Oct 8, 2020   SOURCE: BusinessWire

Food Packaging Market | Growing Need to Avoid Food Wastage to Boost the Market Growth | Technavio

The global food packaging market size is poised to grow by USD 56.87 billion during 2020-2024, progressing at a CAGR of over 3% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Food Packaging Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Food Packaging Market 2020-2024 (Graphic: Business Wire)

The growing amount of food wastage across the world is becoming a major concern in the global food industry. As perishable food products such as vegetables, fruits, meat, and other dairy products have a limited shelf life, they are the major contributors to global food wastage. Hence, there is a growing need for effective packaging and preservation of food to ensure a longer shelf life. Consequently, food packaging companies are developing new packaging solutions that can withstand deterioration. Thus, the growing need to avoid food wastage will fuel food packaging market growth during the forecast period.

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Report Highlights:

  • The major food packaging market growth came from flexible plastic packaging segment. Flexible plastic packaging, such as zip locks and resealable seals, can be reused. They are also easy to ship, as the material is lightweight compared with other types of packaging. Moreover, flexible plastic allows customization in terms of shapes and sizes. The food packaging market share growth by the flexible plastic segment will be faster than the growth of the market by other segments.
  • APAC was the largest food packaging market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing urbanization and changing lifestyles and the better economic conditions in various countries such as China, India, Indonesia, and Australia will significantly influence food packaging market growth in this region over the forecast period.
  • The global food packaging market is fragmented. Amcor Plc, Ardagh Group S.A., Ball Corp., CPMC Holdings Ltd., Crown Holdings Inc., DS Smith Plc, International Paper Co., Orora Ltd., Owens-Illinois Inc., and Sealed Air Corp. are some of the major market participants. To help clients improve their market position, this food packaging market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global food packaging market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Adoption of Sustainable Packaging will be a Key Market Trend

The adoption of sustainable packaging is one of the key food packaging market trends. With the rising environmental and health concerns due to the accumulation of non-biodegradable waste, companies are focusing on adopting sustainable packaging options. Bemis, a leading food packaging company, has introduced BMET metalized sealant films, which has 30% less material weight than usual 3-ply films that replace materials such as metalized OPET, OPP, or foil. These factors will boost market growth.

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Food Packaging Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist food packaging market growth during the next five years
  • Estimation of the food packaging market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the food packaging market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of food packaging market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019

Market outlook: Forecast for 2019 - 2024

  • Five Forces Analysis
  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Flexible plastic - Market size and forecast 2019-2024
  • Rigid plastic - Market size and forecast 2019-2024
  • Glass - Market size and forecast 2019-2024
  • Metal - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by Product

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Amcor Plc
  • Ardagh Group S.A.
  • Ball Corp.
  • CPMC Holdings Ltd.
  • Crown Holdings Inc.
  • DS Smith Plc
  • International Paper Co.
  • Orora Ltd.
  • Owens-Illinois Inc.
  • Sealed Air Corp.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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