Food Packaging Market Size To Rise USD 642.43 Bn By 2032

Published Date : 01 Jan 2024

The global food packaging market size reached USD 357.06 billion in 2022 and is projected to rise USD 642.43 billion by 2032, growing at a CAGR of 6.10% from 2023 to 2032.

Food Packaging Market Size and Growth Rate From 2023 To 2032

Market Overview

Food packaging is commonly referred to food packaging market as how the food items are packed for the safety of the food, increasing shelf life, etc. Food packaging is the most common item seen in everyday life. It is used for items like fresh food, daily need products, or ready-to-eat food packaging. Every type of food needs another type of packaging. Buyers will first judge the food by its packaging.

Its primary function is to prevent and protect food from contamination by displaying product information through attractive packaging. The growth of the food packaging market is due to the increasing number of hotels, restaurants, and cafes industry in the market. The increasing demand for packed food is often attributed to the changing and busy lifestyle of generations.

Changing eating habits to packed food or fast foods drives the growth of the food packaging market. Food packaging also shows the product's quality, ingredients, and nutritional value, which also drives the consumer's tendency to buy that product. Food packaging directly increases the shelf-life and safety of food products and is anticipated to drive the growth of the food packaging market during the forecast period. The increasing food and beverage industry is driving the demand for the food packaging market.

Regional Snapshot

Asia Pacific dominated the market with the largest market size in 2022. This region is expected to continue its dominance in the market due to the increasing population rate in the region. Shifts in lifestyle change and eating habits in the younger generation are driving the demand for packed food. Growing food businesses that produce packed food in countries like China, Japan, and India are driving the growth of the food packaging market. Increasing per capita income in the following countries is also impacting the growth of the food packaging market in the region.

China is the largest producer of packed food, though it is anticipated that there is a higher demand for the food packaging market in the country. Several packaging trends are ongoing in China. One of them is the ecolean packaging, which is an innovation in the plastic pouches segment. These pouches are adopted for the packaging of fresh milk and chilled drinking yogurt products. They are lightweight, conveniently shaped in portability, and eco-friendly. The growth of the market has increased due to the increasing consumption of beverages and has also driven the growth of flexible packaging and PE bottles.

  • Berry Plastics Group, a Fortune 500 global manufacturer and marketer of plastic food packaging products, has net sales of $3.3 billion with an operating income of $301 million and earnings per share of $1.42.
  • Amcor is a global packaging company that deals with food and beverages, pharmaceutical products, and specialty carton packaging. The revenue of the quarter ending on June 30, 2023, was $3.673 Billion. The year-end revenue of June 30, 2023, was $14.694B, an increase of 1.03% from the previous year.
  • DS Smith PLC, a British multinational packaging business, had sales revenue of $10.1 billion, an increase of 21.2% from the previous year.

Food Packaging Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 377.05 Billion
Projected Forecast Revenue by 2032 USD 642.43 Billion
Growth Rate from 2023 to 2032 CAGR of 6.10%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Market Dynamics

Drivers

The increasing food industry

Shifts in the lifestyle and changing eating habits result in the rising demand for packaging for food products. Increasing disposable incomes in the urban population and rising spending on food and other items are driving the growth of the food packaging market. The food industry needs higher-quality packaging for its several types of products. The packaging should be spill-proof and contamination-proof and maintain the shelf-life of the products. Thus, the higher demand for effective food packaging drives the growth of the food packaging market.

Innovations in packaging technologies

The growth of the food and beverage industry is directly contributing to the growth of the food packaging market with multiple technological advancements. Rising demand for the type of food packaging results in the ongoing development of food packaging; there are several types of food packaging in the market, such as recyclable stand-up pouches, glass jars, and containers, recyclable sandwich bags, paperboard boxes, compostable food wrapping paper, recyclable wax paper, corrugated cardboard boxes, food delivery bags, etc.

Restraint

Sustainability in the packaging

Managing sustainability in the packing is one of the major challenges in the food packaging market. The major motive of food packaging is to ensure that the food does not get contaminated by environmental conditions. Packaging should also be environmentally friendly, with less crude oil, zero waste material, etc. Thus, concepts are the biggest challenge for the food packaging market at the same time.

Opportunities

Advancement in novel food packaging

Recent advancements with novel food packaging consist of the prevention of microbial attacks, restraining respiratory process, use of carbon dioxide quantifiers, biosensors, ripeness indicators, prevention of moisture infusion, retardation in oxidation, aroma emitters, time-temperature sensors, and sustained release antioxidants at the time of storage. Advancements in novel food packaging are being developed to increase food margins, quality, and safety.

Smart packaging

Smart packaging is innovative packaging in the food business, consisting of tags, sensors, and other smart tools. It has become an essential part of food packaging, with the help of active and intelligent packaging and other technologies in the packaging used for extending the shelf-life, reducing spoilage of food, and creating more transparency in the supply chain. This innovative packaging also describes the information about the food ingredients, their use, and their nutritional value and markets the brand and producer of the food product. Such innovative packaging solutions are observed to create a significant opportunity for the market to grow.

Recent Developments

  • In October 2023, Nissin Foods USA announced a new paper cup designed to be launched in early 2024 by the Cup Noodles. The cups on the go microwave are microwave-friendly and designed to replace polystyrene cups.
  • In October 2023, Chlorophyll Water, a US-based bottled water brand, launched its latest bottle made up of 100% recycled polyethylene terephthalate (rPET). The US FDA approved this technology.
  • In October 2023, the first major supermarket refill trail was launched at the AIdi store in Solihull by a coalition of food retailers and suppliers. This launch aims to decrease plastic packaging material and zero plastic waste.
  • In October 2023, a major global player in compostable packaging solutions for fashion and food “TIPA” and an innovative tea cube brand and coffee “InstaBrew”, announced their partnership had brought 1 million compostable packaging solutions for the instant beverages market. TIPA works on the conventional alternative to plastic products, including coffee sachets.
  • In November 2023, an environmental charity located in Peterborough, “PECT,” and RECOUP, announced their plans to launch the PECT Bring it Back Toolkit. The latest Toolkit is made to help businesses manage and address the increasing problem of single-use packaging.

Major Key Players

  • Berry Plastics Group
  • Amcor Plc
  • Sigma Plastics Group
  • Sealed Air Corporation
  • DS Smith PLC
  • American Eagle Packaging
  • Ball Corporation
  • Crown Holdings, Inc.
  • Huhtamaki Oyj.
  • Ardagh Group

Market Segmentation:

By Material

  • Plastics
  • Paper & Paper-based
  • Glass
  • Metal
  • Others

By Type

  • Semi-rigid
  • Rigid
  • Flexible

By Application

  • Dairy Products
  • Bakery & Confectionary
  • Fruits & Vegetables
  • Sauces & Dressings
  • Meat, Poultry, & Seafood
  • Others

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