Global Packaged Food Market Size Insights Forecasts to 2032

• The Global Packaged Food Market Size was valued at USD 355.98 Billion in 2022.
• The Market Size is Growing at a CAGR of 5.32% from 2022 to 2032
• The Worldwide Packaged Food Market Size is expected to reach USD 597.78 Billion by 2032
• Europe is expected to Grow the fastest during the forecast period

 

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The Global Packaged Food Market Size is expected to reach USD 597.78 Billion by 2032, at a CAGR of 5.32% during the forecast period 2022 to 2032.

 

Growing demand for healthy ready-to-eat foods is expected to drive the packaged food Market Size. Fast food consumption is expanding as a result of urbanization and an increase in the number of working individuals. People like packaged food products that can be cooked quickly and with few ingredients.

Consumer trends towards healthier foods and beverages will drive market expansion. Organic foods with natural ingredients and fewer preservatives are popular among customers.  

The packaged food industry is expected to Grow due to the Growing demand for healthy ready-to-eat foods. The market is likely to be driven by rising demand for ready-to-eat food products over the forecast period.  In addition, customer preference for healthy food and beverages will drive the Growth of the market. customers choose organic products with natural ingredients and fewer preservatives.  There is an increasing desire for natural and high-quality foods that are little processed or unprocessed, do not include preservatives, and have a longer shelf life. Packaged foods are utilized for a variety of reasons, including barrier and contamination protection, convenience, and portion control. sustainable packaging targets food waste and loss reduction by reducing food-borne diseases, and chemical contamination, and protecting food quality.

 

 

Driving Factors

Ready-made meals are usually served hot in pre-made containers and require less prep time. The market is expected to increase due to the Growing demand for ready-to-eat snacks due to inefficient lifestyles. Most of the customers are turning to easy-to-digest foods, which will drive the food packaging market to Grow. The demand for fast food products has increased in recent years due to the active lifestyle of consumers. Due to the increasing demand for convenience foods, manufacturers have developed products with higher nutritional content and less negative impact on the body. Due to the increasing demand for ready meals, the demand for food packaging is also increasing, which supports the expansion of this market. Green packaging is increasingly used to ensure sustainability. they help to reduce pollution in the environment and give a wide range of benefits such as reduced use of plastic, improved recycling, energy conservation, and efficient transport, resulting in increased industry Growth.

 

Restraining Factors        

Plastic is one of the most common base materials used in food packaging. Plastic packaging is made of synthetic polymers derived from natural resources, such as polypropylene and polyethylene. The packaging industry is affected by price changes of various raw materials. In addition, regulations imposed by governments and resource conservation organizations have pushed up the prices of these basic materials, thereby hampering the expansion of the industry. The supply of raw materials has not kept pace with technical innovation, hindering the improvement of packaging solutions. The high cost of raw materials makes many new packaging technologies inaccessible and businesses depend on old packaging, which has an equal impact on the economy and the environment.

The high cost of skilled labour is a further barrier to market growth. Rapid technological evolution necessitates the use of highly skilled labour. Materials for packaging must be manufactured by highly skilled and experienced employees. This, combined with the high cost of the production process and the high cost of labour, is driving up the cost of packing materials. As a result, these materials are only available in high-income areas where consumers can purchase high-quality packaged food.

 

Market Segmentation

By Material Insights

The paper & paperboard segment dominates the market with the largest revenue share over the forecast period.

on the basis of material, the global packaged food market is segmented into glass, metals, paper & paperboard, wood, and plastics. Among these, the paper & paperboard segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Because of its recyclable and eco-friendly nature, adaptability, and lower carbon emissions, paper and paperboard have the biggest market share and are suited for use in food packaging. The key driver driving the market is the increased use of paper in the packaging of various rapidly edible foods, fresh vegetables, and drinks.

Glass is a widely used material, which is GRAS-certified by the US FDA, as it is 100% recyclable. Growing demand for glass packaging for food products such as milk and dairy products due to its non-reactive, recyclable, and washable characteristics is expected to substantially increase the market size.

 

By Product Type Insights

The rigid segment is witnessing significant CAGR growth over the forecast period.

On the basis of product type, the global packaged food market is segmented into product type rigid, semi-rigid, and flexible. Among these, the rigid segment is witnessing significant CAGR growth over the forecast period. With the expanding use of vegetables, fruits, and other food products that are readily crushed, rigid packaging has the biggest market share. consumer lifestyle changes and increased consumption of bread, sausages, and other snacks, primarily in China, India, Germany, and the United Kingdom, will drive industry demand. The growing number of food retail outlets with innovative product introductions may drive the overall market size.

Semi-rigid packaging is made of polymers and cardboard and is mostly used to protect food products from humidity, rot, and severe environments. These materials are lightweight, non-corrodible, shock-resistant, heat-sealable, and mostly employed in microwave applications.

In comparison to rigid containers, flexible packaging consumes much less material and utilizes less energy during product manufacturing. Furthermore, the production process of flexible packaging emits fewer greenhouse gas emissions, resulting in a cleaner environment. The rising need for packaging that ensures vitamin and flavor fortification will propel market revenue forward. Strict government regulations and rising consumer awareness of hygiene and food safety would promote industrial expansion, boosting the market.

 

By Application Insights

The bakery and confectionery segment dominate the market with the largest revenue share over the forecast period.

On the basis of application, the global packaged food market is segmented into application fruits and vegetables, bakery and confectionery, dairy products, meat, poultry and seafood, sauces, dressings and condiments, and others. Among these, the bakery and confectionery segment is dominating the market with the largest revenue share of 27.01% over the forecast period. It is mostly used in bakery and confectionery applications for chewing gums, sweets, toffees, and chocolates. Increased consumption of certain food products will contribute to market expansion.

Consumer demand for these food items is on the rise, which is a factor in the growth of the meat, poultry, and seafood categories. consumption of poultry, beef, pork, and seafood has increased as the population has grown. Meat and its products contain chemical qualities such as sensory characteristics, microbial flora, and natural colors. To maintain the quality of meat and its products, packaging materials are carefully chosen.

 

Regional Insights

Asia-Pacific dominates the market with the largest market share over the forecast period.

 

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Asia-Pacific is dominating the market with more than 38.7% market share over the forecast period. the market is expanding rapidly, owing primarily to increased demand for sugary sweets and soft drinks, particularly in urban areas. India, followed by Indonesia and China, is expected to lead the area in terms of growth, owing to increased population and consumer disposable income. This region is predicted to remain the largest over the forecast period due to expanding urban population levels and retail infrastructure development, which is expected to support China, Japan, and India's growing demand for packaged products. Growing disposable income and customer need for environmentally friendly packaging that is easy to handle and affordable may drive demand in the region.

 

Europe, on the contrary, is expected to grow the fastest during the forecast period. rising demand from the food & beverage industry. Increasing demand for packaging and processed food, as well as changes in consumer lifestyle, will support regional growth, particularly in Germany, the United Kingdom, and Italy. Hectic lives, rising purchasing power parity, readily available packaged foods, and time constraints for meal preparation are all important elements driving regional expansion.

 

North America is expected to register a substantial CAGR growth rate during the forecast period. The United States is a big consumer of packaged foods, which will boost industry expansion. Because of the increasing expansion of food establishments in the United States, packaging is gaining enormous appeal. Rising consumer knowledge of a healthy lifestyle has influenced them to switch to higher-quality packaged foods, which will drive product demand.

 

List of Key Market Players

• Amcor plc
• Sealed Air
• Sonoco Products Company
• Berry Global, Inc.
• WestRock Company
• Mondi
• Genpak LLC
• Pactiv LLC
• Chantler Packages
• WINPAK LTD.
• Alpha Packaging
• BE Packaging
• Cheer Pack North America
• Evanesce Packaging Solutions Inc.
• Pacmoore Products Inc.

 

 

Key Market Developments

• On September 2023, BOBST and Asteria Labels & Packaging Group entered into an agreement that will see multiple DIGITAL MASTER All-in-One presses deployed in a number of key locations throughout Europe.

 

• On August 2023, Reproflex3, a leading international provider of prepress services to the flexible packaging industry, is proud to announce its partnership with BoxWay Packaging Group to support its transformation into a premier player in the corrugated packaging sector. The collaboration includes the adoption of Vortex, Reproflex3's multi-award-winning corrugated screening technology, as well as comprehensive training and development support for BoxWay’s sales team and production staff.

 

• On July 2022, Tyson Foods, a U.S.-based leading food company announced its new strategic partnership with Tanmiah, a provider of fresh and value-added poultry and meat products. Tyson Foods Inc. will purchase a 15% investment in Tanmaih and a 60% stake in Supreme Foods Processing Company as part of this transaction.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global packaged food market based on the below-mentioned segments:

 

Packaged Food Market, Material Analysis

• Glass, Metals
• Paper & Paperboard
• Wood
• Plastics

 

Packaged Food Market, Product Type Analysis

• Rigid
• Semi-Rigid
• Flexible

 

Packaged Food Market, Application Analysis

• Fruits & Vegetables
• Bakery & Confectionery
• Dairy Products
• Meat
• Poultry & Seafood
• Sauces
• Dressings and Condiments

 

 

Packaged Food Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa