The increasing demand for ready-to-eat food products and the rising urban population are the major factors that are boosting the demand for the food packaging market during the forecast period.
Dublin, Ireland – July 15, 2020 /MarketersMedia/ —
The food packaging market is expected to witness strong demand during the forecast period. The growing urban population and the changing consumption pattern of consumers, especially in the developing economies due to the rapid change in the lifestyle, are the significant factors that are contributing to the growth of the food packaging market. Moreover, the accelerating demand for ready-to-eat and frozen food products driven by the increasing working population and the retail sector’s expansion will further strengthen the demand of the market. Continuous technological advancement in the food packaging industry including as the emergence of micro packaging and smart packaging wherein the packaging changes color if the food is contaminated and various other research & development activities for bringing innovations in the packaging method. This factor will create innumerable growth opportunities and are responsible for the growth of the food packaging market size.
The food packaging solution provides exceptional benefits such as improved safety level of food products, the extended shelf life of the products, and better convenience. Moreover, the inclination of consumers towards sustainable and environment-friendly packaging and the increasing concerns for food safety and food contamination is further paving the way for the growth of the market. According to the food packaging research report, the adverse effects of the packaging materials and increasing concerns related to the generation of waste, are the two major factors that are hampering the growth of the market.
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Based on the type, the rigid packaging segment is predicted to witness considerable growth in the next six years. The increasing implementation of this type of packaging for fruits, vegetables, and other easily destroyable food products is the key driver that is boosting the demand of the segment. The rigid packaging provides various remarkable advantages such as the ability to survive in extreme environments, not degrade easily in cold and hot temperatures, and improved protection of the product. All these factors will positively influence the growth of the segment in the coming years.
On the basis of the application, the bakery & confectionery segment is anticipated to maintain its dominance over the forecast period attributed to the increasing adoption of food packaging across this application, such as candies, chocolates, and cakes. In addition to this, the accelerating demand for these products driven by the attractive packaging of the products is another factor that is energizing the segment’s growth.
On the basis of the region, the Asia-Pacific region is anticipated to dominate the food packaging market in the next six years. This is due to the rising population rate, which is leading to an increase in the demand for food and the growing inclination of consumers towards packaged food products. Moreover, the rapidly increasing urban population, expansion in the retail infrastructure, along with the rising penetration of frozen food in China and the presence of several leading manufacturers, are some other factors that are strengthening the market growth in this region.
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The key players of the food packaging market include EasyPak, Crown, Owens-Illinois Inc., Silgan Holdings, Inc., Sealed Air, WestRock Company, Ball Corporation, Amcor plc, Tetra Pak International S.A., and Toyo Seikan Group Holdings, Ltd, among others.
The research report on the food packaging market provides an in-depth analysis of the market revenue based on material, type, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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