Food Packaging Market to Hit $562.3 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 24, 2023 /PRNewswire/ -- The global food packaging market size is expected to reach USD 562.3 billion by 2030, expanding at 5.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Increased diverse eating habits and lifestyle changes have driven the demand for convenience food products which is expected to bolster the growth of the global food packaging industry.

Key Industry Insights & Findings from the report:

• Flexible packaging is expected to register the highest CAGR of 6.3% in terms of revenue from 2023 to 2030, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers.
• Paper & paper-based packaging is estimated to be the fastest growing segment, exhibiting a CAGR of 6.4% from 2023 to 2030, owing to its low cost and sustainability.
• The bakery and confectionary segment is anticipated to be the largest application, which recorded a market value of USD 100.6 billion in 2022, due to growing demand for cakes, candies, and frozen ready-to-eat bakery products.
• Asia Pacific is expected to dominate the food packaging industry in 2022 and is expected to continue its dominance on account of a growing population, increasing urbanization, and rising disposable income of consumers.
• The food packaging industry is highly fragmented and is characterized by the presence of a large number of players. Key players comprise Amcor Plc., Ball Corporation, Berry Plastic Group, and DS Smith PLC
• In May 2023, Amcor plc inked a definitive agreement to acquire New Zealand-based Moda Systems. This acquisition is expected to help Amcor expand its existing film portfolio and offer an end-to-end packaging solution incorporating even the sales of packaging machines.

Read 160-page market research report, "Food Packaging Market Size, Share & Trends Analysis Report By Type (Rigid, Semi-rigid, Flexible), By Material (Paper, Plastic), By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Food Packaging Market Growth & Trends

The food packaging industry exhibits rapid growth for portable and single-serve food packs. Rising global per capita income is expected to increase the purchasing power of buyers further driving the demand for packaged foods products. Although real wages witnessed a decline in 2022, according to the Observatory of Economic Complexity (OECD), by the end of 2023, real wages are projected to stop declining. This is attributed to the extensive rollout of support initiatives by governments across the globe to cushion the effects of food prices and high energy on households. This is expected to increase the consumer spending capacity thereby driving the demand for packaged food & beverages.

The high volatility observed in the prices of raw materials is expected to restrain the food packaging industry's growth. However, the introduction of sustainable packing materials by major food packaging manufacturers, coupled with increasing awareness and notable consumption volume by buyers, is expected to propel the food packaging industry over the forecast period.

Growing concerns regarding food safety and contamination are predicted to support the demand for effective packaging solutions. In addition, sales of packaged foodstuff are anticipated to propel due to the increasing number of retail food chains opened by big food brands, consequently driving demand for packaging material. The surge in demand for food delivery services such as Uber Eats, Zomato, DoorDash, and Grubhub among others is also expected to have a positive impact on the food packaging industry.

The growing food sector has attracted food packaging manufacturers to invest in increasing their production capacities. For instance, in April 2023, UAE-based Hotpack Global announced its intent to build a specialized food packaging project in Saudi Arabia. The project is expected to be valued at USD 266.0 million and will be developed jointly with the Saudi Ministry of Industry.

Food Packaging Market Report Scope

Food Packaging Market Segmentation

Grand View Research has segmented the global food packaging market based on type, material, application, and region

Food Packaging Market - Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Rigid
• Semi-rigid
• Flexible

Food Packaging Market - Material Outlook (Revenue, USD Billion, 2018 - 2030)

• Paper & Paper-based Material
• Plastics
• Metal
• Glass
• Others

Food Packaging Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

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

Food Packaging Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Italy
• Asia Pacific
• China
• India
• Japan
• Australia
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia

List of Key Players in the Food Packaging Market

• Amcor plc
• Sealed Air
• Sonoco Products Company
• Berry Global, Inc.
• WestRock Company
• Mondi
• Genpak LLC
• Pactiv LLC
• Chantler Packages
• WINPAK LTD.
• Alpha Packaging
• BE Packaging
• Cheer Pack North America
• Evanesce Packaging Solutions Inc.
• Pacmoore Products Inc.
• Innovative Fiber
• Emmerson Packaging
• PakTech
• Tradepak
• ProAmpac

Check out more related studies published by Grand View Research:

• Europe Pet Food Packaging Market - The Europe pet food packaging market size is expected to reach USD 4.4 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% over the forecast period.
• North America Food Packaging Market - The North America Food Packaging market size is expected to reach USD 135.52 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2020 to 2028. The market is anticipated to be driven by a surge in demand for food delivery services, coupled with the rapid growth in single-serve and portable food packs.
• Fresh Food Packaging Market - The global fresh food packaging market size is expected to reach USD 181.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2021 to 2028. Increasing demand for fresh dairy products from developing countries is expected to be the key driver for the market over the forecast period.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.