NEW YORK , May 12, 2022 /PRNewswire/ -- The food packaging market estimates a market growth difference of USD 60.33 billion from 2020 to 2025 as per the latest market report by Technavio. In addition, the report projects the market to progress at a CAGR of 3.60%. 56% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for food packaging in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The better economic conditions in various countries such as China , India , Indonesia , and Australia will facilitate the food packaging market growth in APAC over the forecast period.

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Food Packaging Market: Segmentation Analysis

The market research report segments the food packaging market by Product (flexible plastic, rigid plastic, glass, metal, and others) and Geography (APAC, Europe , North America , South America , and MEA).

The food packaging market share growth in the flexible plastics segment will be significant for revenue generation. The flexible plastic packaging segment is expected to grow due to its many advantages over other types of packaging materials. Flexible plastic packaging is finding more applications in the consumer goods segment, as this type of packaging is convenient in terms of weight, cost, and ease of shipment, thus making it a widely adopted packaging type across industries. The adoption of packaging strategies that enhance product appearance and aesthetic appeal is a new trend in product marketing.

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Food Packaging Market: Prevent food counterfeiting to drive growth

The key factor driving growth in the food packaging market is the prevention of food counterfeiting. Food fraud costs the global food industry billions of dollars annually. Packaging can play a major role in combating such food counterfeiting concerns. Food traceability can be adopted to prevent food counterfeiting. This technology enables tracking of the food during its movement through the entire supply chain. For tracking food products, technologies such as barcodes and radio frequency identification (RFID) tags are used. Therefore, in order to implement these technologies, proper packaging of products is a necessity in the industry. The use of barcode labels on a packaged product helps in verifying the product's integrity, thus overcoming counterfeiting to a great extent.

Food Packaging Market: Volatility in raw material prices to hamper growth

The volatility in raw material prices will be a major challenge for the food packaging market during the forecast period. The different types of packaging materials used for the packaging of food include plastic, glass, metals, and paper. For example, cartons used in food packaging are produced either from recycled fiber mills or virgin fibers. The prices of both recycled fiber mills and virgin fibers constantly fluctuate, which is a major concern for end-users like carton producers. The instability in the price of raw materials will result in the reduction of profit margins of vendors due to the increasing production cost. Vendors are forced to increase their product pricing due to fluctuating raw material prices. The prices of packaging raw materials such as paper and paper products that are used to manufacture corrugated packaging solutions are expected to fluctuate and companies are expected to increase the prices of corrugated packaging in response to the increase in raw material prices.

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The contract packaging market share is estimated to be valued at USD 17.29 billion by 2026, at an accelerating CAGR of 6.3%. Download a sample now!

The plastic packaging market share in Mexico is expected to increase by USD 7.81 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.26%. Download a sample now!

Accelerate at a CAGR of 3.60%

Leading companies, competitive strategies, consumer engagement scope

Amcor Plc, Ardagh Group SA, Berry Global Group Inc., COFCO Corp., Crown Holdings Inc., DS Smith Plc, International Paper Co., O-I Glass Inc., Orora Ltd., and Sealed Air Corp.

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Market outlook: Forecast for 2020 - 2025

Flexible plastic - Market size and forecast 2020-2025

Rigid plastic - Market size and forecast 2020-2025

Glass - Market size and forecast 2020-2025

Metal - Market size and forecast 2020-2025

Others - Market size and forecast 2020-2025

APAC - Market size and forecast 2020-2025

Europe - Market size and forecast 2020-2025

North America - Market size and forecast 2020-2025

South America - Market size and forecast 2020-2025

MEA - Market size and forecast 2020-2025

Currency conversion rates for US$

About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/

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