Food Packaging Industry Gains Ground with Surging Demand for Flexible & Sustainable Packaging Solutions - Grand View Research, Inc.
SAN FRANCISCO, March 29, 2023 /PRNewswire/ -- The food packaging industry size stood at USD 346.5 billion in 2021 and will witness an appreciable gain in the wake of the rising footprint of e-commerce channels across business verticals, according to the "Food Packaging Industry Data Book, 2023 – 2030," published by Grand View Research. The COVID-19 pandemic-induced boom in e-commerce sales expedited online shopping. The trend for sustainable packaging could provide a holistic value proposition. Notably, an acceleration in demand for convenience food and packaging alternatives has driven market growth.
Brands are counting on innovative ways to monitor food quality, keep track of expiry dates, sense the environment inside and outside the product and determine if the products were tampered with. The advent of intelligent packaging comes against the backdrop of technological advancements in biosensors and sensors. Besides, the use of Augmented Reality in packaging has ushered innovation to assess objects in 3D and view demonstrations.
Stakeholders are harnessing the potential of flexible packaging to boost their sustainability profile. The environmentally friendly packaging fosters food shelf-life and keeps produce fresh. Furthermore, packaging weight can be minimized, reducing material waste and saving on costs. Environmental upsides are expected to have a positive influence on the growth trajectory. The flexible food packaging market size was valued at USD 150.9 billion in 2021 and will observe a CAGR of 6.3% during the forecast period. The trend is partly attributed to moisture-enhancing, resealable design and easy-to-store attributes.
Order your copy of the Free Sample of "Food Packaging Industry Data Book - Flexible Food Packaging, Fresh Food Packaging, Food Container and Micro-perforated Food Packaging Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
Lately, fresh food packaging has gained traction in light of the significant demand for chopped vegetables, single-serve salad packaging, fresh herbs packs and vegetable trays. Moreover, green packaging materials, including recycled paper and bioplastics, have emerged as tailwinds. Industry players expect the surging vegan population to augur well for packaging manufacturers. The fresh food packaging market size garnered USD 129.0 billion in 2021 and is expected to witness around 5.0% CAGR during the assessment period. Exponential demand for organic fresh food in emerging and advanced economies will encourage stakeholders to bolster their footprint across untapped areas.
Dynamics that are slated to influence the global landscape are delineated below:
- Recyclable packaging will continue to amass popularity globally. The use of the recyclable paper board, bamboo buckets and doing away with plastic straws could be a few of the yardsticks manufacturers adopt to meet consumer demand for sustainable products. In January 2021, Kraft Heinz reportedly tested a recyclable paperboard for its Macaroni & Cheese product. The company expects to make 100% recyclable, compostable and reusable packaging by 2025, a giant stride towards bolstering environmental, social and governance (ESG) goals.
- Micro-perforated food packaging is poised to add a fillip to the market growth with expanding applications across bakery & confectionary, fruits & vegetables and ready-to-eat sectors. Some upsides, such as optical transparency, extended shelf-life, tremendous breathability and higher elasticity, will solidify the position of food packaging manufacturers and suppliers.
- North America will witness investments abound against the backdrop of preference for a vegan diet, favorable government policies and soaring demand for convenience food. In December 2022, the U.S. Department of Agriculture announced pouring USD 9.5 million to ramp up bio products from agriculture commodities. Virginia Polytechnic Institute and State University was one of the awardees proposing to convert food waste into polyhydroxyalkanoate (PHA)-based, biodegradable bioplastics that can be used for rigid and flexible packaging, consumer plastics and containers for food & beverages.
Asia Pacific food packaging industry share will witness a notable uptick, mainly due to the burgeoning population and urbanization that have scaled up the demand for fresh food. In essence, intelligent and sustainable packaging has shown promising signs, especially in China, Australia, Japan and India. Millennials and the Gen Z population have exhibited traction for environmentally responsible products. Leading companies are likely to address the concern with an infusion of funds into flexible packaging and a ban on single-use plastics. In July 2022, Amazon India asserted that it had minimized packaging waste by 36%. Brands are expected to explore opportunities from expanding the retail sector and the e-commerce business.
Incumbent players are poised to inject funds into organic and inorganic strategies to tap into the global market. An emphasis on technological advancements, mergers & acquisitions, R&D activities, innovations and product offerings could be pronounced. To illustrate, in April 2022, Mondi announced rolling out sustainable packaging solutions for the food industry in Germany. The packaging company expects the innovative packaging solution to boost the shelf-life and reduce food waste.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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