- Nov 22, 2017 -
Market Research on Food Packaging-
On a global basis-
If there is an industry sector that is equally, if not more dynamic than the food sector, it is none other than the food packaging industry. Packing materials are generally used to contain the product, increase its shelf life, preserve product quality, and for hassle-free transportation and distribution. An ideal packing material should extensively inhibit food spoilage. Packaging is also an effective tool for brand awareness and has a positive impact on market growth.
According to Statistics, the Global Food Packaging Market is valued at $63.32 billion in 2016 and is expected to reach $103.51 billion by 2023 growing at a CAGR of 7.33% from 2016 to 2023. The global market for appliances used in food and beverages packaging was $21.7 billion in 2012 and $23 billion in 2013. This market is expected to reach $31.3 billion by 2018, rising at a five-year compound annual growth rate (CAGR) of 6.3% from 2013 to 2018. The food packaging market is estimated to reach a value of $305,955.1 million and for beverage packaging is projected to reach $131.1 billion by 2019 at a CAGR of 4.4%.
The North America Food Packaging Market was worth USD 43.38 billion in 2016 and estimated to be growing at a CAGR of 4.00%, to reach USD 63.51 billion by 2021. The gaining reputation of this market can be indorsed to increased demand for processed and packaged food and visual appeal of packaged food and convenience for use. The North America Food Packaging is broadly characterized into Material, Type and Application. On the basis of material packaging is classified as Paper and Board, Rigid Plastic, Metal, Glass, Flexible Plastic. On the basis of type packaging is classified as – Rigid, Semi-rigid and Flexible. On the basis of application packaging is classified as – Bakery, Confectionary, Convenience Foods, Dairy Products, Fruits and Vegetables, Sauces, dressing and condiments.
During the period of 2010-15 packaged food and drink consumption in Europe is projected to grow by 2% per annum, to exceed an annual volume of 864 billion packaging units by 2015, 80 billion more than in 2010. The packaged food and drink consumption in Europe is projected to grow by 3% per annum to 953 billion packages by 2020.The European fresh food packaging market is buyer-oriented. The food packaging market is directed by the increasing use of eco-friendly packaging technologies, which are inexpensive and manufactured from recycled material. In order to achieve sustainability, these eco-friendly technologies have played a vital role. The European fresh food packaging market is projected to reach USD 10,578.6 Million by 2020, with a CAGR of 2.13% from 2015 to 2020.
Food and beverage packaging market is by far the largest market of the packaging industry, accounting covering the one-third portion of global packaging market. From a global perspective, the food packaging market is at a very interesting situation, where the market has almost reached a peak point in terms of technology. The Asia-Pacific flexible food and beverages packaging market is expected to grow from US $26.51 billion in 2016 to US $47.32 billion by the end of 2021 at a CAGR of 10.14%. China is set to have the highest market share, followed by Japan and South Korea. This growth is attributed to the steady economic growth of the region. The GDP growth for 2016 - 2017 is forecasted to be more than 5% which is helped by growth in economies, robust credit growth, and good labour markets.
The U.S. food industry is forecast to grow at a steady rate of 2.9% CAGR through 2022, according to the recently released 2016 Food Packaging Trends and Advances report from PMMI, The Association for Packaging and Processing Technologies. According to the report, the U.S. food industry stream the global market and, although North America is the largest global market across all food segments, the overall growth of the food industry, which includes food packaging, is being driven by emerging markets like Argentina, Brazil, China and India.