According to the latest report from the IMARC group, entitled Food Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The Global The food packaging market size reached a value of US$345.3 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$483.4 billion by 2027exposing to a CAGR of 5.85% over the period 2022-2027. Food packaging refers to the method of protecting food from biological sources by enclosing the product in containers. It helps to protect food products from contamination due to chemical and physical factors, such as temperature, dust, bacteria and insects. Along with these, it also provides protection during transportation, retail and storage. In addition to this, it is used for branding by labeling and printing information related to ingredients, shelf life, cooking instructions, price, food origin and nutritional values. Some of the commonly adopted food packaging solutions include boxes, bottles, plastic trays, bags, cans, and wraps.
We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Analysis of the Covid-19 epidemic:
The rapid outbreak of coronavirus (COVID-19) and subsequent lockdown restrictions have negatively impacted the global food packaging market. Mandatory closures of restaurants, retail stores and home delivery services had hurt food sales early in the pandemic. However, several humanitarian organizations have developed innovative interventions to meet the basic needs, including food and water, of the affected group of individuals. Along with this, continuous improvements in the e-commerce industry and growing preference for home delivery services are also impacting the market favorably.
Global Food Packaging Market Trends and Drivers:
The global market is mainly driven by the growing demand for packaged food products among the masses. This is supported by the changing dietary habits and changing lifestyle preferences of individuals due to the hectic lifestyles led by working professionals. Furthermore, increasing consumption of ready-to-eat foods and inflation in disposable income levels of the masses are driving the growth of the market. Additionally, the proliferation of fast food chains and restaurants and the growing popularity of international cuisines act as other major growth factors. Furthermore, the increasing use of packaging solutions made from plant-based materials due to increased attention to sustainability among individuals is catalyzing the demand for food packaging across the globe. Additionally, increasing funding by key players to conduct extensive research and development (R&D) activities to introduce product variants that provide protection against ultraviolet (UV) radiation is further gaining prominence among consumers.
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Key Market Segmentation:
Main food packaging companies in the world:
- Amcor PLC
- Crown Holdings Incorporated
- Owens-Illinois Inc.
- Tetra Pak Ltd.
- American packaging company
- ball company
Breakdown by type of packaging:
- Paper and cardboard
- rigid plastic
Breakdown by application:
- Bakery, confectionery, pasta and noodles
- Dairy products
- Sauces, dressings and condiments
- Snacks and side dishes
- ready meals
- Meat, fish and poultry
- Fruits and vegetables
Breakdown by region:
- North America (USA, Canada)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Impact of COVID-19 on the market
- Porter’s Five Forces Analysis
- Historical, current and future market trends
- Market drivers and success factors
- SWOT analysis
- Market structure
- Value chain analysis
- Complete mapping of the competitive landscape
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