The Growth of the Disposable Food Packing Marketing
The global food packaging market size is US $ 304.98 billion in 2019 and is projected to reach the US $ 463.65 billion by 2027, showing a CAGR of 5.9% over the forecast period.
Food is an integral part of every day. According to the World Packaging Organization (WPO), the global packaging industry has revenues of over $ 500 billion. Sustainability, convenience, efficiency, traceability, anti-counterfeiting, and flexibility are parameters associated with packaging solutions. Easy-to-use and sustainable packaging is becoming an ever-increasing priority for consumers.
Increasing consumer demand for packaged foods due to dietary and lifestyle changes can have an integral impact on this market. Rising per capita disposable income and rising population contribute to product demand through barrier properties, shelf life, and consumer safety.
There is a growing demand for high-quality natural foods that are minimally processed or raw, preservative-free, and offer longer shelf life. Food packaging is used in various applications, including packaging for fruits and vegetables, dairy products, meat, chicken, seafood, sauces, dressings, and seasonings. Packaged foods are used for various purposes, including barriers and protection against pollution, convenience, and partial control. Sustainable packaging addresses reducing food waste and safety losses by preventing food-borne illnesses, chemical pollution and maintaining food quality.
Impact of COVID-19 on the Food Packaging Market
The global packaging market is vast and mature, with most investors investing heavily in the packaging business during the pandemic. However, the packaging industry is barely exposed to the outbreak of the coronavirus. Packaging companies serving areas such as food, personal care, beverages, and pharmaceuticals are doing well in the current situation due to changing demand patterns, government measures, and warehousing, leading to increased demand for products. It is expected to be.
The growing demand for packaging materials and ready-to-use packaging for the grocery sector in the food industry has led retailers to refill their shelves in response to growing consumer demand. The foodservice industry needs to reconsider resale and reusable items that can minimize the virus's spread. With the outbreak of COVID-19, consumer and retailer preferences are increasing, primarily for pre-packaged products such as fruits and vegetables.
Flexible packaging is expected to record the highest CAGR of 6.0% in revenue from 2020 to 2027 due to its profitability, high performance, and constant innovation by major manufacturers.
Paper and paper-based packaging are estimated to be the fastest-growing segment with a CAGR of 6.1% from 2020 to 2027 due to low cost and sustainability parameters.
Bakery and confectionery are projected to be the most extensive apps, with a growing demand for ready-to-eat frozen cakes, sweets, and bakery products, bringing the market to $ 82.6 billion in 2019.
The Asia Pacific market was worth $ 112.2 billion in 2019. The region is expected to grow significantly shortly due to population growth, urbanization, and increased consumer income.
As the industry of manufacturing and designing various types of packaging machines such as sealing, filling and stretching devices, stretch wrapping, shrink wrapping, and palletizing continues to grow, it has contributed to the need for the spread of packaging technology.
However, the per capita consumption of packaging in India is only 4.3 kg per person per year, compared to 42 kg in Germany and 20 kg in China, which is very low compared to world standards. Initiatives are needed to transform large unpackaged products into good-looking, packaged processed products. Between 2016 and 2021, the soft drinks and food industries could grow by 3.4% and 1.3%, respectively, to become the largest winners in the packaging market share (by unit). The growing and organized retail sector is a significant driver of growth, especially in the food and beverage industry, which drives the development of the Indian packaging industry.