WESTFORD, Mass., July 26, 2024 /PRNewswire/ -- According to SkyQuest, the global Food Packaging Market size was valued at USD 361.4 Billion in 2022 and is expected to grow from USD 382 Billion in 2023 to reach USD 595.2 Billion by 2031, at a CAGR of 5.7% during the forecast period (2024-2031).

Food packaging market is envisioning a future where smart packaging communicates with appliances like refrigerators to show details on the content of the food packing and advise about cooking depending on the favorite recipes of consumers. The industry is seeing heavy demand for efficient packaging solutions and hence, food producers are actively shifting their interest to adopt eco-friendly solutions that not only help the environment but also yield demands in the future. Plant-based options are gaining traction in the market and are increasingly adopted by more companies worldwide.

Benefits of quality packaging like extended shelf-life, safety of products, and high-barrier properties are supporting the market advances. Moreover, increasing availability of unique material compositions and use of top-performing materials in the industry are projected to aid the growth of the food packaging market.

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Food Packaging Market Overview:

Segments covered in Food Packaging Market are as follows:

• Materials
• • Paper & board, Metal, Rigid plastic, Flexible plastic, Glass, Others
• Types
• • Rigid, Semi-Rigid, Flexible
• Application
• • Bakery, Confectionery, Convenience foods, Dairy products, Fruits & vegetables, Sauces, dressings and condiments, Others

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Growing Demand for Improved and Reliable Features to Propel the Rigid Plastic Segment Progress

The rigid plastic packaging segment registered most of the food packaging market due to its reliability and strong nature. Its natural durable quality guarantees food protection throughout storage and transit, making it an ideal choice for food producers and consumers. The segment entails diverse containers like jars, bottles, cans, trays, and more, delivering optimal resistance to environmental factors and physical damage. Moreover, the segment is also witnessing growth due to the growing need for extended shelf-life and high-class protection for items like dairy products, drinks, and processed consumables.

The flexible plastic packaging segment is the largest growing due to its flexible packaging, lightweight, and versatility. The segment comprises bags, pouches, wraps, and films that are widely demanded on the back of their convenience, cost-effectiveness, and sustainability. Technologies and materials have enhanced barrier characteristics and the recycling nature of flexible packing, making it the most preferred option for consumers as well as for manufacturers, while supporting environmental concerns.

Flexible Segment to be Driven by Attractive Features, Making it Ideal for Packaging

In 2022, the flexible packaging segment registered a larger share of the market in terms of revenue. This type of packaging is a fast-paced segment owing to its nature. It offers light, thin, and compact packaging solutions. Hence, companies are increasingly inclined towards this form of packaging since it offers convenience and high performance. These factors are projected to drive the market considerably over the forecast period.

Conversely, rigid packaging is the fastest growing segment owing to its increasing adoption. Rigid packaging offers strong barrier to oxygen, moisture, light, and avoids contamination of consumables. Rigid packaging is experiencing escalated demand, mainly from the western economies on the back of growing consumer demand for proper-packaged food that delivers better convenience and nutritional value, impacting the growth of the food packaging market.

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Rising Awareness for Packaging that Improves Shelf-Life to Help the Fruits & Vegetables Segment Lead

The fruit and vegetables segment held the maximum share of the market owing to growing awareness among consumers of the significance of a balanced and plant-based diet. This ultimately demands ground-breaking solutions in packaging, extending the life of consumables and maintaining integrity of fresh products, thus driving the segment growth.

Convenience food domain is expected to grow as the fastest-growing segment driven by dining habits of consumers, changing lifestyles, and foods that can be easily prepared. Consumers today prefer ready-made foods that save their time preparing food, while not compromising quality and taste. Manufacturers have brought improvements in packaging that can best suit convenience consumables like microwaveable containers, re-sealable pouches, and more.

Rigorous Adoption of Sustainable Solutions in Packaging to Help Enterprises Gain a Strong Foothold

Food packaging trends and technologies have seen major developments in the past years. With the growing concern for the safety of consumables, convenience, and sustainability, packaging brands are constantly exploring improved alternatives to satisfy the ever-increasing needs. The adoption of intelligent packaging techniques like smart and active packaging, temperature and time indicators, and altered atmosphere packaging has noticeably enhanced food safety and quality, increased shelf-life, and reduced food wastage. In addition, with robotics and automation in food packaging, companies can simplify manufacturing processes, focus on efficiency, improve the quality of products, and reduce labor prices. With the transformations in the industry, manufacturers should be updated with recent innovations and existing trends to strengthen market competition.

Related Report:

Rigid Plastic Packaging Market

Flexible Packaging Market

Pharmaceutical Packaging Market

Sustainable Packaging Market

Plastic Packaging Market

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SOURCE SkyQuest Technology