Global Food Packaging Market 2018-2022
About Food Packaging
Food packaging is a process of packing, storing, and protecting various food products against contamination and tampering, thus ensuring a long shelf life.
Technavio’s analysts forecast the global food packaging market to grow at a CAGR of 5.39% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global food packaging market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of food packaging.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Food Packaging Market 2018-2022
Technavio recognizes the following companies as the key players in the global food packaging market: Amcor, Ball Corporation, Bemis Company, Crown Holdings, Owens Illinois, and Tetra Pak International.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing sales of food products on e-commerce Platforms. The food products, apart from being sold in retail outlets and shops, have entered the e-commerce platform. The food products sold on this platform should have durable primary packaging that ensures that the product is in good condition, retaining its quality and freshness. In addition to the primary packaging of food products, there is a crucial need for efficient secondary packaging to ensure safe shipment of the product to customers. Improper packaging of products leads to damage of the product, ultimately affecting the brand reputation and resulting in financial losses. Therefore, there is increased demand for secondary packaging of products.”
According to the report, one of the major drivers for this market is Prevent food counterfeiting. Food counterfeit is a major issue faced by manufacturers as well as consumers of food products. Food fraud costs the global food industry about $12 billion annually. For example, in 2016, 450-500 million pounds of Italian hard cheese was sold in the US market, out of which around 18%-22% of the overall volume comprised counterfeit product.
Further, the report states that one of the major factors hindering the growth of this market is Volatility of raw material prices. The different types of packaging materials used for packaging of food include plastic, glass, metals, and paper. For example, cartons used in food packaging is produced either from recycled fiber mills or virgin fibers. The prices of both recycled fiber mills and virgin fibers constantly fluctuate, which is a major concern for end-users like carton producers.
Amcor, Ball Corporation, Bemis Company, Crown Holdings, Owens Illinois, and Tetra Pak International.