Global food packaging market forecast of Market.us for 2023-2032 periode

The food packaging market will reach USD 592.8 billion in 2032, at a CAGR (Compound Annual Growth Rate) of 5.3%

According to Market.us, the food packaging market is projected to reach USD 592.8 billion by 2032, growing at a CAGR of 5.3% during the forecast period from 2023 to 2032, driven by increasing demand for eco-friendly product packaging and longer product shelf life.

People are adopting healthier lifestyles while consuming more convenience foods. This is why the demand for these products is growing. The industry will benefit from convenience and high performance materials that increase the bottom line while preventing contamination. The growth is seen as a result of factors such as disposable income and increasing population.

Some of the key trends are:

• According to the study, the bakery and confectionery packaging segment dominates the market with 25% share.
• In 2023, the market share is expected to increase by 25%. Asia Pacific dominates the market with the largest revenue share of approximately 34.8%. The same region will continue to drive the expanding demand in the period 2023-2032.
• In 2023, Europe holds a 28% revenue share.

Polymer is one of the major raw materials used in food packaging. Unfortunately, the packaging industry is facing rising costs associated with the changing raw material prices. Government resource conservation laws are also further increasing these costs.

Flexible packaging accounts for over 60% of the total market. This market segment is experiencing strong growth due to the creation of new packaging solutions and will continue to displace traditional packaging. For example, high gauge films and envelopes are replacing rigid packaging formats such as metal boxes and glass jars.

Innovation

There are many different ways to package food, some of them include these innovations: nanocomposites, edible biodegradable packaging, smart packaging, active packaging and different packaging design options.

The latest packaging solutions are increasing market demand, controlling inventory, educating consumers, extending the shelf life of food products, and even ensuring food quality and safety. Due to their longer shelf life, active packaging is an excellent option for multiple applications in the food industry, thereby reducing food waste.

Conclusion

The ready-to-eat snacks market is expected to expand owing to increasing demand for ready-to-eat snacks due to sedentary lifestyles. Moreover, the major driver for the market expansion is the rising per capita disposable income and increasing workforce. Majority of consumers are shifting towards foods that are easy to consume, which in turn is driving the food packaging market.

There is an increasing demand for fast foods as a result of the dynamic lifestyles of consumers. The growth of the market is aided by the fact that the high demand for fast food directly drives the demand for food packaging.

Food delivery services are increasing significantly, driven by urbanization, the COVID-19 pandemic, increased use of smartphones, and rise in e-commerce. More and more online platforms offer food delivery and online food ordering. The growth of these services is a crucial driver of the global packaging market growth.