Research Nester published a report titled “Food Packaging Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global food packaging market in terms of market segmentation by material, type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global food packaging market to grow with a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. The market is segmented by material into plastic, glass, metal, paper & paperboard, and wood. Amongst these, the plastic segment is projected to grow at the highest rate during the forecast period on the back of its increasing use for food packaging in the structure of wraps, containers, tubs, and pouches.
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The global food packaging market is projected to extensively grow owing to the growth in dairy industry, followed by the global rise in employed population as working people more tend to consume packaged food items. Furthermore, globally increasing online grocery shopping, and massive growth in urbanization on worldwide level are some of the major factors anticipated to drive the growth of the market in the forecast period.
Regionally, the global food packaging market is segmented into five major regions comprising of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific region is estimated to witness significant growth over the forecast period owing to the increasing demand for packaged food items, uprising trend of online food ordering, growth in urban population, and expanding disposable income in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Global Increase in Online Food Delivery Trend to Drive the Market Growth
The global revenue of online food delivery segment is projected to increase by approximately USD 324 billion by 2022.
Since the COVID-19 outbreak, the online food delivery stream is continuously expanding. The factors such as changing lifestyle, and increasing use of food ordering apps have been influencing the array of food consumption and food delivery trends. Moreover, young people spend major portion of their earnings on prepared food when compared to any other generation. Since of this, they are the most important measure in the world of online food ordering and delivery. Therefore, the increasing trend of online food delivery is fueling up the global food packaging market growth.
However, deficit of trained labor, increasing price of raw materials, and swiftly changing food packaging technology are expected to operate as key restraints to the growth of the global food packaging market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global food packaging market which includes company profiling of International Paper Company, Winpak Ltd., Sealed Air Corporation, Sonoco Products Company, Mondi plc, Berry Global Inc., DS Smith Plc, Genpak, LLC, Graham Packaging Company, L.P., Pactiv LLC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global food packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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