in the markets are coming up with innovative solutions like on-the-go packaging, microwave packaging, single packaging, and several other innovative formats to cater to the surging demands of consumers and end users. For instance, Walki, in June 2022, launched innovative recyclable packaging materials for frozen food products with the aim of packaging 100% recyclable in paper stream.

Restraints

• Increasing regulatory norms are a big challenge in the global market.

The food industry is imposed with various regulations to ensure consumer protection and food safety. Complying constantly with all the regulations is quite a big challenge. Certain regulations restrict the innovations by food companies which further limit the use of certain packaging materials.

Also, all this leads to high costs and less flexibility, which is further anticipated to slow down the growth trajectory of the global food packaging industry in the forthcoming years.

Opportunities

• Sustainability and low consumer acceptance are likely to hamper the growth of the global market.

Big companies are coming up with intelligent packaging technology which enhances the consumer experience. Active packaging solutions offer unique features like oxygen scavengers, antibacterial properties, moisture control, improved food safety, extended shelf life, and several others to maintain the food's freshness. Such advanced packaging includes QR code sensors and indicators for offering real-time data regarding storage conditions, authenticity, and product quality.

Therefore, such advanced technology is likely to widen the scope of the global food packaging industry in the forthcoming years. For instance, Anuga FoodTec, in April 2022, came up with fresh packaging solutions. The products are made up of two trays offering lower food waste and recyclable options.

Challenges

• Advanced and intelligent packaging solutions are expected to offer lucrative growth opportunities in the global market.

The high environmental concerns regarding the plastic packaging solution are expected to be a big restraining factor in the global food packaging market. However, certain sustainable packaging solutions are finding their way into the market.

But certain government regulations and low consumer acceptance are still lowering plastic usage to avoid environmental damage. Also, coming up with sustainable and environmentally friendly packaging material involves high costs and advanced technology, which is further expected to slow down the growth of the global market.

Segmentation Analysis

The global food packaging market can be segmented into application, material, type, and region.

On the basis of application, the market can be segmented into sauces, dressing, meat, poultry, & seafood, fruits & vegetable products, bakery & confectionery, and others. The bakery and confectionery product segment accounts for the largest share of the global market. It held around 26.8% of the market share and volume in 2022. The products in the segment are usually packed with high moisture barriers for extending their shelf life which in turn is expected to boost the demand in the sector.

Also, the bakery and confectionery products are packed with flexible packaging solutions due to their various advantages, including their cost-effectiveness over paper cartons & tins, lightweight, and easy printability. Additionally, confectionery products require attractive packaging, which is further expected to foster developments in the food packaging industry.           

On the basis of material, the market can be segmented into glass, metal, plastic, paper & paper-based material, and others. The plastic segment is the largest share of the global market. It swiped around 38.9% of the total market volume in the year 2022. The segment is noted to observe a high growth rate during the forecast period due to its increasing adoption by end users, particularly due to its economical price.

The rising trend of adopting plastic films in secondary food packaging is expected to positively impact the growth trajectory of the global market. Furthermore, the superior properties of these plastic packaging solutions, like high moisture barrier and enhanced sealing capacity, are further expected to propel the demand in the market in the years to come.

On the basis of type, the market can be segmented into flexible, semi-rigid, and rigid.

The flexible segment dominates the global food packaging industry, as it accounted for about 42.5% of the total market revenue in 2022. The flexible packaging segment is expected to grow fast due to its compact packaging solutions and lightweight & thin film properties. Also, there is a major shift in demand from consumers for flexible packaging solutions from traditional rigid solutions, which in turn is also noted to be a huge growth factor in the global market.

Report Scope

Regional Analysis

• Asia Pacific holds the largest share of the global market.

Asia Pacific accounts for the largest share of the global food packaging market. It swiped around 38.1% of the total market share and volume in the year 2022. The high growth rate is due to the fast-growing food and beverage sector in the region. The fast-changing lifestyle and increasing urbanization have significantly increased people's reliance on packaged food and beverages in the region. The rising disposable income, increasing population, and changing consumer preferences are a few of the factors supporting the growing reliance of people on packaged food products.

The high income of people in the region and the fast-growing economy has significantly increased the purchasing power and willingness of people to spend on convenience food products. However, these products are more in demand in the region due to their high portability, convenience, and extended shelf life, which largely align with the requirements of urban consumers.

North America is noted to observe a steady growth rate during the predicted period. It is a well-established industry in the region. There are several factors contributing to the expansion of the market in the region. North America has a mature and diverse food and beverage sector. The consumers in the region are inclining more toward fresh organic foods.

Therefore, packaging solutions help in retaining the integrity and fresheners of these products. These are in high demand owing to their sustainable packaging materials with breathable films. The fast-paced lifestyle of the consumers in the region demands on-the-go snacks, which are likely to offer lucrative growth opportunities to the regional market in the forthcoming years. Amcor, in October 2021, came up with cooking oil containers made of recycled content in Colombia.

Europe is expected to thrive significantly in the forthcoming years due to the strict regulatory standards for packaging material, food safety, and labeling in the region. Sustainability is the driving force in the regional market. Consumers are also increasingly looking forward to recyclable and eco-friendly packaging material, which is expected to foster developments in the regional market.

Competitive Analysis

The key players in the global food packaging market include:

• ProAmpac 
• Tradepak 
• PakTech 
• Emmerson Packaging 
• Innovative Fiber 
• Pacmoore Products Inc. 
• Evanesce Packaging Solutions Inc. 
• Cheer Pack North America 
• BE Packaging 
• Alpha Packaging 
• WINPAK LTD. 
• Chantler Packages 
• Pactiv LLC 
• Genpak LLC 
• Mondi 
• WestRock Company 
• Berry Global Inc. 
• Sonoco Products Company 
• Sealed Air 
• Amcor plc. 

For instance, ALPLA UK, on June 1, 2023, successfully took over iTEC Packaging. The company holds expertise in manufacturing closures for the food & beverage sector.

The global food packaging market is segmented as follows:

By Application Segment Analysis

• Sauces
• Dressing
• Meat, Poultry & Seafood
• Fruits & Vegetables Products
• Bakery & Confectionery
• Others

By Material Segment Analysis

• Glass
• Metal
• Plastic
• Paper & Paper Based Material
• Others

By TypeSegment Analysis

• Flexible
• Semi-Rigid
• Rigid

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America