Market Overview

The Global Food Packaging Market is expected to reach a value of USD 405.4 billion in 2023, and it is anticipated to grow with a CAGR (compound annual growth rate) of 6.2% for the forecasted period (2023- 2032).

Food packaging refers to processes and materials involved in containing, protecting, preserving and providing information about food products across the supply chain before reaching end consumers.

Market Trends

• Shift towards eco-friendly recycled and biodegradable packaging materials
• Growing demand for smart and active packaging providing real-time tracking or indicators
• Investment in newer techniques like modified atmosphere and intelligent packaging

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Market Leading Segmentation

By Material

• Plastics
• Paper & Paper-Based
• Glass
• Metals
• Others

By Type

• Rigid
• Semi-rigid
• Flexible

By Application

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

Market Players

• Mondi Group
• Berry Global Inc.
• Stora Enso
• Plastipak
• DS Smith
• Coveris Group
• Amcor plc
• Constantia Flexibles
• ExxonMobil Chemical
• Other Key Players

Factors Influencing Demand

• Changing consumer lifestyle and growing demand for processed, frozen and packaged foods
• Need for extending product shelf life while retaining nutritional values driving innovation
• Stricter norms regarding food wastage and plastic waste disposal

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Challenges

• Higher costs involved in advanced packaging solutions restricting penetration
• Lack of required technical know-how amongst small manufacturers in developing regions
• Ambiguous regulatory stance regarding certains additives and chemicals used

Opportunities

• Emerging retail channels like online grocery and grab-and-go stores expanding target areas
• Leveraging e-commerce growth to explore durable, convenient delivery packaging
• Growing demand within developing regions supported by rising middle class incomes

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