The global food packaging market size is expected to reach USD 411.3 billion by 2025, according to a new report by Radiant Insights, Inc., registering a CAGR of 5.1% during the forecast period. Rising demand for convenience foodstuff owing to lifestyle changes and altering eating habits is anticipated propel the growth of the global market.
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The industry exhibits rapid growth for single-serve and portable food packs. Increasing purchasing power of buyers owing to rising per capita income is expected to boost growth. Furthermore, increasing urban population and attraction toward ready-to-eat meals by consumers is expected to escalate industry growth.
The industry is expected to be restrained by high volatility observed in prices of raw materials. In addition, introduction of sustainable packing materials by major manufacturers, coupled with increasing consumption volume by buyers, is expected to provide an impetus to industry growth over the next few years.
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Rising concerns of consumers regarding contamination and food safety is predicted to bolster demand for effective packaging solutions. In addition, increasing number of retail chains is anticipated to propel sales of packaged foodstuff, consequently driving demand for packaging material. Surge in demand for food delivery services is also expected to have a positive impact on the industry.
Rising inclination toward innovation in environment-friendly and sustainable packing is an emerging trend in the industry. Emergence of new and innovative packing types and technologies is expected to boost industry growth across the globe. Players also insist on investing in development of cost-effective, lightweight, and high performance packing materials.
Further key findings from the report suggest:
• Flexible packaging is expected to register the highest CAGR of 5.9% in terms of revenue from 2018 to 2025, owing to its cost-effectiveness, high performance, and constant innovations undertaken by major manufacturers
• Plastic packaging is estimated to be the fastest growing segment, exhibiting a volume-based CAGR of 6.2% from 2018 to 2025, owing to its superior properties leading to better performance attributes of the material
• Bakery and confectionary is anticipated to be the largest application, which recorded a market value of USD 74.8 billion in 2017, in a view of growing demand for cakes, candies, and frozen ready-to-eat bakery products
• The market in Asia Pacific is expected to reach a value of USD 166.7 billion by 2025 on account of growing population, increasing urbanization, and rising disposable income of consumers
• The industry is characterized by presence of large number of players and is highly fragmented. Key players comprise Amcor Ltd., Ball Corporation, Georgia Pacific Corporation, and DS Smith PLC.
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