Food Packaging Market accounted for US$ 317.76 billion in 2020 and is estimated to be US$ 530.52 billion by 2030 and is anticipated to register a CAGR of 5.30%. Food packaging is a method of preventing food from being harmed, contaminated, spoiled, or infested with pests. During transportation, storage, and retail sale, food packaging prevents tampering. The labelled information on the packaging includes the number of contents, ingredient, nutritional content, cooking instructions, and shelf life. The world is seeing fast changes in lifestyle and dietary choices as a result of rising population and economic expansion.
The report ” Global Food Packaging Market, By Packaging Type (Rigid, Semi-rigid and, Flexible), By Packaging Material (Paper Board, Plastics, Metal, and Glass), By Application (Bakery & Confectionary, Dairy Product, Fruits & Vegetables, Meat & Seafood, and Sauces & Dressing), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2029’’
• May 2019 – Sealed Air Corporation announced the signing of a definitive agreement to buy Automated Packaging Systems, Inc., a leading manufacturer of high-reliability, automated bagging systems, for USD 510 million in cash and debt-free terms.
• Amite Ultra Recyclable, Amcor Plc’s first packaging product made from the company’s revolutionary, more sustainable high-barrier polyolefin film, was launched in April 2019. It has the potential to lower a pack’s carbon impact by up to 64%.
The expansion of the worldwide food packaging industry is being fueled by an increase in the consumption of convenience foods by people all over the world. Furthermore, rising disposable incomes, increased demand for ready-to-eat food, and rising consumer awareness of packaged food have all aided the growth of the worldwide food packaging business. With the newest industry trends, the global market for food packaging is likely to develop in the next years. Another important aspect driving the global industry is the portability, ease of opening, and disposability of packaged foods. Food packaging maintains a sterile environment for the food and prevents the growth of germs that cause deterioration and degradation in perishable foods. Food product safety is a top priority for manufacturers, and it is expected to boost the targeted market’s growth. However, the main impediment to the market is that most consumers do not choose to employ environmentally friendly food packaging practises, which has an indirect impact on the environment and contributes to global warming. This has a huge impact on the target market’s growth.
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Key Market Insights from the report:
Global Food Packaging Market accounted for US$ 317.76 billion in 2020 and is estimated to be US$ 530.52 billion by 2030 and is anticipated to register a CAGR of 5.30%. The global market is segmented based on type, packaging material, application and region.
• Based on Type, Global Food Packaging Market is segmented into Rigid, Semi-rigid and, Flexible.
• Based on Packaging Material, Global Food Packaging Market is segmented into Paper Board, Plastics, Metal, and Glass.
• Based on Application, Global Food Packaging Market is segmented into Bakery & Confectionary, Dairy Product, Fruits & Vegetables, Meat & Seafood, and Sauces & Dressing.
• By Region, the Global Food Packaging Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Food Packaging Market:
The key players operating in the global food packaging market are American Packaging Corporation, Anchor Packaging, Inc., Crown Holdings, Inc., Owens-Illinois, Inc., Tetra Pak, Inc., Ball and Bemis Corp. Company, Inc., International Paper Company, D.S Smith plc, Rock Tenn Company, and Silgan Holdings Inc.