Westford, June 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the food packaging market will attain a value of USD 595.2 billion by 2031, with a CAGR of 5.7% during the forecast period (2024-2031). The goal of this market is to ensure the safety and quality of food from its production to consumption and offer products with good appeal through innovative designs to deliver the increasing demand. Food packaging is the barrier which protects foods against contamination, spoiling, and acts as layer to extend shelf lives, while providing information. Drivers like smart packaging and sustainable alternatives are also helping in market growth, but above all, awareness of food safety and hygiene demands post-pandemic has further accelerated the market expansion.
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Browse in-depth TOC on "Food Packaging Market"
- Pages - 157
- Tables - 97
- Figures – 76
Food Packaging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 382 Billion |
| Estimated Value by 2031 | $ 595.2 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.7 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Materials, Types, and Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Adoption of Active and Smart Packaging Technologies |
| Key Market Drivers | Increasing Demand for Sustainable and Eco-Friendly Packaging |
Shift Towards Plant-Based Meals Makes Food & Vegetable Dominating Segment in This Market
The leading position of the fruit and vegetables segment represents the strong need for packaging that protects the freshness, quality, and nutritional value of these perishable food products at all points of the supply chain. Driven by the growing consumer awareness of the need for a healthy, well-balanced and plant-based diet, the demand for packaging solutions that can extend the shelf life while conserving the quality of fresh produce has overgrown the market.
Changing Lifestyle and Dining Habits Fastens the Growth of Convenience Food Segment in This Market
The rapid growth of the convenience food segment is driven by the changing lifestyles and dining habits of consumers worldwide, who are increasingly looking for easy-to-prepare and time-saving food options that do not compromise on taste or quality. Though these innovative packaging technologies serve the purpose of improving the shelf life of the convenience foods and maintaining the quality of the product, at the same time, it also provides convenience factors which can be beneficial for consumers with busy lifestyle.
Massive Adoption Capabilities leads North America to dominate the Food Packaging Market
North America stands out as the dominating region in this market. This high prevalence can be explained by many factors such as packaged food consumption, high technological developments in packaging, and safety measures required by the law for consumable products. Countries like the United States and Canada in this region owes a favorable block for packaged food production and distribution channel added to the retail selling outlets commonly available in different parts of the world.
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Food Packaging Market Insights:
Drivers
- Increasing Demand for Sustainable and Eco-Friendly Packaging
- Shift Towards Convenience and On-the-Go Consumption
- Changing Regulatory Requirements and Food Safety Standards
Restraints
- Stringent Regulatory Environment
- Volatility in Raw Material Prices
- Supply Chain Disruption and Logistics Challenges
Prominent Players in Food Packaging Market
The following are the Top Food Packaging Companies
- Amcor plc
- Sealed Air
- Sonoco Products Company
- Berry Global, Inc.
- WestRock Company
- Mondi
- Genpak LLC
- Pactiv LLC
- Chantler Packages
- WINPAK LTD.
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Key Questions Answered in Food Packaging Market Report
- What drives the Food Packaging Market growth?
- Who are the leading Food Packaging providers in the world?
- Where will Food Packaging demand soar high?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of food packaging market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the food packaging market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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